For a proper financial assessment of your company, you should not only look at the current situation, but also at future expectations and possibilities.
Especially in times of crisis, it's wise to map out your company's financial situation: the current situation in 2020 and your expectations for the future. A step-by-step plan and free tools will help you with this. What's next?
End of 2020. It's wise to take stock of your business from time to time. How am I doing? What can I expect, and what do I need to do to achieve it? This applies to both good times and difficult times.
Step 1: How am I doing?
The annual figures are a snapshot. They only tell you what the situation was on December 31st. You must determine your current situation yourself or together with your accountant/advisor.
Step 2: What can I expect?
As an entrepreneur, you're not easily overwhelmed. You think in terms of possibilities and opportunities and have a positive attitude. However, you do need to paint a realistic picture of the future. Estimate your expected revenue, upcoming expenses, and other mandatory expenditures for the foreseeable future. Your advisor can also assist you with this. Our liquidity budget helps you estimate and track your income and expenses.
Step 3: How can I improve?
What determines results? The three most important factors that determine a company's results are: revenue, costs, and capacity.
Result drivers. In step 3, you need to consider how you can quickly influence these performance drivers. Think of more customers, increased revenue, but also, and especially, raising prices. You've probably already thought long and hard about cost savings (including purchasing prices?), but have you taken action? Capacity is about utilization, productivity, and efficiency. NB.
This is often taken too lightly and there is too much focus on turnover and costs.
New, MoneyFit Business. The Geldfit Zakelijk website has recently been launched: h https://geldfit.nl/zakelijk You can take a free online test here. It's said to give you immediate insight into your financial situation, but that's an exaggeration. It will, however, give you an idea of the areas you need to address. This short test starts with eight yes/no questions, and depending on your answers, you'll be asked a few more questions. The advice you receive consists of online tips or local resources. These include the Chamber of Commerce, the municipality, the Nibud (National Institute for Family Finance Information) for entrepreneurs, and referrals to tax regulations.
