Plus Financial
In my 20 years, more than consult with small and medium enterprises is rare that I find a business with a financial plan is being monitored. Most financial plans are generated to obtain a bank loan and once the goal, the general plan, finds its way into the bottom of the table to call the less the owner to collect dust. The other day I had the opportunity to see one of these plans out with a client whose business was in trouble and, indeed, almost everything in the plan had been ignored. If only part of the plan had been followed and watched the company would have been profitable and they need no outside help.
Normally, when a financial plan or budget is first put together is based on business history, knowledge of business and industry, and some hypotheses valid on the future of the business. A flight plan is put together in the same way, however, as soon as the plane takes off and the winds of change, adjustments must be made in order for the plane to get to your destination. The same is true for a financial plan. Once the business begins operation, some things change, either with the product or the market, and adjustments must be done to achieve the goal of profit. Therefore, a financial plan should be monitored to identify the variables that occur.
In a business of these variables usually occur when a profit and loss compares with a financial plan. Unfortunately, since most owners small businesses do not value your financial plan there is no urgency to check against a statement of P. .. L that tells what really happened in the business during the period Specifically the report. Since the plan is not being monitored it very easy for the company to head off course and in the opposite direction of its target profit.
Comparing each element of the Profit and Loss Account (what is actually happening at a time) to the financial plan (what you want to happen) identify the variables and help identify where problem (s) exist in meeting their profit objectives. However, identifying the problem is only the first step in their solution. You should investigate further to find what really is causing the problem and then make adjustments. Several solutions must be considered before to choose the best solution, and after application, the new solution should be monitored to see if it really solves the problem.
The importance of variance report comparing a financial plan (budget) with a profit and loss can not be overstated. These are two important management tools for control of their business and achieve their profit objectives. If you have a financial plan, start using it to control your business, and if you do not have one, create one, it might mean the difference between success and survival. Good luck!
Copyright © Donald N. Lombardi
About the Author:
DOWNLOAD MORE HOT TIPS NOW Donald N. Lombardi reveals more business ideas that he has implemented, field tested and proven to be successful with over several hundred small business clients at Profitable Business Ideas.
Article Source: ArticlesBase.com – Make a Financial Plan and Work the Plan!
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