Donna Genie explains how forecasting helps business owners decide whether to hire, outsource, relocate, or launch new products by modeling financial outcomes. Good recordkeeping and financial statements let you project scenarios like payroll taxes and revenue needed to support new hires or loan payments. Working with a professional beats making risky ad-hoc decisions.
Do you ever wish you had a crystal ball to figure out what your next move should be in your business? Should I hire that employee? Should I outsource something so that I don't have to do it and I can move on to bigger and better things that will grow my business? Should I move to a new location? Should I start up a new line of business? All of these things are perfect fit for forecasting. In looking at forecasting, we can project out what will happen in your business if a scenario happens. If you have your financial statements and good data from what's currently going on in the business, this is something that we help with. We can help look at the effects of adding a new employee, all the payroll taxes that come about, what revenue needs to happen in order for you to add that new employee. If you're looking at moving, what new sales numbers would you have to have to be able to support that? How much would you need to be able to make the loan payment on that new building that you're going to buy? These are all perfect situations where you must have good recordkeeping in your business. And, and how does somebody help you look at those things? Many businesses start by just diving into the water and hiring an employee and not really knowing what effect is going to happen to their business. This can put you in some bad situations that are not easy to get out of. It can even tank a business in its worst scenario. So please make sure that you take advantage of these types of services by working with somebody who can help you do those projections and give you the confidence of what the story those numbers tell and where you will land to make sure that it's a good move for you.
