Long Term Financial Planning

We've got a gang of clueless bozos steering our ship of state right over a cliff, we've got corporate gangsters stealing us blind, and we can't even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, "Stay the course." Stay the course? You've got to be kidding. This is America, not the damned Titanic. ~ Lee Iacocca Finance planning legend.

A probably angry Lee Iacocca was indicating that finance is something that has to be pre-planned, planned, re-planned and even post-planned. Financial planning in itself does not involve just setting budgets, wage rates or deadlines. It is all about getting to know realistic work schedule, the manner in which they can be executed, back up plans that can be used and the least cost with the help of which the entire project can be executed. So basically, financial planning and growth forecasting, both involve, the answers to the 4 important questions, why, when, where and how (answers have to be cost oriented).

Steps in Long Term Financial Planning

Step 1: Let us take the example of a coffee shop, whereas a financial planner, one has to find legitimate answers to 4 questions, namely:

1. Why should we be producing a specific item on the menu card? (consider cost of production and sales price)
2. When should we produce such an item and for what time duration? (bear in mind seasonal costs, inflation of raw material prices)
3. Where should we produce the item, right in the shop or some production center? (consider transport cost, nature of goods and selling cost)
4. How should one produce the item, manually or mechanically? (consider equipment and personnel cost)

Step 2: The second step is to assess your business environment. In this step, surveying the competitor's performance, pricing and distribution is an absolute necessity. In such a scenario, you may also prepare a cost sheet of the financial features of production, namely, the money that you would have to invest as a manufacturing cost, its sales cost, and the profit that it would yield. Logically speaking, the sale price should be more than the cost price and the return over asset ratio/return over investment ratio should be healthy. While finalizing these three figures, you will need to take into consideration 3 important aspects.

1. Average spending capacity of your customers.
2. Your competitor's quality, quantity and price.
3. Popularity of the product, potential market, customer retaining capacity of the product, etc.

Though the trend of such products is more experimental in nature, they might become full-time, public favorite products, hence it is also important to make a financial provision to recover losses, that arise in the experimental period, until the product establishes itself in the market.

Step 3: The third and fourth step are more analytical in nature and from the finance point of view, they are also quite expansive. The idea that you need to implement in the third step is allocation of resources in such a manner that you tend to make a genuine profit in sales, during the long run. In this step, you will be using and analyzing cash flow statements on almost a daily basis. The key is to have uniform cash outflows for consecutive days/months/years. Cash outflow is basically all expenses and losses. Losses are quite uncontrollable but expenses are definitely controllable. Hence search for raw material sources, manpower and production processes that will help you to maintain a uniform and low per unit cost for the item/product. For example have regular suppliers, who will supply at an agreed and uniform cost. This uniformity will eventually come in handy to curb and control unexpected losses, and will also help you to keep a good hold over the market.

The second part of the third step is making monetary provisions. This is absolutely essential due to the fact that no business is risk-free. Such provisions include advance to the raw material supplier, insurance, provisions for bad debts, extra services, etc.

Step 4: I would like to call this step as retain, sustain and entertain. This step is quite an advanced one, and basically includes many different aspects, that aim at retaining the customers. The first important function of this step is to generate regular data and cash flow statements. With the help of these statements you will realize whether that very item on the menu is proving to be profitable or not. At the same time, you also need to maintain a statement that records cash inflows and outflows over a longer period of time (in months or a quarter). Thus, you will realize what is profitable for your business, and what your customers want.

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How to Find a Good Bankruptcy Lawyer

Going through the rigmarole of a bankruptcy trial can be tough for any applicant and the only way the matter can be simplified is by finding a good lawyer, who can steer you through the entire process and guide you in the right direction. You want to be in experienced hands for something as important as the bankruptcy trial.

Finding a Good Bankruptcy Lawyer

They say that finding a good lawyer is half the battle won in any court room battle. An astute bankruptcy lawyer, well versed in this abstruse field of law, can provide you with guidance through the legal maze. Bankruptcy is a subject of federal law and the legal proceedings are handled by the United States Bankruptcy Court, which fall under the aegis of United States District Courts.

According to the United States Code, you can file for any of the six different types of bankruptcies, according to the nature of your insolvency problem. You need an expert lawyer, well versed in this sector of law, who can guide you regarding which chapter of bankruptcy law should your case be filed under. In the following lines, you will find some advice regarding finding good bankruptcy lawyers. There are many sources of information you can tap to find the right lawyer for the job. Here are some tips on how you could find one.

Go By Referrals
One of the simplest ways you can find the names of some good lawyers is to ask some of your acquaintances and friends who have been through bankruptcy legal proceedings. Their personal testimonials regarding the way their case was handled by a lawyer, can help you in choosing one. You can make a list of referrals and then research their profile further and interview them to determine whether he or she is the right person for the job.

Check Out Local Bar Association For References
Another way of finding out good bankruptcy lawyers is to inquire with the local bar association for recommendations. You can get pointers regarding some of the best bankruptcy lawyers there.

Consult With Your Own Attorney
Your own regular attorney can be consulted to find lawyers specializing in bankruptcy law. He or she can tap his own network of contacts to find a good lawyer who can do the job efficiently.

Inquire With Law Firms
Meet up with some of the best law firms in your area and interview lawyers who may take up your case. Go for law firms which specialize in bankruptcy cases.

Search on the American Board of Certification Website
Another way of finding good bankruptcy lawyers is visiting the American Board of Certification website for names of bankruptcy lawyers that work locally. Just enter your zip code and the kind of bankruptcy lawyer you are looking for to get a list of names. You may also contact the 'American Bankruptcy Institute' and the 'National Association of Consumer Bankruptcy Attorneys (NACBA)' for information about experienced bankruptcy lawyers working in your city.