Corporate Financial Forecasting & Planning Services In Burlington, Oakville, Hamilton & Area
Knowing how your business has been performing and why is critical to forecasting how well it could do in the future and the tweaks that could have a positive effect on your bottom line.
Making educated decisions in business relies on understanding what has brought you to today, what’s happening in the moment, and what you can reasonably assume the future holds. In the world of forecasting, analyzing data and understanding trends are the keys to success.
Forecasting is not a one-time process; it is a process that requires regular review and revision to grow your business successfully.
Working with a professional can help you interpret what the numbers mean and where they are going. This can be invaluable for the business owner to ensure they have a correct understanding of where they are to assess their future strategies. In addition, a regular review provides a great opportunity to discuss upcoming plans and be able to get input from your professional advisor.
What is Financial Forecasting?
Forecasting is a process that projects the future of a business based on the recognition of patterns in current and historical data, and overlays this with market trends and organizational goals. Considering the unique nature of every industry and every business, the process of forecasting should be tailored to fit your specific situation. Forecasting helps businesses make long-term plans and prepare for changes in the market.
Some of the aspects of forecasting include:
- Past and Current Financials
- Sales Numbers and Targets
- Supply and Demand
- The Economy
Forecasting comes with a certain level of risk. The validity of data analysis relies on the accuracy of data and the honesty offered in sharing information.
Has your business used financial forecasting to anticipate future circumstances?
Our team of experts can help you look at your historical data, current market position and future trends to help you get a better picture of your business’s future financial health and what steps you can put in place to limit risk. Are you ready to take the first step?
Why do businesses need to practice financial forecasting?
Businesses use forecasting to look into the future. Be it long or short term, forecasting supports the health of a business. It helps you determine gaps in your services, understand current and upcoming trends and make informed predictions for the future.
Forecasting allows a business to:
- Evaluate current and future costs
- Learn from past miscalculations
- Anticipate change within your market
- Analyze trends
- Maintain brand integrity
- Inform current and future planning and budgeting
Forecasting is a guide. While it’s based on analysis, it’s also based on assumptions and should be revisited frequently to accommodate change.
How does business forecasting support your business?
Provides the foundations needed to create long-term strategies that anticipate future market trends and set achievable goals that support the business strategy.
Budgets are easier to stick to if they are based on forecasting and in-depth planning. A budget based on estimates of revenues and expenses aids in financial planning.
Keeping an eye on the future, while operating in the now, means you are less likely to be surprised by changes in the market and puts you in a good place to profit from opportunities. Knowing what risks lie ahead means you already have a plan in place to minimize their impact.
Understanding your expected financial performance will allow you and your team to set realistic targets and assess performance and results.
Investors and other stakeholders appreciate accurate forecasts as they demonstrate an understanding of the market and show there are plans in place to respond to future changes.
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Related Services
Accounting and Assurance
Accounting and assurance services give you the information you need to make informed decisions by revealing the financial health of your business and where it’s headed.
Advisory
Accounting and assurance services give you the information you need to make informed decisions by revealing the financial health of your business and where it’s headed.
Get in touch with us
Do you have a question for SB Partners? Need help to understand your business financials or value? We’re here to help with all of your accounting needs, please get in touch today.
Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.
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