photo credit: Jeff Belmonte
Financial planning in business can be overwhelming and stressful especially for those who may be first time business owners and are not exactly financial savvy. So in light of this subject I have put together a list of some thoughts to keep in mind when going through your small business financial planning.
- Many business owners before you have made it through this financial planning process, so get your hands on some sort of a financial template and learn from them.
- Stay organized. I can not stress this thought enough, with finances it is important to stay as focused and organized as you possibly can. The more organized you are with your paperwork, statements and more the easier your planning will be for you.
- Bring value to your work. Another very important aspect of your planning is being able to show true value for your company. You will need to be able to justify the equity you’ll be giving up in order to receive the amount of capital you are asking for.
Remember that you are presenting a LOT of very complex information and it should be your goal to make that information as digestible as possible. Use charts to display growth and make sure you are visually consistent with these (pick a color scheme!). Use nice, clean, well laid out tables to present historical data. Color code for readability and clarity. Have friends look it over and give you their feedback on your visual presentation.