Startup Business Plan Financials

A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.A business plan is one of the key building blocks of any new company.One of its main components should be financial projections for your first two years.

It’s normal for some of your initial numbers to be rough guesses since sales will usually be hard to predict.

You can go to banks and other lending institutions and seek a business loan, or you can go in search of venture capitalists.

Which source you choose, will depend on the amount of funding you need.

Since this is a very critical part of your business plan, make sure you follow Generally Accepted Accounting Standards, and that your financial statements are all prepared correctly.

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.

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  1. One such limitation is represented by the fact that they rely on various sources of performance appraisal, and this generates additional complexities (Baruch and Harel, 1993).