Planning the future is essential for the longevity of your business, and your financial forecast is the beating heart of your operation. But what happens when the day-to-day running of your business takes up too much of your time for the actual navigation and altering of your pre-existing predictions? This blog is here to show you how our latest release of what-if scenarios has just made your life even easier.
We all know that keeping an eye on all the factors of your business is challenging enough. Whether you’re trying to weather the storm from a low point in profit, or trying to visualise the expected growth of your company, you need to have a hold on all aspects of your business for it to thrive and prosper. Forecasting against your current trajectory is great, but don’t fully rely on this projection alone…
What happens if I decide to take on more staff next month, but my sales remain the same? What happens if I move offices or change the location to one of three available sites? In this uncertain economic climate will my exchange rate change, impacting my purchases from international suppliers?
It is in the ability to project all of your possibilities, to weigh them together and to analyse which path to take in the future, that leads to real success and profitability. And that doesn’t just go for business owners either…
So how do I know this?
I’m a Test Engineer at Futrli, and I deal every day with a dizzying amount of variables and elements that can affect the platform I work on, much in the same way you do for your business. Any small change to the current state of our testing environment can affect the outcome of our results, and we can’t ignore any possibility.
Recently, for example, we’ve been testing our new scenario wizards to make sure that our users in Sydney can load their forecasts as quickly as our users in the UK, and rest assured, user locations are just a minuscule part of testbed!
Putting it simply, we don’t release new features without thorough testing of all eventualities, and why should you move your business forward to the future without having considered every avenue available?
Making what-if scenarios even easier
It can be a daunting challenge when you face difficult decisions in the future of your business. What’s more, changing your core assumptions in your financial plans and re-writing your scenarios and forecasts just to see how one decision affects your future can be a long, time-consuming process. At Futrli, our goal is to let your forecasts take centre stage in your business plan because of the daily actionable insights they share. But, we get it, your business is changing all the time, and so you need to be able to flex multiple different options with ease.
Listening to your feedback, we realised that adjusting your core assumptions was taking up too much of your time, so it became our mission to change it. Futrli is designed to save time, so we’ve simplified the entire process for you. We’ve now added the option of allowing you to create a throwaway set of forecasts detailing a specific scenario, without having to rewrite your base assumptions time and time again.
Our ambition is to make these new scenarios a natural part of the daily workings of any business. They’re perfect for all of those tough decisions you’ll find yourself facing and flexible enough to apply to businesses from all sectors and backgrounds. Wholesale owners, for example, may find themselves negotiating agreed prices on their stock with an approaching supermarket or larger retailer, and these scenarios allow them to see how a negotiated price of each income line will affect their profit, given your core assumptions of your costs and location.
As another example, small shop owners approaching the summer season may need to see how employing any number of staff will affect their profit, given current sales and expenses. A new bar owner may not know their predicted sales, so what about forecasting against remaining steady, projected growth and projected loss?
Seeing these predictions and paths side by side can provide a lifeline to business owners, but our latest feature will have you saving hours of unnecessary configuring to make sure they remain as one. For example, if you updated your rent payments in your ‘remaining steady’ scenario but forgot to do that in the other two. With this adaptability of altering your outer variables, your core assumptions don’t need to change at all. This way, your forecasts and predictions work harder for you, not you working harder for them and you won’t get lost in silly admin errors.
In feedback and consultation sessions with you, we heard you loud and clear, having walls of indecipherable data is a no-go for you. That’s why our dashboard visualisations are integrated with your forecasts, so you can effortlessly see what action needs to be taken. Both your core assumptions and your additional forecasts are shown beautifully on our scenario charts, with you able to see the outcomes of all your strategies and paths before you. This transparency is vital for business security, and that goes for us Testers too!
Flexibly altering my environment to cater for more than just the projected test path allows me to make sure everyone has the best experience with Futrli. Can our clients in Canada share their boards as speedily and effectively as our clients in the US, and is that as efficient from the UK to Sydney? What if we alter an organisation’s currency, does the same data show as effortlessly on our reports as dollars than with euros? We don’t miss a beat, and now, neither will you.