[03-Sep-2026 22:42:32 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/LogoutRedirect.php on line 21 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_SingletonTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Core.php on line 20 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/AdminMenu.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Metabox.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Welcome.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Shortcode.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_RequestTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Uri.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/NotFoundRedirect.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/ExtendedCapabilities.php on line 22 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_RequestTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Content.php on line 24 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Capability.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Jwt.php on line 19 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/LoginRedirect.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Route.php on line 18 [03-Sep-2026 22:42:33 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_RequestTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Toolbar.php on line 18 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/UserLevelFilter.php on line 18 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/AccessPolicy.php on line 20 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_RequestTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Multisite.php on line 19 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_ServiceTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/DeniedRedirect.php on line 18 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_RequestTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/SecureLogin.php on line 19 [03-Sep-2026 22:42:34 UTC] PHP Fatal error: Trait 'AAM_Core_Contract_SingletonTrait' not found in /home/ogedengbe/public_html/wp-content/plugins/advanced-access-manager/application/Service/Compatibility.php on line 21 Business plans – OGEDENGBE BLESSING & CO https://ogedengbeblessing.com Audit And Accounting Firm Sun, 22 Sep 2019 13:56:00 +0000 en-US hourly 1 https://ogedengbeblessing.com/wp-content/uploads/2019/09/favicon22.gif Business plans – OGEDENGBE BLESSING & CO https://ogedengbeblessing.com 32 32 6 steps to create your company’s financial plan https://ogedengbeblessing.com/2016/08/23/6-steps-to-create-your-companys-financial-plan/ https://ogedengbeblessing.com/2016/08/23/6-steps-to-create-your-companys-financial-plan/#respond Tue, 23 Aug 2016 10:08:42 +0000 https://bearsthemespremium.com/theme/consulta/?p=253

A financial plan is different from your financial statements.

Instead of looking at what’s already happened, you make projections for the coming months, forecasting income and outlays. Your projections will act as an early warning system, helping you to plan for cash flow dips, identify financing needs and pinpoint the best timing for projects.

It also gives you a tool for monitoring your finances, allowing you to gauge your progress and quickly head off trouble. Here are six steps to create your financial plan.

1. Review your strategic plan

Financial planning should start with your company’s strategic plan. You should think about what you want to accomplish at the start of a new year and ask yourself a series of questions:

  • 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 financial impact in the next 12 months, including spending on major projects.

2. Develop financial projections

Create monthly financial projections by recording your anticipated income based on sales forecasts and anticipated expenses for labour, supplies , overhead, etc.. (Businesses with very tight cash flow may want to make weekly projections.) Now, plug in the costs for the projects you identified in the previous step.

For this job, you can use simple spreadsheet software or tools available in your accounting software. Don’t assume sales will convert to cash right away. Enter them as cash only when you expect to get paid based on prior experience.

Also prepare a projected income (profit and loss) statement and a balance sheet projection. It can be useful to include various scenarios—most likely, optimistic and pessimistic—for your projections to help you to anticipate the impacts of each one.

It may be a good idea to seek advice from your accountant when developing your financial projections. Be sure to go over the plan together, as it is you, and not your accountant, who will be seeking financing and who will be explaining the plan to your banker and investor.

3. Arrange financing

Use your financial projections to determine your financing needs. Approach your financial partners ahead of time to discuss your options. Well-prepared projections will help reassure bankers that your financial management is solid.

4. Plan for contingencies

What would you do if your finances suddenly deteriorated? It’s a good idea to have emergency sources of money before you need them. Possibilities include maintaining a cash reserve or keeping lots of room on your line of credit.

5. Monitor

Through the year, compare actual results with your projections to see if you’re on target or need to adjust. Monitoring helps you spot financial problems before they get out of hand.

6. Get help

If you lack expertise, consider hiring an expert to help you put together your financial plan.

]]> https://ogedengbeblessing.com/2016/08/23/6-steps-to-create-your-companys-financial-plan/feed/ 0 How to set and achieve your profit targets https://ogedengbeblessing.com/2016/08/23/how-to-set-and-achieve-your-profit-targets/ https://ogedengbeblessing.com/2016/08/23/how-to-set-and-achieve-your-profit-targets/#respond Tue, 23 Aug 2016 10:07:38 +0000 https://bearsthemespremium.com/theme/consulta/?p=251

You’re in business to make profits, so that’s where you should start when making a plan for the coming year.

A specific profit target can be a powerful catalyst for improvement throughout your company. A minimum goal to start should be to attain the average profitability for your industry. Then you can reach higher.

Here’s how entrepreneurs can set and achieve a profit goal.

Determine a targeted return on invested capital

To calculate this number, divide forecasted net profit by total capital (long-term debt plus shareholder equity).

Calculate the gross profit margin you will need to achieve this profit goal

Take your projected net profit and add forecasted selling, general and administrative expenses. This will give you a forecasted gross profit margin. In coming up with your expense projection, plan to keep a tight rein on costs, but remember you might want to beef up selling and marketing spending to deliver more revenue and help achieve your goals.

Calculate the difference between your targeted gross profit margin and last year’s actual gross margin

The gap between these two numbers is what you have to make up through a combination of higher sales, increased labour productivity and improved material utilization.

Prepare a sales forecast by month and product line

Use the exercise as an opportunity to contact your customers to ask about their purchasing intentions. Then, estimate the sales you expect to receive from customers and the sales you will need to generate through a marketing and sales program.

Forecast cost of goods sold

Use last year’s numbers for labour, material and overhead and then adjust to account for planned improvements.

Meet with your management team and develop a plan

Here’s where you and your team agree on specific actions to boost sales, improve labour productivity and tighten supply and expense management. Make department heads responsible for delivering in their areas. Make sure to take a close look at your pricing and inventory management. Are you charging customers enough? Are you working to increase sales of your highest margin items and focusing on either boosting your margin on laggards or eliminating them?

Execute. Execute. Execute.

Closely monitor your progress in implementing the items in your action plan and adjust as necessary through the year.

It’s essential to seek out and listen to the input from your employees when looking for innovative ways to improve your business and achieve goals. Make sure the employees know you want their ideas.

]]> https://ogedengbeblessing.com/2016/08/23/how-to-set-and-achieve-your-profit-targets/feed/ 0