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The following reports will be part of your financial section: Profit and Loss (or income) statement – This statement lists your revenues and expenses and shows the profits or losses your business will experience for a given time period.
Controllable Expenses – Includes expense that may vary from month to month (salaries and other payroll expenses like benefits, any legal or accounting expenses, add in advertising and marketing expenses, office supplies, utilities, etc.) Fixed Expenses – Includes any expenses that remain the same each month (office rent, loan payments, depreciation, insurance, etc.) The combined expenses subtracted from your gross profit is your net profits or losses, before taxes.
Balance sheet – This statement includes your assets and your liabilities and shows the net worth of the business. Cash flow statement – This statement shows the amount of cash required to do business over a given period of time – the cash coming in to the business, as well as the cash going out.
One suggestion is to include a milestone statement.
Milestone Statement – This report is good for measuring the success of the business.
It may not be the most fun section of your business plan, but it’s an essential part of the plan – and hopefully, it could lead to finding the necessary cash influx for your business.
Business planning is essential for the success of any business.A business plan provides direction, keeps you on track and is usually a requirement when you seek finance.Read Why do I need a business plan to find out how writing a business plan can assist your business.If you have an accountant that prepares your financial information, make sure that you understand how the figures were derived and what the terms and figures mean.If you are presenting your business plan to potential investors or lenders, you should start the financial section with a financial needs summary.This section is based on our free business template and guide and steps through the various areas and information you need to include in your business plan.Your business plan may vary from this depending on the type and structure of your business.If your business is new, you will be making financial projections; if the business is an existing business, you’ll be using previous financial data which shows the business’ financial success and shows the current financial situation.Design your financials to show monthly projections for the next two years and then show annual projects for each year after that.Business Plan A business plan of an organization or a business is a blueprint for success.It is a written document that clearly defines the goals of a business and outlines the methods for achieving them.