It's the only tool that helps entrepreneurs track their progress with a unique dashboard specifically designed for small business. Pamela Slim Business Coach and Author of Escape from Cubicle Nation I worked with many entrepreneurs who felt like planning would slow them down and restrict choices. After I shared LivePlan, they realized the opposite was true: Trusted by overentrepreneurs and small businesses If I could dream up a business plan creation system, this would be it!
This information helps you determine how much financing your business needs and helps outsiders determine whether lending you money or investing in your business is a wise use of their funds. You'll probably also want to note any personal seed capital your business has, or will have.
Financiers want and often require entrepreneurs to put their own funds in the venture, and the greater the portion you commit relative to your net worththe better. You must also determine which type of financing would be most suitable for your business.
Banks offer several types of loans to businesses that do not present too much risk. Do you need a short-term working capital loan to increase your inventory?
Do you want a transaction loan, with which you receive all the money at once, or a line of credit that lets you draw on funds as you need them? Do you need an intermediate-term loan to purchase larger assets such as real estate or equipment?
Or are you a high-risk business that needs to jump through the extra hoops required to secure a government-backed Small Business Administration loan?
Structuring Your Financial Plan Begin your financial plan with information on where your firm stands financially at the end of the most recent quarter what its financial situation has looked like historically. Then lay out your goals with financial projections for the next three to five years, depending on what lenders or investors have asked for.
These are called "pro forma" statements, and they are based on your assumptions about how your business will perform.
Your one-year projections should be broken down by month, while your more distant projections can be broken down by year.
If your business plan is for the expansion of an existing business, your statements will be based on your business's existing financial data. If your business is new, your statements will be speculative, but you can make them realistic by basing them on the published financial statements of existing businesses similar to yours.
Three Key Financial Statements Your financial plan should include three key financial statements: Let's look at what each statement is and why you need it. Lenders and investors want to know what kind of numbers your company is working with and whether your company is profitable or expects to be soon.
Balance Sheet The Balance Sheet shows your company's assets and liabilities. It's called a balance sheet because the assets must perfectly balance the liabilities. Within each category are numerous subcategories. For example, your assets will include cash, accounts receivable, inventory and equipment.Papers on getting business ideas, devising strategies, strategic plans, writing a business plan, making projections, forecasting cash flow and more.
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