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For instance, aim to improve your sales 10 percent over each previous period.A full expense plan includes regular expenses, expected future expenses and associated expenses.The last thing you want to do is show your pro-forma statements to an investor or a lender, only to have that individual find a mathematical mistake that could easily have been caught had you used the right software tool.
In order to attract investors and get the financing you need in that critical startup phase, you need to have a detailed business financial plan in place.
This financial plan will explain to investors and potential lenders why your business is destined for success.
Here's a guide to the six key elements of a successful small business financial plan.
You can find templates for these financial plan components via the SBA or SCORE.
Have a look at how each of the financial templates below can help your business.
Evidence shows that complete financial plans are essential to the long-term success and growth of your business: A Palo Alto Software survey found that entrepreneurs with completed business plans were more than twice as likely to successfully grow their business as those who had no plan or an incomplete financial plan.
If you do not have such a plan in place, you are in essence operating in the dark, a risky thing for any business to do.
But even though you know you need a detailed financial forecast, it can be difficult to juggle the creation of that plan with all the other things you need to do in running your business.
That is why a quality business financial forecasting software is such a good idea.
Financial plans are complicated documents, and a single mistake could make the numbers contained in the plan useless, or even misleading.