Building Understanding on Complex Topics
Using mind mapping software helps you see the whole picture and clearly
Partner, BSG valentine
Visually Representing Financial Strategy to Engage Clients
Many people who have used MindGenius, may have used it for planning and to generate more creative ideas but may not realise how it can also be applied in the financial planning arena. One company who is doing this is BSG Valentine, a London based firm of chartered accountants.
‘Using mind mapping software helps you see the whole picture and clearly,’ says Simon Poluck, partner at BSG Valentine.
The firm has used it to scrutinise client finances, considering possibilities on how cost-savings can be made. This ranged from reducing sales and marketing staff, through halting orders, to curtailing foreign travel and evaluating the effects of foreign exchange rates. After this, a decision is made on how to balance the books without cash flow eating into the reserves and potentially causing serious problems.
Now that the economy is changing, BSG Valentine is also using MindGenius to help businesses become reinvigorated. ‘It is important to provide clients with a clear strategy and plan going forward if they are to respond to the recovery effectively’ says Simon, and MindGenius allows him to provide a visual representation of a financial strategy which links together all of the disparate client information from different sources.
‘I start by creating a list of the areas where a client has changed their operational habits, and then compare the figures in these areas and last year’s accounts, to identify the areas where changes and cuts have been made.’ All of this information is placed on a mind map to help identify where cut backs could be regenerated, and to identify what internal processes worked and what efficiencies were gained.
Simon then works with the client to identify the areas they want to reverse and adds action points. ‘This might mean visiting a supplier in Sweden and negotiating new contracts, for example.’ The results are then fed into next year’s financial and cash flow budgeting forecasts. ‘I am able to interact in a more dynamic way, and the mind map makes the financial planning process much more engaging for the client too.’
Read the full article from financial accountant at: http://www.mindgenius.com/media/193564/financial%20accountant%20march%2010.pdf