What is a Business Plan?
A business plan refers to a scripted document showing where the business is coming from. It also projects where the business is going. A good business plan contains the strategies that will be used to move the business to the next level.
It must point out the resources and the abilities the business will put to use to achieve the set goals. Unfortunately, some businesses do not have this vital document. One of the reasons why this is the case is that some of them do not understand its importance.
At Hammersmith Chartered accountants, we will help you craft this document cost effectively. We have the capacity and the ability to help develop a 3-5 year business plan. This is the document that will you need to increase your business profitability. With this document, you will no longer have to rely on your intuitions. Instead, you will follow a well-documented path to help your
business grow to another level. We will give you the tools your competitors use to grow their businesses.
It does not matter whether you are a start-up, a medium business or corporation. We are here to help you grow. Our objective is to analyse your business and come up with projections. We will
also put in place strategies that can help your business grow consistently.
What We Will Do For You
- Assess your business and come up with long term goals that can spur its growth.
- Come up with objectives that should be achieved in a predetermined period of 6 months- 1 year.
- Teach you how to monitor performance. It will help you to make adjustments depending on the prevailing circumstances.
The Tools we use to achieve this:
1. Business cash flow projections
It is said that a business plan is a key building block for any business. It gives
financial projections of the business in the months or years ahead. When we work with you to develop your business plan, we give projections on cash inflows and outflows. This is critical especially if you will use the plan to seek financial help. The projections identify your future financing needs.
They also point out major expenditures and how to optimize your pricing. We rely on the following parameters in cash flow projections:
2. Sales and expenditure projection
We will help you forecast sales to assist us to correctly project the monthly revenues. We do this by studying your potential market to predict realistic
We use revenue and expenditure figures to project your yearly or quarterly
projections. Also, we utilize accounting software to arrive at the projected
We look at your financial projections to help identify any financial shortfalls.
Plan for contingencies
We also help businesses to do contingency planning. It will help you set aside
some cash reserve just in case.
3. Management consultancy
Hammersmith chartered accountants have a team of consultants with a deep understanding of the market. They will share with you the best practices in your industry. This will help you reorganize your portfolio and promote efficiency. The goal is to help you execute strategies that will grow your business.
4. Why go for management consultancy
Your business may not have sufficient human resources. This may be because of financial constrain. So accessing management consultancy can help fill the gap. Also, if your business requires an overhaul, we can help you affect the changes. It can be a good tool to use if you want to make unpopular changes.
Also, it will help you infuse creativity in the business. The consultants will study the business and give direction. Thus, allowing an outsider to do the job leads to valuable insights that can boost creativity.
When you hire us, we will give insight into key areas that need immediate attention. We will also train your staff in areas we feel they are weak. This is important if you want to turn your needs into solutions to benefit your business.
5. Profit and Loss forecasts for the business.
This is an important aspect of business planning. Even though, there are plenty of events that are likely to affect your business. Unfortunately, most of them are unpredictable. So we help to forecast on profit and loss to guide you in decision making. It helps businesses to exploit emerging trends and have a competitive edge.
The profit and loss forecast details the expected expenses on one hand and revenue on the other. It tells you the level of profit you are likely to get at any given level of trading. We list the expenses and sales targets that can help you reach the desired profit goal. Our profit and loss forecasts are not meant to reflect the liquidity.
But it is an estimate of the cash outflows and inflows over some time. The statement will tell us whether the business will be making profit or loss in the coming months. It is an essential tool to help your business
keep track of income tax obligations. It is also one of the statements you maybe required to submit when seeking loans and grants. Our work is to ensure that the profit and loss forecast plays a central part in your business plan
6. Evaluating the core strengths and weaknesses of the business
Your business core competencies are important. They give you a competitive advantage over your rivals. So identifying the competencies and cultivating them is our specialty. It helps the business to understand and take advantage of them to achieve higher profits. As a business, you must understand your strength so that you can take advantage of them. Also, you need to understand your company’s weaknesses to help you plan how they can be remedied. At Hammersmith chartered accountants, we help you conduct an internal SWOT analysis. This is to provide insight into what needs to be done to improve the firm’s position.
Once we identify your business’ strength and weaknesses, we advise on the best way to convert them. Also, we look into the weaknesses and suggest options the business can use to resolve them.
What The Plan Will Do For You
With a good business plan in place, it removes the pressure from the shoulders of the proprietor. You will have a path to follow; it eliminates rushed judgment and implementing half-baked ideas. It also reduces working under or over your capacity. The plan will help you optimise all the opportunities that come your way. It will help to eliminate wastage and reduce missed opportunities. The business plan we will help you develop is a blueprint that outlines your strategy. It will tell your financiers that your business is a worthy investment.
Why Choose Hammersmith Chartered Accountants?
We have a team of well-trained strategic managers to help you develop a working business plan. They will also advise you from time to time. The team is knowledgeable and has many years of experience advising businesses. It has put many start-ups and even corporations in positions that have helped them become leaders in their respective industries.
Who Are Our Clients?
It does not matter where you are in the current business cycle. We have helped startups and corporations formulate working business plans. We have also worked with institutions such as schools, hospitals, and colleges come up with business plans. We formulate plans that support the goals of their businesses.
We rely on a process that was designed by our experts. It is tailored to understanding your business and making recommendations. Before we start working on the plan, our strategic managers will take time to study your business. They will also look at the environment in which you operate. This is intended to help us understand the business goals. We will then explore and
work with you to create a comprehensive business plan.
If you have read this article up to hear, it is clear that no business can survive the current environment business environment without a good business plan. It is for the same reason why Hammersmith chartered accountants was founded. Do not allow your instincts to control your business. Get in touch we discuss how we can develop a reliable path you can follow