Budgeting for Small Businesses with Nick Newbury
In this two hour session (one hour for Nick to set the stage | one hour for conversation), Nick shared his insights on key financial components that help make sure your business is “investable” Not necessarily from an exit / financial backer point of view, but the measurable benefits of having a strong financial governance. Aside from the massive benefit of running a tight ship and understanding your business, the knock-on benefits it has when building relationships with suppliers, insurers, FX brokers and so on.
Topics COVERED:
Budgeting | Information Management: the stats and patterns from sales | Currency Hedging: making sure you're not caught out by currency movements
Nick Newbury
Nick founded Original Travel in 2002 and led it to become a leader in the UK's tailor-made travel industry before stepping down as CEO in 2020. He remains an Advisory Board Member and holds several non-executive roles.
top takeaways
Budgeting, Forecasting & Re-forecasting: starts @15m40sec
We are all (most of us!) in the same boat, working without an operating budget.
Budgeting works best as part of your “everyday”. Huge stress comes at the end of the financial year if a budget isn't constantly managed.
Invest in a finance manager! Saves time and (if done well) money in the future.
FX: starts @56m52sec
Forward contracts are the best way forward.
Forward contracts can be taken out per enquiry if managing a smaller number of enquiries.
Use FX buffers to protect the client and yourselves.
Just a small % change can cover the cost of a part time finance manager.
Event Recording
CONTACT Nick
If you would like a 1-2-1 meeting with Nick, please feel free to reach out to him at:
newbury.nick@gmail.com