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How-To Plan your Business Finances in 2022 |

Most people can agree that the past two years have been unlike any other in so many aspects including, but not limited to finances. Businesses also took a head knock, especially those that were not on digital platforms. If anything, we’ve all learned that life can be unpredictable, no one would have thought we would be battling a global pandemic. 

Some also think that 2021 was even more challenging from day 1. What are your thoughts on this? Let us know at the end of the blog. For now, let’s plan our business finances. Whilst many things are out of our control, we are still in charge – let’s plan and prepare! 
Some also think that 2021 was even more challenging from day 1. What are your thoughts on this? Let us know at the end of the blog. For now, let’s plan our business finances. Whilst many things are out of our control, we are still in charge – let’s plan and prepare! 



3 tips to plan your business finances in 2022: 

Before anything, you need to set goals and objectives. Just to enlighten you: a goal is a desired result that you envision and commit to achieve, while an objective is a strategy or implementation steps to attain the identified goal. 

Start here: How much money do you want to make in 2021? (Goal)

Secondly: How many products do you have to sell, or clients do you have to serve to make that amount? (Objective) 

Have you had that figured? Let’s get started; 

Budgeting – this can never get old, it helps you navigate where every rand goes. “budgeting is knowing where your money is going, and not wondering where it went”.

To help you get started, here are six steps to create your financial plan:

1️⃣ To start off, think about what you want to accomplish and ask yourself… Do I need to expand? Do I need more equipment? Do I need to hire more staff? Do I need other new resources? Most importantly, how will my plan affect my cash flow?

2️⃣ Create monthly financial projections by recording your anticipated income based on sales forecasts and anticipated expenses for labor, supplies, overhead, etc..

3️⃣ Through the year, compare actual results with your projections to see if you’re on target or need to adjust. Monitoring helps you spot financial problems before they get out of hand.

We wrote a full blog on this, see here: https://accasesolutions.co.za/2021/05/27/plan-to-succeed-finance/

Pricing – pricing directly defines your positioning – it tells people where you are in your business. Do you have to increase your prices? Let’s dive a bit into this: 


Although this is not compulsory, it’s worth considering. Sometimes demand outstrips supply, there’s inflation and all those kind of things to consider. Review your prices and consider raising them. Take a solo entrepreneur that runs a consulting business for instance – attending workshops, seminars, taking online courses here and there – that’s a lot of knowledge for someone to charge the same rate year in, year out. 

The more you learn the more you earn, it’s not clichè. Businesses charge for their value, not cost of production, etc. But it’s important to remember that whatever you do, have your target customer in mind. Don’t overprice. 

Things to consider when pricing your services:

1. Figure out your service delivery costs – fixed and variable costs

2. How many hours it takes you to deliver your service

3. Taxes

4. Account for dry season and holidays

5. Most importantly, profit. 

…for products, you might want to consider:

1. Cost of production/manufacturing 

2. Cost of delivery

3. Market price 

4. Taxes

5. Profit 


A few other things many people consider this:

* What is everyone else charging? 

* What is the top person in your industry charging? 

* Where do you fall?

Savings and investment – we preach this all the time, but is it ever enough? Would your business survive another hard lockdown? 

There are 3 most important things to take into serious consideration in 2022: savings accounts; emergency account, investment, and insurance (if need be). 

Savings and investments are important for your personal and business reasons. Savings means keeping your money, investment means growing your money: both are important. With savings, you can have specific goals attached to it – this also helps decline you to be committed. 

When it comes to emergencies and/ or unforeseen circumstances, many like to say that your emergency account should at least have 6 months of your monthly earnings for unforeseen circumstances: if you earn R10 000 per month, your savings account should at least have R60 000. 

The pandemic taught us the importance of all these accounts, we never know what will hit us tomorrow. When it comes to insurance, it really depends on the type of business you have, or even where you are (stage) in your business. These are things you might want to consider factoring in, in 2022. They go in your budget and come first. 

Here’s a comparison of different banks and institutions to help you make decisions for 2021:  https://www.google.co.za/amp/s/moneytoday.co.za/best-savings-accounts/amp/ 


Let us know your thoughts – opinions and comments, feel free to add your tips as well!