Many businesses are now into the final quarter of their financial year as 31st December approaches. If you have not already done so, we would advise that you should now be looking ahead to 2017 and setting your budgets for the coming year. As well as setting targets to measure your performance against, a robust budget process should also assist you in anticipating any spikes in your cash flow and to avoid any nasty surprises. A budget can only ever be a best estimate, and in today’s uncertain world the next year may be more difficult to predict than ever before. However, this uncertainty makes it more important than ever to go through a budget process. You can sensitise these and perhaps create an optimistic, pessimistic and realistic scenario for the year ahead. Don’t forget that successful and fast growing businesses can run out of cash as well as failing businesses.
If you require any assistance in creating your 2017 projections please do not hesitate to contact Drummond Laurie here, where we have extensive experience of helping our clients through their budgeting process.