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
Opportunity Knocks Consulting has completed 4 business plans to date for our companies. These range from our parent company Misty Ventures to our solely owned entities. Another plan that was created is a Concrete company which we have a partnership agreement and was very complex. With organizations such as in our case it can become very complex and demanding. The most difficult plan Misty Ventures , I thought would be challenging for Dana, but no problem we got down to business and completed on schedule and on budget. In regards to the financial forecasting and modelling that Dana utilized was very easy to understand and transferable to various uses. I was very happy with the outcomes of all the business plans because they were detailed in a way that any questions asked will be within the documents and easy to locate. What was important and not repetitive was simply the validity we required. Misty Ventures would most definitely recommend and refer Dana to complete Business Plans for their companies.
Opportunity Knocks Consulting was recommended to us by another marketing agency. Our experience with Dana was fantastic throughout the entire process. Dana was patient and extremely flexible, working around our schedule and still getting our plan completed on time. The plan was well written, thorough and very professional. We would recommend OK Consulting to anyone looking for a professional business plan.”