{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Financial planning discussion 5 (2)

Financial planning discussion 5 (2) - Seasonal influences...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
“Financial planning is an ongoing process as during the course of a business’s life, its financial needs will change.” Provide and explain some examples of when a business’s financial needs would change. Throughout the life of a business their business financial plan will become a “living document” subject to change based off of a variety of different things such as economic conditions, seasonal influences, and both anticipated and planned changes in the business as a whole. Economic conditions can be either a recession or a period of economic prosperity in which the consumer is more or less like to spend money on a particular product or service. The more money a consumer has to spend the better a business performs financially and vice versa.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Seasonal influences can be harsh on your business if it is subject to seasonal fluctuation. Modifying your business plan to accommodate seasonal fluctuations will allow businesses to reflect shifts in cash flow and time external financing. Anticipated changes in market conditions could be projected to change for numerous reasons which could have both a positive or negative impact on a business financial plan. Planned changes such as an increase in a certain product line could change your customer base and require the implementation of a huge broadcasting and advertising campaign, or maybe even cause your business to relocate. Having a sound financial plan is the key to any successful business....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online