The Simple and Effective Way to Organize Your Business Finances: The 90-Day Financial Plan
“Planning is bringing the future into the present so that you do something about it now.” – Alan Lakein
Transformation, Transition, or Traction. These are the 3 Ts that may guide your decision to create a 90-day financial plan.
A 90-day plan increases the value that you can bring to your business and explores practical strategies to guide success. It breaks your year down into quarters so you can develop a foundation that helps you meet your objectives.
Take control of your business finances with the following steps to create your 90-day financial plan.
Step 1 – Define your focus
Write down your core objective. From this objective, list three priority tasks that will help you achieve positive results – one task for each month. Break down each task into performance goals. These will make your objective more specific and workable.
Step 2 – Review your numbers
Your plan needs to stretch your financial goals but still be based on reality. Thus, get practical and review your numbers. Look at your financial history, current financial statements, and comprehensive projections for meeting your targets. Re-evaluate your objective considering this information and create a plan that aligns with your priorities and goals.
Step 3 – Determine measurement metrics
Every task requires a measurement metric so that you can track your progress. Determining metrics prompts you to clarify what success looks like, and the impact you hope to achieve.
Step 4 – Stay flexible
Once you create your plan, you will want to stick to it rigidly. However, factors outside your control may affect your ability to follow your plan precisely. Include actions that you can take within your plan if you do not meet your goal. Do this with the professional support of a business advisor who can better discern situations or occurrences that could affect your progress.
Small business owners are used to wearing many hats. If you are not a finance expert, trying to do financial management on your own could lead to your downfall in the long run. The best action you can take to ensure the success of your 90-day financial plan is to work with a finance expert. Let us at RCN CPAs support and guide you towards positive transformation, successful transition, or gaining traction. Book a 15-minute discovery call with us today.
