The financial plan is one of the most important parts of a
business plan. Many investors first look at the financial plan before actually
looking at the idea. Make sure your financial plan is top-notch!
A complete financial plan consists of an investment budget,
a financing budget and a profit and loss account. It may sound difficult, but
after this explanation, you will never look back.
Investment budget you start a financial plan by drawing up
an investment budget. This is nothing more than writing down your required
resources. For example, think of the purchase of inventory, machines, initial
stock, and perhaps liquid assets (cash and bank money). You have a complete
investment budget if you then find out what these different investments cost
and add them up.
Financial Plan
The financial
planning for startups is often a bit more difficult. This is because
you will look at how you will finance the total investment amount. Making the
financing plan itself is not difficult, but it is often especially difficult to
get the amount to be financed. You will have to be creative and write a good
business plan. Only then do you have a chance to get some money from an
investor? Especially in this day and age, it is challenging to find an
investor.
Income statement
The profit and loss account, also known as the profit and
loss account or operating budget, provides an overview of the revenues, costs
incurred, and the final profit. It is best to make a profit and loss statement
for several years. Think of three years.
Therefore, the profit and loss account consists of revenues,
costs, and the final profit. To arrive at the revenue, you have to add up all
the sales. Keep in mind that a sale has been realized at the moment that the
sale and delivery have taken place. Therefore, the sale's payment has no
influence whatsoever on the realization of the sale.
Example: Company X sold 10 products to Company Y on December
20, 2022. The products will be delivered on December 25, 2022, and paid for on
January 3, 2023. Although the payment from Company Y to Company X has not yet
been made, the sale can be counted as proceeds until the year 2022.
If you have calculated the revenue over a certain period,
the costs must be deducted from this. Then you get the profit before tax. Tax
will then have to be paid. In the case of a Sole Proprietorship and
Partnership, this is done through income tax. In the case of a private limited
company, this is done through corporate income tax. When the tax has been paid,
the profit after tax remains, also known as the net profit.
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