6 Steps To Create Your Company’s Financial Plan
Business planning in 2021 is sure to be full of challenges given the state of the economy and continuing pandemic concerns. Despite that, however, not planning your company’s financial future at all is a definite strategy for failure.
There are many ways to create a company financial plan, and the underlying reason to do so is because that plan will act as an early warning system to help you address issues before they become serious. The Business Development Bank of Canada (BDC), devoted to entrepreneurs, understands this well. They posted an article titled “6 Steps to Create Your Company’s Financial Plan” which contains valuable information for small and medium-sized businesses.
According to the BDC, business financial plans provide “a tool for monitoring your finances, allowing you to gauge your progress and quickly head off trouble.” Here are the six steps they mentioned:
- Review your strategic plan
- Develop financial projections
- Arrange financing
- Plan for contingencies
- Monitor Results
- Get Help
Steps one through five are a baseline for success. Step six is for both experienced and non-experienced business owners. Everyone can benefit from the “inside information” and wisdom that a financial professional offers to run your business in an optimum way or begin to move your company towards the next level of growth.
To read more about each of the six items in BDC’s article, click here.
If this article was helpful and prompted you with an increased desire to improve your effectiveness as a leader so you can take your team to the next level, contact us to learn more about our Aepiphanni Ascend Leadership Development program. Fill out the form below and we’ll be happy to schedule a Coffee & Consult to chat in more detail about how we can help.
Kris Cavanaugh Castro is the People Development Coach at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. Kris has over 25 years of coaching, training and mentoring leaders to greater success; and she periodically writes about leadership development and facilitates change management conversations.
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