Preferred learners
- Canada
- Academic experience
Categories
Skills
Project scope
- What is the main goal for this project?
-
Review the financial data from the past two years and develop a quarterly budget for the upcoming year. Help establish financial objectives to support ongoing company expansion and aid in future strategic decisions, such as transitioning from using subcontractors to hiring full-time employees.
- What tasks will learners need to complete to achieve the project goal?
-
1. Data Collection: Gather all relevant financial statements and records from the past two years, including income statements, balance sheets, cash flow statements, and any other financial reports.
2. Financial Analysis:
- Conduct a thorough analysis of the collected financial data to identify trends, patterns, and areas of concern.
- Evaluate profitability, liquidity, and solvency ratios to understand the financial health of the company.
- Analyze expenses and revenue streams to assess efficiency and potential for cost savings or revenue enhancement.
3. Budget Preparation:
- Develop a detailed budget for the upcoming year, breaking it down by quarters.
- Include projections for revenue, costs, profits, and cash flow.
- Consider past trends and expected future changes in the market or business operations when forecasting.
4. Setting Financial Goals:
- Define clear, measurable financial goals that align with the company’s long-term strategic objectives.
- Consider goals related to revenue growth, profit margins, cost management, capital investments, and any other relevant financial metrics.
5. Decision-Making Support:
- Analyze the current use of subcontractors versus the potential benefits and costs of shifting to full-time employees.
- Consider legal, tax, and benefits implications of changing the staffing structure.
- Prepare scenarios to show how different staffing models could impact financial projections and company growth.
6. Implementation Planning:
- Develop an action plan for implementing the budget and achieving financial goals.
- Plan for regular review and adjustment of the budget and goals as necessary, based on actual performance and changing circumstances.
8. Monitoring and Reporting:
- Set up systems for tracking progress against the budget and financial goals.
- Regularly report to management on financial performance, highlighting any variances from the budget and recommending corrective actions.
- What is the main goal for this project?
-
Review the financial data from the past two years and develop a quarterly budget for the upcoming year. Help establish financial objectives to support ongoing company expansion and aid in future strategic decisions, such as transitioning from using subcontractors to hiring full-time employees.
- What tasks will learners need to complete to achieve the project goal?
-
1. Data Collection: Gather all relevant financial statements and records from the past two years, including income statements, balance sheets, cash flow statements, and any other financial reports.
2. Financial Analysis:
- Conduct a thorough analysis of the collected financial data to identify trends, patterns, and areas of concern.
- Evaluate profitability, liquidity, and solvency ratios to understand the financial health of the company.
- Analyze expenses and revenue streams to assess efficiency and potential for cost savings or revenue enhancement.
3. Budget Preparation:
- Develop a detailed budget for the upcoming year, breaking it down by quarters.
- Include projections for revenue, costs, profits, and cash flow.
- Consider past trends and expected future changes in the market or business operations when forecasting.
4. Setting Financial Goals:
- Define clear, measurable financial goals that align with the company’s long-term strategic objectives.
- Consider goals related to revenue growth, profit margins, cost management, capital investments, and any other relevant financial metrics.
5. Decision-Making Support:
- Analyze the current use of subcontractors versus the potential benefits and costs of shifting to full-time employees.
- Consider legal, tax, and benefits implications of changing the staffing structure.
- Prepare scenarios to show how different staffing models could impact financial projections and company growth.
6. Implementation Planning:
- Develop an action plan for implementing the budget and achieving financial goals.
- Plan for regular review and adjustment of the budget and goals as necessary, based on actual performance and changing circumstances.
8. Monitoring and Reporting:
- Set up systems for tracking progress against the budget and financial goals.
- Regularly report to management on financial performance, highlighting any variances from the budget and recommending corrective actions.
- How will you support learners in completing the project?
-
1. Access to Information: Provide all necessary data, including financial records, marketing strategies, operational processes, and past business performance metrics.
2. Clear Objectives and Expectations: Clearly communicate the company's goals, expectations, and any specific areas that the business plan needs to address.
3. Feedback and Guidance: Offer regular feedback on drafts and ideas presented and provide constructive feedback to help refine the plan and ensures it aligns with the CEO’s vision and the company’s strategic direction.
4. Resource Availability: Ensure access to necessary resources, such as software, tools, or additional personnel that may be required for research or data analysis.
5. Decision-Making Availability: Be available to make timely decisions when clarification or approval is needed on certain aspects of the business plan.
6. Supportive Environment: We foster an environment that supports open communication and collaboration.
7. Legal and Regulatory Guidance: Provide access to legal and regulatory advice if the business plan involves complex compliance issues or if the industry is heavily regulated.
8. Long-term Perspective: Share insights on the long-term strategic goals of the company, to assist understanding the broader context and tailor the business plan to long-term objectives.
About the company
- https://avs-legal.ca/
- 2 - 10 employees
- Legal, Technology
We are a diverse service provider to the legal sector, offering contract paralegal support, document template development, bookkeeping services, and technology consulting. Over the last 13 years, our business has grown from a sole proprietorship to a corporation comprising 15 team members. We aim to sustain this growth trajectory and are focused on establishing a solid foundation for ongoing success.