subject: Templates and Business Plans: Getting a Head Start [print this page] Author: Eric Powers Author: Eric Powers
Writing a startup business plan from scratch means doing a lot of needless work. Why not get a head start by jumping off from the work of experienced business plan consultants? Using a business plan template is a sure way is a sure way to avoid all of the work of setting up and laying out your business plan, allowing you to just get started with the meat of your plan.
What is a Template?
A business plan template is an outlined or sample business plan presenting all of the major sections for your purposes. Some templates are more or less generic, created to serve as many kinds of businesses as possible with customization. Others are sector-specific, using sections and language appropriate for opening a restaurant or a day care center, for example. These take a lower level of customization if they match the sector you are operating within.
Templates can be purchases online from business plan writing and consulting companies. An experienced company can put valuable guidance in the instructions of the plan. If done well, the effect is like having an advisor sitting next to you and coaching you through the drafting of your plan.
Financial Model
In addition to presenting a layout, style, and formatting appropriate for a plan that is to be presented to funders for consideration, a template should provide a financial model which can cut significant time off the preparation of the numbers of the business. This may come in the form of an Excel spreadsheet with pages for each financial statement and financial summary required in a standard plan. Once you enter your business specifics, like startup costs, the type of funding you will seek, the ongoing cost of goods sold and other expenses, and revenue projections, the financial model will generate the rest of the financials for you. Any changes youd like to make after that point can be done in one spot and then populate through the rest of the spreadsheet, making this a very flexible model.
You can spend days learning the accounting basics needed to create financial statements in this way and then days rigging a spreadsheet like this. By using a template with an automated financial model, you have the benefit of a virtual accountant working with you to take your projections and spin them into presentation-ready financial statements. For the low price of a business plan template, this is extremely valuable help.About the Author:
Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink has developed more than 2,000 professional business plans for entrepreneurs and business owners. Call 800-506-5728 today for a free consultation with a Growthink business plan consultant. Growthink also offers a proven business plan template.
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