It would be wise for all entrepreneurs to give detailed and descriptive analysis of the financial portion of a business plan. It is also obvious to give the aforementioned information on the company description. I say this because why would anyone invest in a company; if they cant see a profit? I know I wouldn’t. Also, if your company doesn’t have a clear vision on what it is, consumers wont either. I will say however, the financial section is vital to gaining potential investors. The Entrepreneurs Help Page agrees with me as well stating “The Financial model. Good plans share the company's cash burn rate, working capital and capital investment needs and timetable to breakeven on a cash flow and operating profit basis. In addition, investors seek information regarding projected revenue growth and sustainable operating and cash flow margins (Powers).”
Tim Berry has made business planning his number one focus and host a blog on how to start up new businesses. You can find his blog on timberry.bplans.com. On his blogs he introduces new ways to spice up your business plan. He also introduces new software that is helpful for the creation of business plans. With that information, he gives advice on what it takes for a new business. A recent blog post that really helped me out was: Why the bank won’t finance your business plan. I've always believed that solely having a business plan would help in getting future funds from banks, investors, etc. I had no idea that getting a loan off of a business plan was illegal. Sure, I knew that the bank would need some type of collateral, however; I believed if they saw the vision of your business, then that would grant loans. Tim Berry’s blog site is extremely informative for the naïve and novice. According to his blog he describes himself with the following passage:
I’m on Twitter a lot. Business Week included me as one of its top 20 entrepreneurs to follow on twitter in March of 2010. And the New York Times included me as number six in the top 11 companies to follow on twitter in June of 2010. Business Insider includes me in top 20 entrepreneurs to follow in December of 2010…I’ve spent a career in entrepreneurship and business planning. I teach planning with my own company, and for 11 years as an adjunct professor at the University of Oregon, and in published books and software, and in speaking engagements for the likes of Apple Computer, Autodesk, Progress Software, USASBE, Academy of Management, and so on. In 2007 I won the USASBE (United States Association of Small Business and Entrepreneurship) Corporate Entrepreneur of the Year award and a USASBE award for teaching (Berry, 2011).
Berry, Tim. (2011). Introducing myself. Retrieved from
http://timberry.bplans.com/introducing-myself
Powers, Mark. The five most important items to incorporate in
a business plan [Web log message]. Retrieved from http://www.tannedfeet.com/readers_lisaspringer.htm
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