ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Financial Management
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Operations
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Marketing
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Introduction
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Detailed explanation-1: -The financial section of the business plan is critical for moving beyond wordy aspirations and into hard data and the wonderful world of numbers. Through the financial section, you can: Forecast your business’s future finances. Budget for expenses (e.g., startup costs)
Detailed explanation-2: -Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.
Detailed explanation-3: -A business financial plan typically has six parts: sales forecasting, expense outlay, a statement of financial position, a cash flow projection, a break-even analysis and an operations plan. A good financial plan helps you manage cash flow and accounts for months when revenue might be lower than expected.