Many small-scale entrepreneurs do not see the need for a business plan, and if they do, they are usually intimidated by the idea of compiling such a detailed document. Many are mistaken to believe that only large businesses require planning. On the contrary, it is a crucial document for all kinds of businesses as it not only helps in financing but also in the decision-making process.
Why Do You Need Financial Plan for Small Business?
The absence of a budget planner in any business may have dire consequences on the survival of the business unit. According to the US Small Business Administration Office, up to 31% of small businesses collapse within two years of operation. If you want your business to survive beyond two years, a business plan is an indispensable tool.
Why Do You Need a Financial Plan for Small Business?
Many entrepreneurs either dread the idea of creating a business plan or have no know-how of drawing up one. Our company will help you make an accurate budget projection for your business by creating an effective budget plan for you. Although it is easier for a third party to draw up the document for you, it is important to complete it yourself. We won’t leave you alone at this point. We keep constant tabs on your progress to ensure your business is successful.
What makes your financial projection business plan special?
Your financial business projection plan is special for a number of reasons. First, it allows you to go through every aspect of the business and identify trouble spots and take corrective action. Balance sheets, income statements and cash flows of your business will give you a clear idea as to which direction your business is headed.
How does the financial projection business plan process work?
When you approach our company for a financial projection business plan, the first thing we do is to understand your special needs. We do this by reviewing your existing materials such as any market research you may have conducted and draft business plans. We may carry out an additional market research if the existing information is not sufficient. We then write a draft of Investor Presentation and an executive summary before finalizing all the deliverables. We will be sure to provide continuous support.
How long does a financial projection business plan take?
The business plan may take between 6 to 8 weeks. By the fifth week, we would already have covered investor presentation and executive summary. In the meantime, we would be drawing the business plan and craft an appropriate financial model for your business.
How long will it take us to raise capital after financial projection business plan is complete?
6 to 12 months should be enough if you have everything needed by the investors. While some may be willing to provide capital immediately, a few may not honor their part of the bargain. However, you will need to put in a lot of effort in the pursuit of capital. The kind of business you are operating may also determine how fast your investors will be willing to give capital.
Do I need a business plan if I’m not seeking financing?
You do need a business plan even if you are not seeking to raise capital. For an on-going business, you need it to run your business. It is an important tool that will help you make decisions, troubleshoot your business and make budget projections. In essence, it is a road map for your day-to-day running of the business. Don’t hesitate to contact us today for free consultation.