Financial plan: Financial plan indicates the financial requirements of the proposed business enterprise such as: Projected cash flows ; Projected income statement ; Projected break-even point ; Projected ratios ; Projected balance sheet ; Project report preparation.
Don't Make Assumptions About Customers ; To be an entrepreneur does require plenty of self-confidence, sometimes almost a bloody-minded determination to make your business work. But this confidence spilling over into thinking that you know what 'the market' wants can be dangerous, without checking that it's true. You need to do your research that the market does ultimately want what you will be offering, whatever products or services you will be selling.
Experts say that a strong business plan is one sure step in the direction of success. So, what is a business plan in the first place? It is defined as a document that outlines the functional and financial objectives of a business. It also contains details of the budget involved and the goals to be achieved.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.