{"id":21532,"date":"2022-10-18T12:52:00","date_gmt":"2022-10-18T09:52:00","guid":{"rendered":"https:\/\/www.imbankgroup.com\/ke\/?p=21532"},"modified":"2023-08-16T16:43:01","modified_gmt":"2023-08-16T13:43:01","slug":"financial-planning-for-small-businesses","status":"publish","type":"post","link":"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/","title":{"rendered":"Financial planning for small businesses"},"content":{"rendered":"\n<p>Low starting capital and good profit-margins make small businesses relatively easy to start. Unfortunately, the vast majority of small businesses still fail.<\/p>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Two of the biggest reasons&nbsp;why these businesses fail is<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lack of proper financial planning<\/li><li>Cash flow problems<\/li><\/ul>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Having a solid financial planning process for your business is vital so that you can be able to keep your business a float and grow it over time.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Financial planning and analysis is the process of budgeting, evaluating, predicting, and planning the expected economic outcomes of a business to achieve its financial goals. The financial planning process assists in <a href=\"https:\/\/www.imbankgroup.com\/ke\/personal\/investment\/international-wealth-management\/\">wealth management<\/a> and business growth forecasting.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A financial plan is a document that paints a comprehensive picture of your business\u2019s current finances, its financial goals and any strategies you've set to achieve those goals. Good financial planning should include details about your entity\u2019s cash flow, savings, debt, investments, insurance, and any other elements of its financial life<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The process of financial planning and analysis should be all-inclusive and tailored to your business\u2019s financial goals, risk tolerance, and existing situations in your planning cycle.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Financial planning for your business will help you:<\/p>\n\n\n\n<p><strong>Define your financial goals<\/strong><strong><\/strong><\/p>\n\n\n\n<p>A financial plan empowers you to build a streamlined workflow that guarantees more&nbsp;customers, a high rate of return, and a profitable financial future. Financial planning knowledge helps in the development of strategic performance management systems.<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Check the viability of your financial goals<\/strong><strong><\/strong><\/p>\n\n\n\n<p>A financial planning process prevents you from setting non-realistic financial and business goals.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Avoid a negative cash flow<\/strong><strong><\/strong><\/p>\n\n\n\n<p>Financial planning advice and strategic decisions help ensure proper money management.<\/p>\n\n\n\n<p>You could be making a lot of&nbsp;sales&nbsp;in your business. However, if you do not have a financial plan to check cash inflow and outflow, you may be spending more than you earn.&nbsp;<\/p>\n\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Create yardsticks to measure your process<\/strong><strong><\/strong><\/p>\n\n\n\n<p>With a financial plan, you can set monetary goals to measure your business\u2019s achievements.&nbsp;<\/p>\n\n\n\n<p>Your goals serve as touchstones that let you know if you\u2019re making progress in your online store or not.&nbsp;<\/p>\n\n\n\n<div style=\"height:28px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Reduce business-induced anxiety<\/strong><strong><\/strong><\/p>\n\n\n\n<p>When you have a financial plan in place, you get a sense of relief from financial worries. If you have done financial forecasting and strategic planning, you\u2019ll have the confidence to get through your e-commerce website\u2019s financial troubles.<\/p>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You can decide to create an effective financial plan for your business by yourself or seek the help of a certified financial planner. As I finish off, always remember the wise words of Alexander Graham \u201cBefore anything else, preparation is key to success\u201d. Just as you plan for other facets of your life, you should prioritize planning financially for your business.<\/p>\n","protected":false},"excerpt":{"rendered":"Low starting capital and good profit-margins make small businesses relatively easy to start. Unfortunately, the vast majority of small businesses still fail. Two of the biggest reasons&nbsp;why these businesses fail is Lack of proper financial planningCash flow problems Having a solid financial planning process for your business is vital so that you can be able [&hellip;]","protected":false},"author":5,"featured_media":23588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[35,159,160],"class_list":["post-21532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-business","tag-finance","tag-financial-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial planning for small businesses - I&amp;M Bank Kenya<\/title>\n<meta name=\"description\" content=\"Ensure business success with proper financial planning. 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Learn how to manage cash flow, set goals, and reduce anxiety for growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"I&amp;M Bank Kenya\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-18T09:52:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-16T13:43:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.imbankgroup.com\/ke\/wp-content\/uploads\/sites\/2\/2022\/10\/Financial-planning-for-small-businesses.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"858\" \/>\n\t<meta property=\"og:image:height\" content=\"329\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"seline\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"seline\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/\"},\"author\":{\"name\":\"seline\",\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/#\/schema\/person\/d7941ad422f4233d1f972a04a81b04b6\"},\"headline\":\"Financial planning for small businesses\",\"datePublished\":\"2022-10-18T09:52:00+00:00\",\"dateModified\":\"2023-08-16T13:43:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/\"},\"wordCount\":461,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.imbankgroup.com\/ke\/wp-content\/uploads\/sites\/2\/2022\/10\/Financial-planning-for-small-businesses.webp\",\"keywords\":[\"Business\",\"Finance\",\"Financial Planning\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/\",\"url\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/\",\"name\":\"Financial planning for small businesses - I&amp;M Bank Kenya\",\"isPartOf\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imbankgroup.com\/ke\/financial-planning-for-small-businesses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.imbankgroup.com\/ke\/wp-content\/uploads\/sites\/2\/2022\/10\/Financial-planning-for-small-businesses.webp\",\"datePublished\":\"2022-10-18T09:52:00+00:00\",\"dateModified\":\"2023-08-16T13:43:01+00:00\",\"description\":\"Ensure business success with proper financial planning. 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