View What is the difference between a budget and a forecast?

What is the difference between a budget and a forecast?

In order to identify new opportunities and ensure that they are operating on a profitable basis, small businesses need to incorporate a review process at the start of each financial year into their management process. The starting point in the process is to put together projections for what sales they might reasonably expect to make,…

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View Is it time for a Financial Health Check?

Is it time for a Financial Health Check?

We’ve all heard the old adage ‘prevention is better than cure’. It’s usually used in relation to your health, but it can just as easily be applied to the health of your business, especially in the current Covid dominated economy. Getting an expert opinion and treating those niggling issues before they become major problems that…

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View Flexible funding solutions obtained for growing oil & gas firm

Flexible funding solutions obtained for growing oil & gas firm

Background The recently formed international trading company had grown very quickly from a standing start and the business needed to fund significant further growth, ensuring it maintained sufficient working capital for the projected higher level of trading activity. An additional element to financing was that trading transactions were multi-currency, involving sterling, euros, and dollars, so…

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View 7 ways to avoid the pitfalls of cashflow

7 ways to avoid the pitfalls of cashflow

All business entrepreneurs know that cashflow is king. But just how much influence does it have on a business? Well, according to a recent study conducted by Dun & Bradstreet, nine out of 10 small businesses have failed because of cashflow problems and poor cashflow management. Cashflow management isn’t rocket science and should be a…

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View Making Your Budget Work

Making Your Budget Work

The 5 Factor Rule Rule 1– Flexibility: Budgets are the world’s oldest management tool and the reason they are still around today is they work- if used properly. If conditions change significantly within and outside the business, it should be possible to change your model by modifying and updating assumptions to reflect the reality of…

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