Key protection against the risk of financial consequences to your business
Business
Business financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.
The Financial Planning activity involves the following tasks:
- Assess the business environment
- Confirm the business vision and objectives
- Identify the types of resources needed to achieve these objectives
- Quantify the amount of resource (labor, equipment, materials)
- Calculate the total cost of each type of resource
- Summarize the costs to create a budget
- Identify any risks and issues with the budget set
Performing Financial Planning is critical to the success of any organization. It provides the Business Plan with rigor, by confirming that the objectives set are achievable from a financial point of view. It also helps the CEO to set financial targets for the organization, and reward staff for meeting objectives within the budget set.
When drafting a financial plan, the company should establish the planning horizon,[2] which is the time period of the plan, whether it be on a short-term (usually 12 months) or long-term (2–5 years) basis. Also, the individual projects and investment proposals of each operational unit within the company should be totalled and treated as one large project.
The role of financial planning includes three categories:
- Strategic role of financial management
- Objectives of financial management
- The planning cycle
Help take control of your future - The benefits of Power of Attorney
A serious accident or an illness that requires a lengthy stay in hospital, even intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.
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HELP TAKE CONTROL OF YOUR FUTURE –
THE BENEFITS OF POWER OF ATTORNEY
A serious accident or an illness that requires a lengthy stay in hospital, even in intensive care, can have long lasting physical and financial effects, including an emotional impact on you and your family.
In situations where you are at their most vulnerable it is important to understand what can be done in advance of these situations because you may not have the capacity to deal with your personal affairs. In more serious cases you may not be able to make decisions regarding medical treatment yourself.
It is helpful to be aware of the benefits of a Lasting Power of Attorney (LPA), which allows individuals to manage their approach to handing control to friends, family or a professional attorney. The LPA allows an individual to appoint an attorney to make certain decisions on their behalf in specific circumstances and gives them the option to specify when they wish to grant that control.
There are two different types of LPA: property and affairs, and personal welfare.
We will be here to answer those burning questions 🔥
So introducing Question of the Week.
HOW MUCH PER ANNUM DO RETIRED PEOPLE NEED?
According to Which?Money research (2018) by Paul Davies the average annual spend for a retired couple is ......................
£26,000
That is for a couple enjoying a 'comfortable' retirement. This covers all the basic areas of expenditure and some luxuries, such as European holidays, hobbies and eating out. Aiming for this level of income will provide a good platform for your retirement.
DO YOU KNOW A MILLENNIAL?
Then get the conversation going, talk to them about their future 🔮, what they feel? In years to come they will be thankful.
Paul our adviser will be more than happy to offer a free initial meeting to answer today's questions for all their tomorrow's
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DO YOU KNOW A MILLENNIAL? BORN BETWEEN 1980 AND THE TURN OF THE MILLENNIUM? Then get the conversation going, talk to them about their future, what they feel? in years to come they will be thankful.
Paul our adviser will be more than happy to offer a free initial meeting to answer today's questions for all their tomorrows.
Millennials face considerably greater challenges than their parents when it comes to providing for their retirement. But this group, which comprises those born between 1980 and the turn of the millennium, are not being told about the
scale of the savings mountain they must climb.
About the Research
The Generation Lost research was delivered
in three stages.
– A 30-question survey was published
online and open for responses between
July – September 2015. Over 1200
Millennials responded from the UK,
USA, Japan, Australia, Brazil and the
Netherlands.
– Interviews were carried out with a
number of Millennials from each of the
6 countries via telephone or video call.
Their reflections on the survey findings
are included in this report.
– A number of finance professionals and
academics from around the world were
invited to reflect on the survey results
and to consider their views on the future
direction of the insurance industry.
www.bnymellon.com/_global-assets/pdf/our-thinking/generation-lost.pdf
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