- Last Updated on 11 February 2013
- Hits: 2432
Budgets and Projections
Whatever size your company is you must always prepare for the future - whether you are a start-up or an established business. This includes preparing Budgets and Projections. The larger businesses do it, so you should learn from their successes and do it also.
The Synergy Group will work with you to build a picture of the present state of health of your company.
Using these analysis and figures we can look at your Company’s future in a more objective light. We can prepare a set of budgets and projections for your company to achieve over the course of a year. Together with you, we will monitor these projections on a monthly basis so we can assess the overall performance of your company.
The benefit for you, the entrepreneur, is a greater awareness for your company’s strengths and weaknesses and the ability to act in advance before major problems occur.
The main features of our budgets and projections service include:
- Illustration of what could happen if your company diverges from the set out plans, e.g. will you have cash flow problems, will you oversell, what will it do to your solvency, will you still make a profit, should you re-assess your business strategies like pricing, marketing, etc.
- Regular meetings, at least once per month, to ensure budgets are being adhered to.
- Reassessing the budget monthly in light of actual figures. This will allow us the opportunity to change them allowing for real life actual events. For example, we may reduce the sales budgets or increase the promotions budget or employ an extra sales person, etc. When we change the figures allowing for these changes, we will then examine you business to see the effects a few months away and also to see if you will achieve your objectives
- Creating new budgets monthly based on actual figures.
- Establishing why there was a deviation from the original budget. Did we get it wrong, was the research wrong, has the business environment changed, etc
- Aid in the preparation of budgets.
- Installing systems to monitor information and to interpret figures.
If you are a micro business, i.e. employ less than 5 people or even work on your own with no employees, it equally as important for you to carry out this planning.
What happens if you get sick or your competitors attack you or somebody new enters the marketplace. In short, you are equally as prone, if not more so, than your larger cousins for things to go wrong and you need to prepare for them.
What you can get from The Synergy Group:
- An analysis of your past accounts to get a picture of where your company is.
- Suggestions on how to improve.
- Work with you and/or your team to prepare a set of budgets for the coming year
- Budgets/projections will include profit/loss account - annually and monthly, balance sheet - annually, quarterly and monthly, cash-flow, sales, purchasing/stock, fixed assets, debtors and creditors, funding, accruals/prepayments, VAT. If you're in manufacturing we can give you a production schedule and labour usage.
- Budgets on their own are only figures. We turn them into strategies. So that means when you look at them, you will fact be seeing a picture of HOW you will achive your objectives.
- A set of clear objectives using the SMARTE system. Remember, you AIM to ACHIEVE objectives, you dont 'do' them.
- These objectives will be converted into Strategies. The strategies are 'HOW' you achieve the objectives.
- A set of Tactics. Tactics are HOW you achieve your strategies.
- A monthly meeting to review the budgets. I.E. compare actuals to budgets.
- Re-assessment of the budgets every month to bring them in line with the actuals. This will end up in re-doing the budgets monthly and projecting forward again. The result here is to allow you 'see into future' and foresee problems. It allows you to act before they hit you.
- The opportunity to be the leader within your niche and to stay there.
Contact The Synergy Group and we will examine your BUDGETING requirements. We will look at what you need to do, what you want to do and we will pull together a plan with you.
T: +353 1 8215189
F: +353 1 8215191
M: +353 87 2326927