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Write simple business plan

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An outline of your company’s growth strategy is essential to a business plan, but it just isn’t complete without the numbers to back it up. Elizabeth Wasserman is editor of Inc. 15 years experience writing about business, technology, and politics for newspapers, magazines and websites. A business plan is all conceptual until you start filling in the numbers and terms. The sections about your marketing plan and strategy are interesting to read, but they don’t mean a thing if you can’t justify your business with good figures on the bottom line. Out of Your Mind and Into the Marketplace. The following will cover what the financial section of a business plan is, what it should include, and how you should use it to not only win financing but to better manage your business.

Let’s start by explaining what the financial section of a business plan is not. Realize that the financial section is not the same as accounting. Many people get confused about this because the financial projections that you include—profit and loss, balance sheet, and cash flow—look similar to accounting statements your business generates. But accounting looks back in time, starting today and taking a historical view. You don’t do financials in a business plan the same way you calculate the details in your accounting reports,» says Tim Berry, president and founder of Palo Alto Software, who blogs at Bplans.

What this means, says Berry, is that you summarize and aggregate more than you might with accounting, which deals business in detail. You don’t have write simple all future asset purchases with hypothetical dates and hypothetical depreciation schedules to plan future depreciation,» he says. You can just guess based on past results.

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And you don’t spend a lot of time on minute details in a financial forecast that depends on an educated guess for sales. The purpose of the financial section of a business plan is two-fold. You’re going to need it if you are seeking investment from venture capitalists, angel investors, or even smart family members. They are going to want to see numbers that say your business will grow—and quickly—and that there is an exit strategy for them on the horizon, during which they can make a profit. Any bank or lender will also ask to see these numbers as well to make sure you can repay your loan.

But the most important reason to compile this financial forecast is for your own benefit, so you understand how you project your business will do. This is an ongoing, living document. It should be a guide to running your business,» Pinson says. And at any particular time you feel you need funding or financing, then you are prepared to go with your documents. If there is a rule of thumb when filling in the numbers in the financial section of your business plan, it’s this: Be realistic. There is a tremendous problem with the hockey-stick forecast» that projects growth as steady until it shoots up like the end of a hockey stick, Berry says. The way you come up a credible financial section for your business plan is to demonstrate that it’s realistic.

One way, Berry says, is to break the figures into components, by sales channel or target market segment, and provide realistic estimates for sales and revenue. It’s not exactly data, because you’re still guessing the future. But if you break the guess into component guesses and look at each one individually, it somehow feels better,» Berry says. A financial forecast isn’t necessarily compiled in sequence. And you most likely won’t present it in the final document in the same sequence you compile the figures and documents. Berry says that it’s typical to start in one place and jump back and forth. For example, what you see in the cash-flow plan might mean going back to change estimates for sales and expenses.

Set up a spreadsheet projecting your sales over the course of three years. Set up different sections for different lines of sales and columns for every month for the first year and either on a monthly or quarterly basis for the second and third years. You’re going to need to understand how much it’s going to cost you to actually make the sales you have forecast. This is the statement that shows physical dollars moving in and out of the business.

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