Building a financial plan is one of the most critical parts of running a business. Without it, there will be countless risks and scenarios that will eventually lead to a business’ downfall such as not earning enough sales, unmanaged cash flow, debt overflow, unpaid debts, etc. It is every business’ nightmare, not just because of the lost money, but also the time and effort poured in to make it work will all be for nothing.
Nonetheless, this can be avoided if a proper working financial plan is prepared for the business. Same goes for individuals, preparing financially for the future is important, especially events like having a family, buying properties, starting a business, opening a loan, getting an investment, etc. Generally, a financial plan is used to evaluate an individual’s or a business’ present value and future projection. Thus, it will serve as tool to organize the finances and preparing for strategies to yield more income or strive against different scenarios that will affect the business operations.
To prepare a financial plan is not easy as it sounds like. There are many variables that need to be factored in the plan for business financing. Thus, one can either hire a professional to draft a financial plan, or do-it-yourself financial plan. Without a guide, of course, it will take a lot of time and research to use as a reference. But it’s a good thing that nowadays, you can just download a financial plan template to use as a base to start with.
No more spending money for really high fees and time creating from scratch. With the financial plan template, you’ll be able to work more efficiently and at the same time, you’ll learn about how to create a financial model as well as increase your industry know-how. If you are interested on creating a financial plan yourself, you can check out this Line-up of Recommended Financial Plan Template that you can use either for business purposes or for personal uses.
You can also download other industry-specific financial model templates for different use cases at eFinancialModels, a platform which not only offers financial modeling templates in Excel but also financial modeling services to assist you with financial modeling tasks by financial modeling experts with an extensive know-how and experience when it comes to building financial models.