5. present important figures in the financial plan
When you start a business, you ideally want to make profits in the short term, or at least in the medium and long term. In this respect, the "bare figures" are much more than just an empty phrase. If your calculations are not convincing, you have a problem. For this reason, the first part of the business plan is particularly important. In it, you show the addressee your business model. Depending on the type and size of your business, you will need to include between 12 and 20 tables.
All the costs that you will incur are indispensable. These are obvious expenses such as your working capital, financing costs and investments. Don't forget to include your personal expenses as well. Add to this your targeted sales, which you present in your sales plan. In addition, you integrate further plans into the figures section of your business plan, for example, for capacity utilization and personnel. However, this depends on your business idea.
From the cost and sales plan, you create a profitability plan that combines your profits and losses. It tells the reader how profitable your business will be according to the business plan and when you can expect profits.
A liquidity plan should also be included.
Banks, investors and other addressees are also interested in your total capital requirements, to which you should add your available financing resources, such as
- funding programs
- own funds
- or private investments by friends and family members.
Readers will learn how much money you need to start and how much of it you already have. Remember to calculate all of this for a 36-month period.
6. explain your financial plan in the lyrical part
The "bare numbers" are the starting point for the second section of your business plan. In the lyrical part, you sort of reveal what is behind your financial plan explanations. Without more information about yourself and your product, no reader can interpret your numbers section. In the lyrical part, therefore, reveal who you are, what you sell, and why you will be successful with your business. In this bullet point, you should refer to
- you as a person
- your product/service
- the organization of your company
- your marketing plan
- the market and your competitors
- and your target group.
Explain everything in as much detail as possible in about 20 to 30 pages.
7. prove your suitability in the appendix
The third part is about proving your financial plan and written explanations. Therefore, do not go too far out on a limb in the first two bullet points if you cannot prove the validity of your statements. Therefore, include as many documents in the appendix as you have available. "Classics" such as your references, your resume and certificates can be supplemented with
- tax documents
- Rental, employment and other contracts
- business registrations
and, if applicable, applications. These are forms with which you provide certain information, such as about your creditworthiness. Communicate intensively with your advisor to ensure that the annex section is as complete as the rest of the business plan.
8. create a business plan: Where is the trend going?
You already know: If you have to write a business plan, inform yourself well about the addressee. This also includes knowing whether they require one of the three forms presented. More and more often it can be observed that banks are satisfied with filling in their own forms. In these cases, you can usually do without the lyrical part and the financial plan. And: There are clearly recognizable tendencies, which increasingly prove the creation of a business plan online in special portals. In Germany, which will probably remain too bureaucratic and under-digitized for years to come, this seems unusual. Other nations such as Estonia, where citizens even vote online, are less astonished.
You can find more useful tips and information about founding, financing and business development at the x-group.
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