Businesses
often find financial planning a hassle. At the same time, it is critical to
plan your finances well through the entire business cycle, be it before commencing,
or after folding up (if you decide to merge or sell etc.) In truth, creating a
financial strategy isn't as tough as it seems to be. There are some steps which
need to be kept in mind while planning your finances. Some of these steps are
as listed below:
Establishing
and defining the financial planner - client relationship
Gathering
client data, goal - setting and expectation - defining
Analysis
and evaluation of the existing financial status
Development
and presentation of recommendations / alternatives
Implementation
Monitoring
Establishing and defining
the financial planner - client relationship
In
this step the Keith Turner QuickSilverFunding Solutions, explains his / her services to the client. This means
that they explain or document their responsibilities towards the project.
Further in the same step he / she also chalks out the responsibilities of the
client. The payment and terms and conditions are also negotiated in the same
step and the time frames are negotiated as well. Decision making processes,
SOPs, Specific Points of contact etc. are also decided at the same time.
Gathering client data, goal
- setting and expectation - defining
In
this stage the data related to the financial state of the client's business is
collected. The personal and financial goals are defined. A thorough SWOT
analysis will also give an insight into the risk taking capacity and the
estimated productivity of the business. This stage is actually where planner gathers
all necessary information before advising the client anything.
Analysis and evaluation of
the existing financial status
In
this step, the client information is assessed and analyzed. This gives a clear
idea about the current status and also helps in deciding what to do in order to
achieve client's business goals. Further, on the basis of the requested
services, this stage may include the assessment of liabilities, assets, cash
flow, tax strategy, investments, current insurance covers etc.
Development and presentation
of recommendations / alternatives
In
this stage, Keith Turner QuickSilverFunding Solutions the planner or the finance strategy team offers
recommendations to address the business needs. This is based on the provided
information in the above stages. These recommendations are reviewed together
and then informed choices and decisions are made. Concerns are addressed in
this stage and also recommendations are revised as appropriate.
Implementation
This
stage is about implementing and executing the plan. Agreements to decide and
negotiate SLAs, carrying out of recommendations etc. are all drafted, finalized
and delivered in this stage. In this stage the planner may himself / herself
deliver and execute the recommendations or might act as a consultant thus
guiding the in - house employees or team to execute. Sometimes the strategy
expert may also just act as a coordinator.
Monitoring
This
is a stage in which monitoring and evaluating strategies are discussed,
finalized and executed. The reporting protocols are also set up in this case.
This is the stage that leads to feedbacks and restructuring of the
recommendations as and when necessary.
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