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Since this is a very critical part of your business plan, make sure you follow Generally Accepted Accounting Standards, Bedroom Condo for sale Bangkok (Recommended Internet page) and that your financial statements are all prepared correctly. If you do have an accountant prepare your financials for your company, make sure you completely understand the process and what the terms and figures mean. Before you throw numbers and spread sheets at your readers, summarize your financial needs. Potential investors often feel more comfortable investing in a company whose owners have shown a good understanding of the financial aspects of the business. It may be well worth the expense to enlist the help of an accountant to prepare them, or at the very least to review them.

While business plans are certainly a requirement for new businesses seeking outside funding, they are also a terrific way to map out your strategy. ­In t­his article, we’ll look at how to put together a business plan that can help you lay the foundation for your business, improve your chances of being successful, and generate enthusiasm and excitement about the business whether it’s being written for those funding it, or for yourself. Think of the business plan as a roadmap. The road map not only lets you see exactly where you are, but where you’re going to be, and what you may see along the way. While it may not be heavy on the details, it is definitely a necessity if you want to get to where you are going!

For example, if you offer consulting services based on government agency activities, part of your R&D activities might be to get all of the publications that agency puts out, make personal contacts within the agency, and attend all public functions the agency offers – all in order to stay on top of their activities and be prepared to offer new services to meet new regulations and requirements. As hard as it may be to admit it, and as hard as it may be to think about, you need to have an idea of what you will do if your business fails, or for whatever other reason you need to close the doors.

Describe your product or service in a non-technical way, focusing on what you are doing that will make your product stand out in the marketplace. Describe both the present industry scene, as well as future projections. For example, you may have noticed your competition’s products do not meet the needs of certain markets, so your strategy is to create a product that does meet those needs in order to reach those untapped markets and gain a stronger competitive advantage. Make sure you make this type of strategy pop out in this section. If you find that you can’t describe your business clearly and simply, then you probably have not thought it through.

So the financials of your plan can certainly be referred to as the heart, the meat, the big enchilada — insert your own mega metaphor here. What makes up the heart of your business plan is the profit and loss (or income) statement, the balance sheet, and a cash-flow statement. If your business is a startup, these will all be projections, or pro forma statements. If you’re writing this for an existing business, then these statements will reflect your past business history and current financial situation. Break your financials down into monthly projections for the first two years and then move to annual projections.

We’ll answer your questions about what has to be covered in the plan, how to do research, how to make realistic projections, how to set milestones, and hopefully answer the hundreds of other questions that will pop into your head as you begin the planning process. The act of thinking about everything that must go into the plan will force you to think through the logistics of your business venture, and perhaps even come up with some ideas you hadn’t considered before! That planning process, by the way, is part of what makes putting together a business plan so important.