Sunil Chugh Financial Planner

A financial plan is completely different from your financial statements. Instead of looking at what has already happened, you make forecasts for the coming months, projecting earnings and expenses. Your forecasts will act as an early warning system, helping you plan for cash flow dips, recognize financing needs and identify the best timing for projects. Also it proffers you a tool for keeping an eye on your finances, letting you gauge your progress and quickly head off trouble. Listed below are a few steps to create a financial plan for your small business.    Reassess your strategic plan:  Financial planning must begin with your business strategic plan. You must think about what you wish to achieve at the beginning of a new year and inquire yourself a string of queries:  Do I need to expand?  Do I need more equipment?  Do I need to hire more staff?  Do I need other new resources?  How will my plan affect my cash flow?  Will I need financing? If yes, how much?  Then, determine the fina

  When it comes to finances, start-ups or small business owners have their work cut out for them: not just do they have to manage the finance of their business, but they have to manage their personal finances as well.  And with business and personal priorities not always aligning, sometimes managing both tasks can feel like a juggling act.   Nonetheless, being a small business owner, you cannot lose sight of your personal finances. Listed below are a few tried and tested personal finance tips to help you keep a track on your own money while managing your business’s:  Prepare a budget & stick to it:  Most small business owners fail because they skip the part of budgeting. The biggest reason behind it is that it is tough to estimate what you will spend when you are entirely new into a business and don’t have previous experience to employ as a starting point.   But no worry! Creating a budget is easy when you work with a reliable financial planner who can guide you to financial wellb