Creating a viable corporate financial plan means you can mitigate risks, protect your assets, and establish a strong base for future growth.
Financial planning can involve risks. The value of your investment can go down as well as up and you may not get back the full amount invested. It is important to carefully consider your company’s financial situation and seek professional advice to understand the risks and opportunities associated with any financial planning strategy
Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor. We recommend that the investor seeks professional advice on personal taxation matters
The Financial Conduct Authority does not regulate taxation advice
Every company faces risks. In most cases, the risks are uncontrollable, such as volatility in the markets, an economic downturn, supplier issues, or even changes to industry regulations. You can’t control the risks, but you can assess what factors may affect your business and plan for them.
Identifying the risks is the first step. In many cases, you can negate the risk via insurance. There are several policies which can reduce or eliminate the financial implications of an incident. For example, keyholder insurance will financially protect your business from the loss of a critical employee. Equally, shareholder protection can prevent company shares from falling into the wrong hands following a shareholder’s death. Professional indemnity insurance and legal insurance are also options.
It's also good practice to protect business assets. If things go wrong, having key assets owned by a holding company or using a Limited liability structure can stop creditors from getting the asset. This can help you keep trading even when times are tough.
A key element of financial planning involves being aware of all impending tax liabilities. You need to understand what taxes your business will be liable for, approximately how much they will be, and when they fall due.
Corporation tax is perhaps the most obvious. It’s 19% on profits under £50,000 and 25% on profits over £50,000. Marginal relief is available. If the goods or services you offer are subject to VAT you’ll also need to pay VAT, provided your turnover is over £90,000. There are plenty more, such as National Insurance, Dividends tax, and business rates.
Businesses often don’t think of savings and investments, instead focusing on trading and profits. However, it’s important to think about long-term stability. One of the best ways to do this is to use surplus cash to prepare for the future.
This can mean investing in the stock market. However, it’s generally better to invest in your business, such as buying land and business premises. It will reduce your financial commitments in the future, making it easier for your business to survive any challenge.
As part of investing for long-term stability, you’ll need to monitor and report on your financial performance. Understanding your goals and how you are hitting, or missing, them will help you prepare better for the future.
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Employees should be an essential element of any financial plan. For long-term stability, you need long-term employees. It’s surprisingly expensive to say goodbye to an employee, find a new one, and train them. The solution is to offer employee benefits which will help to retain your staff.
When creating a financial plan consider the employee benefits you may offer. These include group medical insurance, life insurance, offering shares in the business, and the obligatory pension scheme. All of these benefits cost you money, but it’s likely to be less than the rehiring and training process. In addition, long-term staff generally have a better understanding of the business needs and how they can help you achieve business goals.
When planning for the future, it’s easy to overlook the immediate issues, specifically liquidity. This must be an essential element of your financial planning. It ensures you have the necessary funds to meet all your commitments. Creating a liquidity plan for a specified period will help you identify any potential cash shortfalls, allowing you to create an alternate plan to deal with them.
Frequently asked questions
Understandably, you have questions. The following are the most frequently asked, however, if you don’t find your question and the answer here, don’t hesitate to contact us. We can help you with any query, no matter how big or small.
A financial plan is essential to help your business deal with its financial commitments and move toward a successful future. It even allows you to predict what will happen, monitor results, and adjust the plan accordingly.
It is possible to create a financial plan yourself. You’ll need to take all the relevant factors into account, making it a time-consuming exercise. In addition, you’re likely to have an unconscious bias which will create the figures you want. We’re independent and will create an accurate corporate financial plan for you.
By setting goals you can see how the business is progressing toward the goals. That’s the simplest way of monitoring and assessing the accuracy of your financial plan. Lynas Vokes can do this for you.
Yes, it can be changed at any time. A financial plan reflects the position of your business and your current goals. If you achieve those goals or the goals change you should create a new corporate financial plan. The same is true if your company has a significant change in its finances or trade.
This suggests there is an issue that has been overlooked or that the goals weren’t realistic. The best approach is to contact us and allow us to evaluate and update your financial plan. We’ll create one that works.
We have a dedicated team with specialist knowledge of corporate financial planning. With over 30 years of experience in the industry, we know what we’re doing. In addition, we see you and your business as unique, ensuring you get a personalised service.
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At Lynas Vokes, we offer a wide range of services to help you at every stage of your life’s journey. Click on the links below to view our recommended services or view our Services menu for our full range.
Pensions are still generally regarded as the most effective way to save for retirement. However, it’s a complicated field, we can help you understand group pensions and secure the best option for your future.
There are important corporate insurance options, specifically keyperson insurance and shareholder protection, which you should be investing in.
The right employee benefits are instrumental to attracting and retaining staff. You may not know what really matters to employees, but we do. Let us help you attract the best talent.
Running a business is time-consuming and challenging. Creating, monitoring, and adjusting financial plans are often an unwelcome distraction, preventing you from driving the business forward. Lynas Vokes has years of experience dealing with all aspects of corporate financial planning, from shareholder protection to employee benefits. Most importantly, we’ll listen to you first to ensure we know your business. We also monitor your progress and provide updates as and when needed.
You can contact us today and get the ball rolling. Alongside corporate financial planning, we offer a range of insurance services, pension planning, estate planning, and even investment strategies. Contact us today, you have nothing to lose and a lot to gain.
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