This month I was joined by David Smithson and Natasha Dochniak, from Leonard Curtis Business Solutions Group, whose specialisms are in business financial solutions.
A lively and engaging discussion took place focusing on the following crucial points: –
- Why and how a business plan and strategy is important to you and your business, providing you with best practices and pitfalls to avoid
- The benefits of producing a cash-flow statement with hints and tips to help you
- Why and how cash management is important to your business
- Funding Options – how your business plan and cash flow can support your requirements and external funders
Key learnings from the day
Writing a business plan provides clarity and focus on what you want to achieve; how you are going to get there and what resources you require.
Support your business plans with a financial forecast which allows you to measure and understand your actual financial performance. Are they in line with your expectations? Establish what’s working and not or identify those areas that need improving and take steps to rectify them.
Consider changing markets and technologies and adapt to that change by reviewing your plans and forecasts on a regular basis. Do they need to be revised or alternative plans considered?
Assess whether you have the right expertise in your business and decide whether you need additional support internally or consider outsourcing.
Review your marketing strategy and your route to market. Carry out market research, who are your customers, assess who your competitors are and whether there is still a demand for your product or services.
Continue measuring your performance for the future growth and success of your business.
Cash flow management
Cash flow forecasting and management is a key aspect of financial management of any business planning and its future cash requirements to avoid cash flow difficulties.
Adopt this important discipline so you can respond effectively to potential shortfalls, critical payments, changes in business or plan for the future.
Cash flow forecasts support your requirements in accessing additional funding and is vital to your business strategic plans; providing time to research the market, negotiate reduced rates, credit terms and discounts.
Review stock holding and identify slow moving stock. Consider offering discounts and special offers on obsolete stock to liquidise.
Consider Time to Pay with HMRC with a repayment plan supported by your cash flow forecast.
Invoicing discounting and factoring are also alternative ways of supporting your cash position.
Cash flow management maintains your finances in a controlled environment and provides reassurances to external stakeholders with forward planning.
About the speakers
David is a highly experienced Insolvency Practitioner who has operated on the South Coast in the SME Advisory and Restructuring market for 30 years. He likes to work out on site with existing management in an open and hands on style. A clear communicator with a pragmatic approach to resolving difficult scenarios.
Natasha is a highly experienced senior sales, marketing and business development professional with a proven track record of developing and implementing business partnerships. Natasha has a strong business background developed through a number of diverse positions in a variety of industries both in the UK and Australia.
Register your interest in the next Business Finance Club
At the next event, on Tuesday 13th November 2018, I will be joined by Mark Patrick from Icon Solutions Ltd. Our topic this month will be: –
‘How to steer your business growth through development & change’
Mark will take us on his journey, based on a case study, of how he successfully turned around a distressed company. He will share his extensive knowledge & experience the key options and decisions taken at crucial points of his journey:
- The steps considered and taken for recovery & turnaround
- How profitable sustainable growth was restored and maintained
- Strategic planning – the challenges & key decisions taken for expansion and why
- The outcome – the conclusion of Mark’s journey with key learning points
I look forward in seeing you at the next event, to secure your place please register your interest here for “How to steer your business through development and change”