A proper business plan is not just about numbers, a business plan should lay out your goals, your objectives for meeting those goals, and potential obstacles. The most important piece of the business plan is to plan for those obstacles and minimize your risk.
A business plan will make you answer the hard questions
- What will you do if you most profitable customer goes bankrupt? - What if there is a major change in federal or state regulations? - What if a larger, more effecient competitor enters the market? - What is the long term outlook of my industry? - What free collateral do I have for a quick bridge loan?
Even if you aren't looking at obtaining financing a up-to-date business plan can be an invaluable tool for businesses. In terms of existing businesses it should ask where you were, where you are now, and most importantly where you are going and how you are going to get there.
If you do need a bank loan to start a business or are looking to expand your operation you are going to need a business plan. GJW Accounting can make your business plan with you. We say with you, because planning for your business is a very important thing, we need your input.
402 Kames Cove Slinger, WI 53086 Phone: 262-257-9776 Fax: 877-785-0374