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[30.10.2018]

Outsourcing Series: Business Planning

Welcome to the sixth blog in our outsourcing series. Over the past few weeks we have explained what outsourcing is and covered topics such as payroll, management accounts and the Virtual Financial Director. To read earlier blogs in the series click here. In this weeks blog we will discuss the business advice. Including strategic planning that your accountant can provide to help you and your business. As a business owner you will probably have personal experience of the importance of business planning, and will agree that planning is a valuable tool.

What do we mean by strategic planning?

On a relatively basic level planning can include such areas as short term cash flow, short term budgets and forecasts addressing business expenditure and tax and VAT payments. Strategic planning is concerned with the longer term vision and objectives. This may include your own objectives as well as those of the business. Without direction, sound analysis, clear projections, and well-thought out contingencies, businesses can become hostages to fortune.

Why do many business owners not have a strategic plan?

Very often as an owner of a business you struggle to find the time to sit down and develop strategic plans. You end up flying by the seat of your pants, trusting your intuitions and relying on snap judgments rather than adhering to a pre-arranged strategy.

Without planning proactive management is replaced by reactive coping. Instead of following a well-thought-out plan, owners and managers are reduced to responding to unforeseen events, or trying to catch up on missed opportunities.

You spend your time working in the business making sure your customers receive the service they expect, your suppliers are paid on time and your team are working effectively and efficiently. This may mean you spend time doing tasks such as payroll, dealing with supply issues and customer complaints. So the opportunities to spend time working on the business and taking an overview are limited.

Plan to Succeed With Expert Accountancy Advice

In our capacity as accountants and business advisers we work with many businesses that benefit from sound business planning.

We have clear insight into effective business planning based on years of experience. We see the ebb and flow of business as it moves through various stages of development. With our help you can plan each of these stages to ensure they are successful and profitable. Areas we would consider include start-up, acquisition of business premises and other business assets, identification of the profitable and not so profitable products and service lines, frequency and form of business reporting and the likely tax impact of business decisions.

This is why we encourage our clients to schedule regular planning sessions. We can help you:

  • Formulate and implement long-term strategic goals
  • Set concrete operational objectives
  • Monitor performance and adjust plans accordingly

Additionally we have a number of professional contacts who we work with and recommend to our clients for matters outside of our expertise and experience. We will look at this in more detail in the next blog.

Business Owner Support

Being a business owner is often a lonely place to be. Having advisers that can act as a sounding board to discuss your worries, plans, or business challenges can be a huge help and provides reassurance. Our partners have experience as business owners. Not only can they offer you their financial experience but also their commercial experience – all just a phone call away.

Outsourcing Series

Next time we will look at some other areas your accountant may be able to help with directly or by introducing you to an expert. This will include HR (recruitment), financing your business (raising finance), IT (hardware, software and support) and pensions and investments advice (introducing you to an Independent Financial Advisor).

For more information on the outsourcing services we can offer please contact us.

Robyn Favill

 

 

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