Do you plan to sell the business outright to another individual or company? Human Resources The company staff members, from top management to the mailroom, are the human resources of the company.
Personnel Plan If your business will have employees and not just managers, you will need a Personnel Plan showing what types of employees you will have for example, cashiers, butchers, drivers, stockers and cooksalong with what they will cost in terms of salary and wages, health insuranceretirement-plan contributionsworkers compensation insuranceunemployment insuranceand Social Security and Medicare taxes.
Additional Financial Information In addition to financial statements, prospective lenders or investors will also want to see a Sales Forecast and, if your business will have employees, a Personnel Plan.
They will also want to see that you have an exit strategy to cash out on your investment — and theirs.
Your projections should be neither overly optimistic best-case scenarios, nor overly cautious worst-case scenarios, but realistic in-between projections that you can support. Do you need a short-term working capital loan to increase your inventory?
In order for your projections to be accurate, you must know your business. As an example, if you have decided that a charity run will be a good fundraising event, you should explain why that should be the case, such as a renewed interest in running in your community.
The yearly forecast, at least for the first year, is based on the cumulative monthly forecast for the first 12 months. When you put together your financial statements, make sure there are absolutely no typos or mistakes in your calculations.
You must have supporting schedules e. This information helps you determine how much financing your business needs and helps outsiders determine whether lending you money or investing in your business is a wise use of their funds.
So how, exactly, do you plan to use any money that lenders or investors offer you? This section of your financial plan should briefly describe the key people in the organization and the skills and expertise they bring with them.
This should include other organizations providing similar services or fundraising in the same area, at the same times of year, or those that are using similar fundraising techniques. Contingencies The financial plan should include all of the contingency plans you have, should your primary market opportunities fall through or fall short.
How will your business get there?
For a grocery store, the sales forecast might list projected sales of fruits, vegetables, dairy, meat, seafood, packaged goods and hot prepared meals. For example, if you are applying for a grant to pay for the costs of that charity run, you should include any back up plans to raise money in time for the event should that grant be denied.
What will your exit strategy be if the business is failing?The financial part of a business plan includes various financial statements that show where your company currently is financially, and where it intends to be.
This information helps you determine how much financing your business needs and helps financiers determine whether lending you money or investing in your business is a prudent use of.
A business plan should grow and change as your organization matures, becomes more sophisticated and takes on bigger challenges. 9 Things to Include in Your Business Plan The business plan can be used throughout the life of your nonprofit, changing as the organization does.
Defining business benefits by referring to business objectives provides a practical basis for measuring, valuing, and comparing both financial and non-financial benefits.
Financial vs. Non-Financial Benefits. A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. A good plan can help you see serious flaws in your business concept.
4 List of Non-Financial Performance Objectives Strategic plans are, by definition, for the long term, usually for three to five years in the future.
The plan sets the destination, or goals, for the company and outlines how resources will be.
Jul 03, · When you’re putting a business plan together, the financial plan can feel like the most intimidating part. If you’re like most business owners, you probably didn’t go to business school or have a degree in accounting/5(25).Download