What’s essential in your business plan?
The financial plan is a very vital part of the business planning puzzle. Develop your financial plan starting with how to determine your start-up costs.
When Opportunity Knocks…
Let’s Develop the Financials of your Business Plan
- Let OK Consulting take all the information you have gathered so far through researching your business concept and put the numbers behind it.
- Is the Business concept viable or not viable?
- Why? Because numbers don’t lie.
Let’s determine all the Total Projected Start-up Costs.
Which really means what are all the costs to start up or expand your business and how will these costs be financed.
- What are all the costs that go into starting up or expanding your business?
- Obtaining quotes as part of your research to ensure the costs are as accurate as possible in your financial planning, especially if you are applying for any grant funding.
These are all decisions you will need to make!
What are your Capital Costs, Land/Building, Equipment, Operational costs, Inventory, Marketing, Legal and Accounting support? What about Business Plan support?
Do you require a business consultant to provide professional business plan that is bank ready?
Once you determine all your total project costs.
How will you finance your business concept?
- What do you have in cash equity or contributed assets to put towards the business?
- Find out what percentage of equity your lending institution requires
- What financial institutions have you approached or should approach to find out about lending options?
- Are there any grants or programs that you can take advantage of as an entrepreneur?
- Remember… Total Costs must equal Total Financing
What are the key parts to any Financial plan of a Business Plan?
- Cash Flow Projection: 3 years of cash flow projections which are the estimated sales and expenses month by month for 12 months.
- Balance Sheet: Total Assets must equal Total Liabilities plus Owner’s equity
- Income Statement: Total Revenues minus Total Expenses = Net Income
- And don’t forget to add notes to the financials
Contact Dana to book a business consultation today. 306 202 6943
So often I work with clients that are unsure of what is expected in the financial section of their business plan. What they don’t realize is through the research they have done they have gathered a lot of the information already! The next step is just preparing the financials or putting the estimated numbers into their plan.
What our clients are saying about OK Consulting
I first met Dana during a consultation at a small business help centre, Square One. I wanted some guidance on what to do for my business plan. Dana was detail-oriented right from the beginning. It became clear that she truly wanted to know what my business idea was and I could tell she really wanted my idea to work. Her organization kept me on top of everything and the development she did made the process much easier. I was involved every step of the way, getting to approve areas as we developed them. My business plan went from being 16 pages to a whopping 170 with excellent sources and financials that I hadn’t thought to put together previously. Her work is well-rounded, thought provoking and professional. It is very clear why she is successful at business plan development and I find that my business plan is far more impressive than the previous one. My biggest concern was the financials, we developed a very detailed analysis and forecast. I knew of other business consultants in the area, but I specifically chose her as I felt our personalities would mesh well – they did. She adjusted her communication methods to the way I like to communicate (via email) with weekly in-person meetings which made completion of the business plan that much easier to balance with my regular work schedule. There is no one else in the city I would have preferred to work with; her dedication to my project made me feel like I was top priority, even though I knew she had several other projects on the go. Any future business development needs, I will absolutely be going to Dana. Thank you so much for your help! You’ve made me feel that much more confident in my product.