Managing budgets and financial plans for your Franchise

Managing the budgets and financial plans of your CENTURY 21 Franchise relies on two elements – good planning and strong discipline.  A business’ financial position can make or break a company, which is why it is incredibly important to operate within your set budget and plans.   

Good planning involves making a reasonable estimate of your projected demand, revenues and expenses. Effective budgets can then be established by:
1. Planning financial management approaches
2. Implementing financial management approaches
3. Managing and controlling finances
4. Reviewing and evaluating financial management processes

Strong discipline refers to structuring and setting an annual business plan and budget that not only clearly outlines your workplace objective and goals, but that is also routinely assessed and managed by someone who is both qualified and competent to ensure your business operates as planned. Things do not always go as expected in business; it is thus important to factor into your annual budget some ‘breathing room’ to cover any unwelcome expenses that may arise. 

Today there are numerous computer programs such as MYOB that can assist you to manage, record and report on the financial health of your CENTURY 21 Franchise.  If you are not qualified or comfortable, a smart move may be to hire a finance professional to assist you in the structuring of your Franchise’s financial requirements.

There is no doubt that your CENTURY 21 Franchise will benefit from the presence of good financial planning and strong discipline.  Incorporating both as unwavering business practices will help you to understand where your revenues come from and how they are allocated, usually resulting in greater efficiencies, protection from unexpected financial issues and very often an improved bottom line. 

Posted by George Tarbey on 15/08/2011 at 10:04 AM | Categories:

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