In the last blog I discussed pulling out the information you need to start the process to reforecast your year. This was the process to identify the gap – from a financial, strategic and operational point of view.
Based on a financial year starting on the 1st of April, the 30th of September means you're six months into your financial year. This is a good time to look at your budget and consider a reforecasting to reset what your business will do for the next six months.
In the last blog we talked about what a strategy is and identified that the two main parts of your business strategy are:
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What is the overall aim or long-term goals – this is the why you own your business?
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What is the plan including actions do you need to take to get there?
OK, so you own a business and someone has asked you about your strategy. Essentially, this is a question about where you're going. It is key to keeping your eye on the ball about what you are achieving with your business.
My recent blogs about understanding your numbers talk about cash - your business’ lifeblood - and include actions you can take to help your cash flow.
One of the most important things you can do for your business is to use a simple cash flow forecasting tool that looks 13 weeks out and is maintained on a daily or weekly basis.