Resource: Managing Risk and Money

Now that you know what you need to reduce your risk and help plan for the future, it’s time to put it all together. Here’s what to do:

• Track what foundational documents you have and which ones you still need: Make a copy of the Essential Documents Checklist if you are a publication based in the U.S. Make a copy of the Essential Documents Checklist for Canadian Publishers if you are based on Canada. Go through each item relevant to your business and check the box that indicates whether it’s completed, in progress or something to work towards.  There’s no expectation that you’ll have every one of these documents in place right away. But it’s important that you have a plan for completing them and hold yourself to a deadline.

• Create a year-end forecast and cash flow projection: Make a copy of the Financial Planning Workbook. Start with the Definitions tab in the bottom lower left of the document and work your way through the tabs to the right, which will help you think through the process of creating a year-end forecast and a cash flow projection. Go through the process using your current budget. Then, when it’s time to make the budget for your next fiscal year, you can start the process by making assumptions about how next year’s finances will differ from the expected financial results for this year.

• Complete your checklist and updated budget (with projections) for your current fiscal year.