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Try it risk-free A financial plan for a business can help managers determine if they can achieve the organization's goals.
Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and
When she's not working, you will find her exploring her current town of Cape May, NJ or binge watching Pretty Little Liars for the 700th time.
Below is an outlined example of a financial plan that can be used by an existing organization: A business creates a financial plan immediately after the vision and objectives have been set.
The financial plan describes each of the activities, resources, equipment, and materials that are needed to achieve these objectives as well as the timeframes involved.
This not only will it set your business up for future success, but if you are looking for funding, having a solid business plan helps investors and lenders see your vision as clearly as you do.
Jennifer Spaziano, vice president of business development at Accion emphasizes the importance of the financial portion of your plan. is crucial if you're presenting your plan to potential lenders or investors, but it's also important if you're using it in-house as a roadmap to get started and continue to grow." She added that while you may have the best idea in the world for a business, it may need tweaking, but you won't know until you sit down and work up the numbers.
Financial planning for a business is the task of determining how the organization will afford to achieve its strategic goals.
Usually, an organization creates a financial plan immediately after the vision and objectives have been determined.
The following diagram shows how the financial plan fits into the overall business plan of an organization.
A financial plan can be divided into several parts.