Businesses world-wide have been invited to work with OCFO to develop and manage their financial planning for 2023. This is according to Louw Barnard, CEO and Co-Founder of Outsourced CFO, a financial consulting firm that has been working with clients worldwide since 2011.
“With over 900 clients in 23 countries, we believe it’s now time to engage further with businesses world-wide to develop their financial planning goals for 2023,” says Barnard.
“While the world is finally freeing itself from the pandemic, we’re still living with the economic fallout, including the issues around shipping, logistics, shortages, and the high cost of living.
“There is a strong need for businesses to plan for 2023. This isn’t business as usual, so we can’t conduct our business the way we always have,” he continues.
Financial planning helps businesses to forecast future financial results and decide how best to use the company’s current financial resources in order to realise both short-term and long-term plans. Because planning involves looking well into the future, it is a highly creative thinking process as well as an analytical one, and businesses might need to call in the experts to help juggle these aspects of the financial roadmap.
“Having a strong financial plan for your business is probably the most important single thing that you can do to help yourself succeed. It’s your roadmap, your guideline, a reminder of what your goals are – what you are trying to achieve in the short term and the long term. It is so important that possible investors, bankers, and creditors won’t even set up a meeting with you if you don’t have a financial plan in place. We cannot state this clearly enough - get your business's financial function set up effectively from the start, and the rest will follow,” says Barnard.
Financial planning helps manage cash flow properly, allocate budgets correctly, set realistic goals, mitigate risk, and plan a roadmap for the future.
Does business need a financial plan? In short - yes. If money is the lifeblood of business, then entrepreneurs cannot afford NOT to have a sound financial plan in place. A good financial plan, will allow entrepreneurs to spot anomalies and positive or negative trends in finances so that they can take the necessary corrective action. This means that the entrepreneur can make his money work for him - spending when and where it's needed for growth, and cutting back on those outgoings that are becoming a financial black hole.
“We have found that business owners and entrepreneurs are often so involved in the day-to-day running of their businesses, that they don't have the time and energy to think of long-term financial planning and strategy. This is where we recommend a financial consultant or CFO with the expertise to see what you might miss. Many entrepreneurs are making use of the services of a virtual CFO instead of hiring full-time, as this allows them access to expertise without the cost of a permanent hire,” he adds.
Click here to contact OCFO directly to make an obligation fee appointment with the team and see how you can set yourself up for massive growth and success in 2023.
Distributed by JamJar Media
Contact +27 21 2860860 or email [email protected] for more information or interview requests.
Original Source of the original story >> OCFO Announces Financial Planning Development for Business
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