By on February 20 2018 14:51:04
Potential business partners need to know how their investment will be used, and ultimately, what it will achieve for the business. In this sense, your business plan is like your ambassador - showing how the various elements of your company are integrated into a vibrant whole
Financial Plan. The financial plan section is the most important section of the business plan, especially if you need debt financing or wish to attract investors. The financial plan has to demonstrate that your business will grow and be profitable. To do this you will need to create projected income statements, cash flow statements, and balance sheets. For a new business, these are forecasts, and a good rule of thumb is to underestimate revenues and overestimate expenses.
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.