Even if your business is growing, it is tough to accurately forecast for 12 months. Your Profit Plan should always consider the near term, but especially during changing times.
Even though it’s an annual event for every company, planning for the next year often seems like an overwhelming task. To make it more manageable, I’ve mapped out ways to smooth out the top three stumbling blocks businesses face when planning for the coming year.
If yours is like most companies, you typically prepare annual budgets, or profit plans, for the accounting year. But with short term changes in the business climate still a reality of our future, it’s difficult to project for an entire year. Your profit plan also needs to consider the near term.
Profitability is affected by a variety of factors, not all of which are strictly financial. I call these factors the “Five…
"Fail to plan...plan to fail." 60% of most companies fail in the first 5 years even though they are generating…
2018 is just around the corner and you can start the year off right by preparing a profit plan. It’s…
Profitability is affected by a variety of factors, not all of which are strictly financial. I call these factors the…
As the year races by, it’s not too early to prepare a profit plan – a critical component of your…
As we start the second month of 2016, I thought it would be a great opportunity to check in on…
In the past few articles, we’ve discussed the 4-step process for preparing the profit plan and the importance of having…