Keeping on Budget

2nd October 2017
Posted in Finance
2nd October 2017 Pete Impact

Keeping on Budget

You will appreciate that being the Finance Director isn’t always the most popular job in the world, especially when in comes to being prudent over spending. When running a business, it’s so easy to get bogged down in the day-to-day problems and forget the bigger picture, which is to make sure we remain financially secure. There’s no big secret to this, it’s about making the time to control costs, create and manage budgets, prepare and review business plans and regularly monitor finance and performance. The right systems and process can make all the difference and this remains a work in progress with a view of improving under the general systems revamp for the group.

In the past our resources have tended to be employed in line with business thinking not group thinking. The challenge is to find the balance of controlling spend and bringing in the right resources that will benefit the group.

I firmly believe that structured planning makes all the difference to the growth of our business and will enable us to concentrate resources on improving profits, growing the business, exploiting opportunities and rewarding those who have made that possible.

A large part of my work over the previous six months has been to analyse everything we do and work out what is doing us good, and what is not. The outcome of this work has been our first group budget approved by the board. This will be the framework for how we measure what we do and how we move forward.

The key benefit of budgetary planning is that it will allow us to create a focus for the direction of the Allneeds Group and provide targets that will help our business grow. It will also give us the opportunity to stand back and review your performance and the factors affecting us and make us into the company we want to be.