Every business, regardless of size or industry, whether in a period of growth, transition, or maintenance, should consider forecasting and budgeting as essential in ensuring long-term success. Many business leaders are aware of the importance of these processes, however budgets are often not prepared properly or aren’t adhered to and forecasting best practice isn’t followed.
If prepared correctly and with a thorough understanding of the business, budgets can help estimate revenue, expenses and cashflow. Forecasting can allow business owners and leadership to gauge their future position according to different scenarios - which an experienced adviser can assist with.
By assessing the current state and past performance of a business we can help predict future results, allowing businesses to determine how they should allocate their resources and future budgets.
How BDO can help
Working with our advisers, you’ll gain the insights you need to:
- Understand the key drivers of your business
- Develop credible, three-way forecasts you can discuss with bankers and investors
- Conduct scenario analyses
- Make informed commercial decisions
- Establish a financial reporting framework to compare actuals to budgets.
Make sure your business is heading in the right direction, and that you have numbers that provide you with clarity to drive your business' growth. Speak to our team today.