In this edited excerpt, the authors outline what type of information you should include in the financials section of your business plan. Astute investors look carefully at the charts, tables, formulas and spreadsheets in the financial section because they know this information is like the pulse, respiration rate and blood pressure in a human being—it shows the condition of the patient. Financial statements come in threes: income statement, balance sheet, and cash flow statement. This information is very important to business plan readers.
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Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. When looking for funding, inflated numbers and inaccurate financial statements are red flags for potential investors or lenders. Being practical and authentic can go a long way during a SWOT analysis , and it can identify assets and liabilities within your business model. Editor's note: Looking for information on creating a custom business plan?
If you are a first-time entrepreneur , such questions might give you a tough time, and why not, finance is in-arguably the most important section of a business plan. No matter what your vision is, how impeccable your marketing strategies are, and what you aim to conquer with your product, in the end, everything boils down to how much your idea can make earn at the end of the day. Hence, it is critical to justify your business with good figures.