What type of Business Plan do you need?
Whether you need a plan to raise capital or you want one as a strategic tool, Next Level Consulting efficiently guides you through the process of crafting a plan to fit your needs. There are many things for you to consider when developing a business plan and financial projections. For example, you will need to factor the business plan purpose, audience, and your available resources to determine the level of effort and time commitment. Here are just a few of the things to think about.
What is the purpose for putting together a business plan and projections?It is to:
- Apply for a loan
- Obtain investor financing
- Gain executive and board approval
- Focus management team on strategic priorities
- Measure financial and operating performance
- Build value and position the company for sale
Who will be reviewing the business plan and projections? What are their expectations?
- Private equity firms, wealthy investors, friends and family
- Board of Directors
- Prospective employees
- Potential buyers
What internal resources do you have to complete the business plan and financial projections? Will you have to tap external resources to help you complete some parts of the plan?Elements include:
- Historical financials – income statement, balance sheet, cash flow, and tax returns
- Ability to build three-, five-, or ten-year financial projections
- Informational research on the industry, competitors, and trends
- Management experience and competence in marketing, finance, operations, and production