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Throughout this lesson, you have learned to complete financial projections using spreadsheets and effectively incorporate them into your business plan. Such financing information is a crucial element of your business plan, as it is heavily relied upon by investors and lenders to assess the viability of funding your venture. The process involved formatting and editing spreadsheets, employing functions and formulas to calculate various financial metrics, and estimating startup expenses and capital. You also worked on a twelve-month profit and loss projection and added a “financing information” section to your business plan, linking all relevant spreadsheets within it. Now, you are well-equipped to proceed with further developing your business plan, utilizing the vast array of small business resources available at SCORE-dot-org.
As you delve deeper into the “Financing Information” section of your business plan, remember it often requires additional estimates and comprehensive details. To complete the “Startup Expenses and Capitalization” information, it’s important to engage with lessons like the “Opening Day Balance Sheet” and the “Personal Financial Statement.” Moreover, to fully round out your financial plan, you should work on creating Cash Flow Projection, Projected Balance Sheet, and Breakeven Analysis documents. These resources are vital for assembling all the necessary information for a business loan application. As you progress, continue to link each new spreadsheet to your business plan, allowing readers easy access to your detailed work. You can share these spreadsheets digitally or print them for a physical binder. The digital skills you’ve honed in this lesson are not only essential for completing your business plan but also play a significant role in how you will engage with clients, partners, and investors as you run your business. To further refine your business plan and continue your entrepreneurial journey, consider working with a SCORE mentor in your area for personalized advice and support.