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The Financial Plan section is a critical component of the business plan. Having a thorough financial plan will help you determine how much money you will need to turn your idea into a business and serve as a budget once it’s launched. If you aren’t experienced with creating budgets
As a small business owner, your success depends on having enough cash on hand to pay all bills when they come due. Your success also depends on being able to read financial statements as they contain a wealth of information about your business. When used wisely, financial statements provide
Imagine this: you’re sitting across a conference table pitching to an angel investor. They’ve got the financial resources you need and you’re one decision away from either making or breaking your startup idea. Wouldn’t it be helpful if you could understand exactly what
Marketing budgets are an investment in the growth of our businesses – or at least we hope so. But so often I hear tough stories of owners who have spent thousands of dollars on direct mail campaigns, online advertising, etc. that have not resulted in a single lead. While I cannot
Owners are feeling more optimistic about the economy. Sixty eight percent of small businesses plan on increasing their marketing budget in 2013 (according to a recent study by Aweber), and almost all (97%) plan on at least maintaining their current level of marketing spend. But that begs the
The time has come to set next year’s annual revenue goal for the company. More often than not, the revenue exercise is focused on the current salespeople on the team, their historical revenue contribution and their expected performance in the upcoming year. The revenue numbers are set in
It is critical to plan for and adjust to your product or service sales cycles. Begin by reviewing the 10 critical steps to deliver a successful sales plan.  Each step will affect your resources, budget and cash flow. Properly executed, you will increase your sales and profits and delight
Every business has to raise its prices at some point. And if you provide genuine value, and the hikes aren’t too steep then your customers may not notice, or care too much. But for many business owners, particularly in competitive industries, raising your prices can be tricky.  If
Is all of your filing up to date? If you’re like most business owners, there is a pile of it somewhere and you are laden with guilt and shame that you “can’t keep up with it.” You probably fantasize about hiring an intern some summer to do it but never find the time to
When developing a 13 Week Cash Flow Statement in a job shop, forecasting future business seems especially difficult due to the variety of jobs that might be won in future weeks. The solution is to select a few typical product or job types from experience, and forecast those as representative of

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