Image by Bernal Saborio. Perhaps you want to leave your job? Just last week, a reader emailed me for advice on leaving.
You may have the best idea in the world for a business-or it may need tweaking. For existing businesses, think of this as a financial checkup: Sharpen your pencil and get your spreadsheet on!
Writing the Financial Section There are two parts to the financial component of a business plan: The statements are usually prepared quarterly, and will show at a glance whether the company is making money or operating at a loss.
Assets will include your cash on hand, accounts receivable, inventory, equipment, and property you own. Liabilities are things such as your accounts payable and long-term debt. Tax Returns How your business is structured will determine which tax forms you have to file with the Internal Revenue Service each year, so these may be your personal tax returns with a Schedule C attachment, or separate corporate tax returns.
Lenders and investors really want to see that you have thought things through and considered the possible outcomes as your business progresses.
This means you need to do a significant amount of planning before sitting down to work on your projections, critically thinking through different scenarios. Include projected income statements, balance sheets, and cash flow statements, which we described above, along with a capital expenditure budget.
Capital Expenditure Budget A capital expense is a tangible, physical asset like property, buildings or equipment. The International Finance Corporation has a primer as part of its Small Business Toolkit that offers great tips on putting all of these statements together.
Funders may also want to see an analysis of how your results would change if some of the variables changed, so consider including a section on that, as well. Business Insider offers a look at how to make realistic projections that will be meaningful to your business as well as to lenders and investors.
Some may be specific to your industry, such as particular types of equipment, tools or store fixtures. Others are fairly common across the board, like professional fees for lawyers or accountants, licensing and incorporation fees, security deposits and rent, and computers.
This is one part of the business plan that you may want to get some outside assistance with, perhaps from your accountant or financial advisor, to help put the numbers together and present them properly. If you use an accountant, and your financial statements have been audited, make a note of that in the plan.
Be VERY careful to make sure that your projections match the numbers you put together for the funding request portion of the plan.
Yes, there may be professional number crunchers going over your data, but consider showing your projections graphically along with the requisite spreadsheets, especially if the graphs demonstrate a positive trend.
Your credit history or a copy of a recent credit report can go in the appendix, together with copies of your tax returns or any additional information a lender may request.Feb 17, · rutadeltambor.com c3 Application Sample.
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