Today I have spent the day reviewing our practices performance for this year so far, comparing it to the previous year and looking at key information that can help us identify areas for improvement. This is something I do on a monthly basis but the purpose of today was to start the process of budgeting and forecasting for the next financial year.
With the end of the current financial year looming its a time to reflect on the past and plan for the future.
If you want to increase revenue and more importantly profits, this process is essential for success.
The budgeting process allows you to focus on what you want to achieve in the year to come. This could include the personal income you want to achieve, planning for projects requiring capital spend, introducing new revenue streams for example a new product or service or even the addition of another staff member, these are all things that need to be planned for both operationally and financially.
Does your practice plan for the future?
Do you have a written budget and financial forecast for the whole financial year?
Does your team know what you want to achieve and how you plan to achieve it?
Have you got a formulated marketing plan that ties into your financial forecast?
If you answered no to any of the above, start planning now!
Someone once told me 'what you monitor tends to improve' and this is so true in the case of budgeting. If you have a written plan to work to for the year and you review it on a regular basis with your team you all become more focussed on the achievement of this plan and you'll be amazed at the results of this increased focus.
In the difficult economic climate that we are currently in, this planning process has never been more important. I firmly believe that for a practice to succeed or even survive in today's economy you need to be switched on and on the ball with your numbers!
You may be asking yourself 'where do I start?', well we can show you and support you through the whole process email us at firstname.lastname@example.org to find out how we can help, we'd love to hear from you.
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