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Business Planning - Solution

Budgeting & Finance

Overview

At Ruskin Felix Consulting LLC, we consider Budgeting & Finance as the pillars of any successful business plan and strategy. Let’s delve into what Budgeting & Finance entail. In essence, it’s the meticulous tracking of income and expenses. Although it might sound mundane, neglecting your finances can lead to business downfall.

Some perceive budgeting as a ‘set-it-and-forget-it’ task, while others believe it’s dispensable. In reality, regardless of your business’s scale, Budgeting & Finance are indispensable. A well-structured budget not only allocates financial resources but also pinpoints areas for cost reduction without compromising quality or profitability. It establishes a framework for informed decision-making, ultimately boosting profit margins.

Elements

As a consulting firm specializing in Budgeting & Finance, one of our initial inquiries revolves around your financial goals. A clear vision guides budgeting decisions, be it revenue growth, cost reduction, market expansion, or other objectives. Setting realistic, actionable goals is pivotal. Avoiding the common mistake of unrealistic projections is crucial. We emphasize achievable projections aligned with your current financial status to prevent potential debt pitfalls. 
One common mistake that businesses make while creating a budget is setting unrealistic goals for themselves. You must create projections that are achievable given the current state of affairs. Overestimating profits by featuring them with rose-tinted glasses can potentially put you in debt.

Once you have your goals in place, it’s time to start creating a budget. This isn’t just about keeping track of how much money is coming in and going out – this is about allocating funds strategically based on your goals. 

Take inventory of all your expenses (even the small ones!) and categorize them based on priority. What expenses are necessary to keep the lights on versus what expenses could be cut or reduced?

Don’t forget about forecasting. What we mean by that is taking into account potential changes in revenue or expenses down the line and adjusting accordingly. Are there any upcoming expenses that need to be factored into the budget? Will there be a need for extra cash reserves for unexpected events? 

Identifying potential risks to your business plan from unforeseeable crises such as pandemics or economic downturns should also feature in contingency plans, corresponding measures, and realistic alternative financial models.

Budgeting isn’t always the most thrilling task on your business ‘to-do’ list but is undeniably essential if you want to see financial success in your enterprise. Businesses must create clear financial goals for the upcoming months or years and decide on the allocation of funds that support these goals using strategic budgeting and forecasting methods. 

Budgeting helps develop a realistic reflection of earning potential, keeping all factors into account, including associated costs and helps identify areas for cost-cutting without compromising profits. Any savvy entrepreneur knows that cutting down costs (where feasible) is key to generating higher profits.

Impact

1 +
Projects
1 +
Companies
$ 10 Mn.+
Assets Advised
1 +
Years of Experience

Client Results

Advising the client on creating risk-based models to develop a micro-lending business in Columbia and build a risk assessment model that can compute and budget for the risk exposures, vendor risk mitigation, as well as comprehensive budgeting for interest and cost of lending computations.

Insights

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About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

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At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

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About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.