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How to Write a Business Plan that Will Blow Investors' Socks Off!
If your business is going to be able to attract the investment it needs, it's crucial to have a well written business plan. Bank managers and venture capitalists alike will base a lot of their decision, naturally, on how profitable and viable your business has the potential of being.There's a lot of advice out there on how to put together a solid business plan, and I strongly recommend a trip to Mr Google to get your executive summary, operations info, personell and marketing plans done right. In this article I want to focus on the financial plan, the section at the end of the business plan. This is the part that REALLY matters.Your soon to be investor is really only looking for something that will make them money, and the financial plan can make all the difference. If this part doesn't look right, you might as well forget about the rest. In particular I will look at the importance of measuring your fixed assets, something which is often underestimated by businesses.
The financial plan consists of three elements, or 'statements': the Income Statement, Cash Flow Projection and Balance Sheet.First things first though: step one is working out what your outgoing expenses are. This will help you sensibly determine the amount of investment you require. Always be wary of going too far in your demands, as this can lead to a No. First, list all the startup expenses - such as registration costs, downpayments on property and equipment, deposits on rent. Next come your operating expenses - these are the costs of keeping the business running, such as rent, salaries, advertising budget, utility bills and maintenance costs. The more thorough you are at this stage the more robust your business plan will be.With that crucial step out of the way, you can begin writing the three statements themselves.
Income Statement
This is basically a snapshot of your revenue, expenses and profit or loss for a particular period. It essentially shows whether your business is profitable or not at the moment. This needs to be produced monthly for the first year, then quarterly.
Cashflow Projection
This section tells a potential investor or bank loans officer how much cash is expected to flow in and out of your business over the next year. It is an important indicator of whether you are a credit risk and your ability to pay repayments on loans in the future.Another benefit is the ability to know when you can afford to make short term investing decisions (during cashflow surpluses). More crucially however is the fact that it can tell you very clearly how much of an injection of capital you REALLY need.
Balance Sheet
The balance sheet gives a picture of your business' net worth at a particular time. It encompasses three key elements of your finances: assets, liabilities and equity. Assets include current assets, such as inventory or cash, and fixed assets which are tangible items of value that the company owns. Robust asset tracking is key to producing an accurate balance sheet. This is an area where a lot of businesses fall over by not keeping accurate records of what assets they own, how much they are worth and their movements. Liabilities are basically the outstanding debts the company owes. And Equity is the total amount left over when you subtract the liabilities from the total assets. So you can see why asset accounting is so important in this calculation - if you underestimate the value of your assets, you could end up seriously undervaluing your business.
Though this is far from a step by step guide to creating your financial plan, hopefully it has served as a useful signpost for the basic elements you need to be concerned with. I hope it helps you land that killer investment!
Versatile running socks?
Running socks are important... I ran an 8k with regular socks, and got bad blisters. I have a few pairs of running aisics running socks. I also have cycling socks, and a few pairs of Nike performance socks. What would be a good sock, that I could wear to school, then keep on for practice?
Here are some Reviews from Runners World. Some of these may work
AllisonRuns: Shoes, Insoles, & Socks!
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