Business Matters: The Importance of Planning Ahead for Your Business

Mark Robson, financial modelling expert at Grant Thornton, explains why business planning is important and gives four tips for businesses.

We are living through a period of significant change. From the uncertainty around our decision to leave the European Union to Trump’s tougher stance on international trade, the business world is constantly shifting. All of this presents both opportunities and challenges for businesses which is why it’s more important than ever to look ahead, prepare and plan for future scenarios.

Why is business planning important?

In a rapidly changing world, forecasting helps prevent organisations from becoming victims of circumstance. It’s far more effective to identify and address issues before they arise than to fire-fight a crisis. Robust planning also provides reassurance to potential investors who will want to see a strong financial model and a clear strategy for growth.