© Randall & Payne Chartered Accountants 2010 Money Matters For Gloucestershire BUG award.

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Presentation transcript:

© Randall & Payne Chartered Accountants 2010 Money Matters For Gloucestershire BUG award

© Randall & Payne Chartered Accountants 2010 About Randall & Payne Accountancy Practice 52 partners and staff 3 offices covering Gloucestershire Wide range of services: –Accounts & tax compliance –Business development –Corporate finance –Audit –Tax planning –IT solutions –Wealth management

© Randall & Payne Chartered Accountants 2010 Purpose of presentation Why are the numbers so important? How should they link to my plan? What is a business plan and why should I have one? What are the key elements of the plan? The numbers Other factors to bear in mind

© Randall & Payne Chartered Accountants 2010 Why are the numbers so important? Measure of success of a business Allows you to plan for the short, medium and long term Often a limiting factor – overall viability of the business Cash is king Does the business meet your objectives?

© Randall & Payne Chartered Accountants 2010 How should the numbers link to my plan? Your business plan and the numbers should all link together –E.g. Market research may help forecast volumes and price. Be realistic in assumptions made The numbers should help assess whether the business is really feasible

© Randall & Payne Chartered Accountants 2010 What is a business plan and why should I have one? Usually used as part of a lending decision Should also be used to measure success: –Where are we and where should we be? –What factors have changed to affect performance? –How do we adapt? –Need to update and monitor to effectively use it as a tool for the business

© Randall & Payne Chartered Accountants 2010 Key elements of the plan Executive summary Introduction to the business Market research & marketing plan Operations & management Financial forecasts Financial history Exit routes Other – SWOT, PEST, Boston matrix etc

© Randall & Payne Chartered Accountants 2010 Financials Key parts of this section: –Profit & loss account –Balance sheet –Cash flow forecast –Assumptions –Sensitivity analysis

© Randall & Payne Chartered Accountants 2010 Financials Keep numbers flexible in order to easily show different results Assess whether the business meets the financial objectives you hoped for Are the numbers realistic and achievable? Must know the numbers inside out and be able to explain your reasons

© Randall & Payne Chartered Accountants 2010 Sensitivity Analysis How close is your business model to failure? Break even point Seasonal trade What happens to cashflow – would lending conditions be breached?

© Randall & Payne Chartered Accountants 2010 Other factors to bear in mind Need to bear in mind external factors on the business Think outside the box What’s the business’ USP Financial and non-financial aspects will all impact on one another Tenacity – you have to make the business succeed

© Randall & Payne Chartered Accountants 2010 Don’t forget taxes VAT Income tax National insurance Corporation tax

© Randall & Payne Chartered Accountants 2010 Don’t forget legal issues Employment legislation: –Working time –Minimum wage Legal costs of contracts

© Randall & Payne Chartered Accountants 2010 Questions?

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