“If you fail to plan, you plan to fail.” – Benjamin Franklin
Have you thought about your strategy or business planning for the financial year?
If you haven’t done your planning before the financial year started, it is never too late! Business planning is an ongoing process not a one off exercise. One thing that you would be looking for when doing your business planning is to include a re-evaluation of your SWOT.
What is SWOT and what does it mean to you and your business?
SWOT is the Strengths, Weaknesses, Opportunities and Threats in your business right now.
Regardless of how and what you decide, put it down on paper and start your budgeting based on these assumptions.
Identify how each of these effect your numbers and try different scenarios. The numbers will make your viable options clearer. Remember to be realistic in your assumptions.
Start your budgeting and forecasting for the year today.
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