Update your Business Plan for better business decisions

To quote Mike Tyson “Everyone has a plan until they get punched in the mouth”.

It’s the same in the world of business.  Perhaps you have a Business Plan and financial targets (perhaps you don’t) but what is certain is that events will occur that are outside of your control and, as a result, your original plan will become out of date.

It’s how you react to that change, assess where it’s left you, pick yourself up and get back on track that’s important.  Having said that, events may go in your favour!  If so, why be satisfied you’ve met your original “easy” target when you could have achieved so much more?

Most recently we’ve seen clients having to deal with negative exchange rate impact, suppliers letting them down, debtors failing to meet their obligations, property rates increase…the list is endless.  All outside the control of any business but all impacting their cash flow and profitability.

Forewarned is forearmed, so if the above makes sense do ensure you constantly revise your plans and forecasts.  Yes, by all means compare your actual results to your original Budget but also flex your forecasts to reflect your current position and knowledge.  The result: Better business decisions.

Let us know if you’d like us to explain more.