When business planning, it is vital to ensure you know what your objectives and financial forecasts are – this brings clarity and credibility to your business idea. How will you deal with potential problems? Your budget needs to be at the core of your project and throughout your business journey. Look around at successful businesses and see how they deal with surfacing problems, and how their strategic financial management is always at the core of their plan.
Have you noticed a price rise in your normal everyday shopping? Word goes that some supermarkets no longer super stock and then generously reduce prices of stock for a quick sale – wastage is being significantly controlled. It can be an uncomfortable surprise to be unable to buy something that is always replenished on the shelves of a supermarket. What’s also mind troubling is the addition of an insignificant 5 pence or more to your everyday bread, butter and sugar, and marmite; deep down, in the back of your head, you know that every little either helps or hinders your budget.
We had two retail giants in dispute over price rises and before they resolved matters during a time when the pound sterling finds a bit of balance after the traumatic post Brexit slump, we were left wondering, “what else?” You can’t deny that it is a relief to find out that Tesco and Unilever settled their differences, and quite swiftly, but that’s how business goes – ups and downs, sky rocketing profits followed by sky diving losses.
What Tesco seems to understand, and for that matter so does Unilever, is that it is an unwise business decision to surprise your customers with a dramatic sudden rise in costs, which clearly affect their budget and ability to pay for the product they need. If you want to retain a client or customer, you must respect their budget unless you can afford to lose customer, which in turn is bad for business, no matter how successful you are.
Whether you are planning to start a business, buy residential property or lease commercial property, you must first draft a plan around your budget, because the costs will dictate whether your plan will work or not. If you’d like to have an initial free consultation, please give us a call and we can discuss a way forward for your business planning, property lease/purchasing or even just revisit your business plan. By Sandra Garcao
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