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
As we start to emerge from lockdown and restrictions begin to ease from today, Monday 12th April, the team from Torbay Financial Services would like to wish the whole of the incredible small business community and those reopening the best of luck and a safe journey back to recovery.
#reopening
#welcome
#keepingitlocal
#babbacombestyle
#lockdowneasing
#april12th
#mondaythoughts
#stmarychurchprecinct
#torquay
#torbayboost
#swbest
#babbacombe
See you in the morning!
The office has been repainted, cleaned and new plants bought 🪴 all we need now is to say 'hello and welcome back'
#reopening
#welcome
#morning
#goodtobeback
#keepingitlocal
#stmarychurchprecinct
#stmarychurchlive
#april
#babbacombestyle
#torbay
#torbaycouncil
#torbayboost
#planning
Happy Retirement? 😊
Please click on the link to read 7 retirement questions we can help you with.... or see our website details in the bio.
1. When can I afford to retire?
2. How much income will I need in retirement?
3. What assets should I draw down first?
4. How should I invest?
5. What additional risks will I face?
6. How often should I review my plans?
7. What are my other financial planning needs?
extranet.quilterfp.co.uk/downloads/library/MKT---0376---Seven-Retirement-Questions-QFP---0421.pdf
#retirement
#planning
#questions
#answers
#financialadvice
#stmarychurchprecinct
#localbusiness
#keepingitlocal
#quilter
#invest
#swbest
#torbayboost
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