Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
Business Planning By the Numbers         Business Plans          By the Numbers             Mark Lieberman
Get the Most For Your                BUSINESS         Here is what SCORE offers to you                 Free of CHARGE:*A c...
Mark LiebermanBusiness Planning Addresses To mark.lieberman01@Remember•Me: mark.lieberman01@scorevolunteer.org       http:...
Today’s TopicBusiness Plan, what? why? when? who? how?Elements of good Business PlanBrief descriptions of each of eleme...
Myth #1Myth: All I need is a good idea to bea successful entrepreneur.Reality: A good idea is a greatstart, but it takes h...
You Need A Business Plan UnlessYou Are Talking to One of the 3 F’s
Business Plan is a Process            RESULTS             Simple            Specific   PLAN                 ACTION        ...
One Plan: Many Uses             LaboratoryElevatorSpeech      Business Plan   Motivator             Promotion
Typical Business Plan Outline 1.0 Executive Summary 2.0 Company Summary 3.0 Products (or Services or both) 4.0 Market Anal...
7.0 Financial Plan
What is the Goal of the Financials?
Balance Sheet Shows The Financial        Position of a Firm
The Income Statement Shows thePerformance of a Firm Over Some            Period
The Cash Flow Statement Gives  Insight How Cash Has Been Generated and Used Over the            Period
How They Relate to Each Other
If That’s the Goal, How Do I Get              There?  You can get      But there is a better waythere this way …
What the SCORE Template                   ContainsPurpose         Tab    Use                NumberIntroduction    None    ...
What to remember aboutIntroduction (0)Here’s where you will enter your companyname. That name will carry through to allfut...
What to remember aboutSales Forecast (4and 5)•Although this isn’t the order in which theyappear, work on 4 and 5 before an...
What to remember aboutFixed OperatingExpenses (3)•Use the Expense captions as a start, butover key them with better captio...
What to remember aboutSalaries andWages (2)•Be honest. Are you going to payyourself during the first year?•The spreadsheet...
What to remember aboutStart Up Funds(1)•You probably won’t know all this whenyou start so put in estimates you reviseas yo...
RememberOnly You Can Make the Business Plan
Volunteers for Business Plan Boot              Camp?Requirements•Know Excel or equivalent•Need to get done in 4 to 6weeks•...
Upcoming SlideShare
Loading in …5
×

Create Financials Using Score Templates

1,691 views

Published on

Published in: Business
  • Be the first to comment

  • Be the first to like this

Create Financials Using Score Templates

  1. 1. Business Planning By the Numbers Business Plans By the Numbers Mark Lieberman
  2. 2. Get the Most For Your BUSINESS Here is what SCORE offers to you Free of CHARGE:*A confidential, business counseling session with a SCORE volunteercounselor who has the business experience you seek to address yourquestions.*An assignment to help you think through your business challenge oropportunity and a follow up appointment to be set at your first counselingsession.*Follow up from your SCORE business counselor or charter office, checkingon your progress and offering additional assistance. Chicago SCORE Chapter Citicorp. 500 W Madison Street, #1250 Chicago, Illinois 60661 312 353-7724
  3. 3. Mark LiebermanBusiness Planning Addresses To mark.lieberman01@Remember•Me: mark.lieberman01@scorevolunteer.org http://www.Linkedin/In/LiebermanMark gmail.com•Score Chicago: scorechicago.org•Score National: score.org
  4. 4. Today’s TopicBusiness Plan, what? why? when? who? how?Elements of good Business PlanBrief descriptions of each of elementsHow to write one?Common mistakes to avoid
  5. 5. Myth #1Myth: All I need is a good idea to bea successful entrepreneur.Reality: A good idea is a greatstart, but it takes hard work,research, and planning plussuccessful implementationstrategies to turn your idea into aprofitable enterprise.
  6. 6. You Need A Business Plan UnlessYou Are Talking to One of the 3 F’s
  7. 7. Business Plan is a Process RESULTS Simple Specific PLAN ACTION Realistic Complete FOLLOW UP
  8. 8. One Plan: Many Uses LaboratoryElevatorSpeech Business Plan Motivator Promotion
  9. 9. Typical Business Plan Outline 1.0 Executive Summary 2.0 Company Summary 3.0 Products (or Services or both) 4.0 Market Analysis Summary 5.0 Strategy and Implementation Summary 6.0 Company’s Organization 7.0 Financial Plan
  10. 10. 7.0 Financial Plan
  11. 11. What is the Goal of the Financials?
  12. 12. Balance Sheet Shows The Financial Position of a Firm
  13. 13. The Income Statement Shows thePerformance of a Firm Over Some Period
  14. 14. The Cash Flow Statement Gives Insight How Cash Has Been Generated and Used Over the Period
  15. 15. How They Relate to Each Other
  16. 16. If That’s the Goal, How Do I Get There? You can get But there is a better waythere this way …
  17. 17. What the SCORE Template ContainsPurpose Tab Use NumberIntroduction None Documentation and Company NameInput 1-6 Basic Expenses, Sales Forecast, Cash Flow ControlsFinancials 8 - 17 3 years of Income Statements, Balance Sheets and Cash Flow StatementsMiscellaneous 18- 21 Reasonableness Checks and Break Even AnalysisYour ? Your own custom worksheets; scratch areaWorksheets Don’t look for tab 7. It’s there but it’s hidden and unused. Tabs 1 – 6 are where you’ll spend most of your time. Your thought goes here. Tabs 8 to 17 are protected. They are read only. Your payoff is here. Tabs 18 – 21 may or may not be useful.
  18. 18. What to remember aboutIntroduction (0)Here’s where you will enter your companyname. That name will carry through to allfuture statements. The Introduction alsocontains some documentation on colorcodes.
  19. 19. What to remember aboutSales Forecast (4and 5)•Although this isn’t the order in which theyappear, work on 4 and 5 before anyothers. They should be where you spendmost of your time and thought.•Try to confine yourself to 4 or fewerproducts or product groups.•If your business is seasonal, make sureyou reflect that pattern in the salesforecast. Almost certainly, you won’tbegin in January so change the timebuckets here to align with your actualstart date. The change will carry thoughall other slides.•If you use a supporting sheet, link to it.
  20. 20. What to remember aboutFixed OperatingExpenses (3)•Use the Expense captions as a start, butover key them with better captions if youneed them.•At first, you won’t know these. Take aguess, and refine the guess as you learnmore about the business.•Don’t key in Other Expenses. Theycome from the Amortization Schedule(20) which in turn comes from RequiredState Up Funds (1).•This amortizes all annual expensesequally over 12 months. If that isinappropriate, you’ll have to modify theIncome Statements (8,12, and 15).
  21. 21. What to remember aboutSalaries andWages (2)•Be honest. Are you going to payyourself during the first year?•The spreadsheet will amortize payand contractors evenly across allmonths. If that isn’t true, you willneed to do some changes to thespreadsheet.•Estimate average wages for full andpart time employees if you havethem.•Contractors who work for you fulltime aren’t contractors. They areemployees. Treat them correctly.
  22. 22. What to remember aboutStart Up Funds(1)•You probably won’t know all this whenyou start so put in estimates you reviseas you go. Over key inappropriatecaptions, but be sure the total are correct.•Fixed assets will be automaticallydepreciated.•Sources of funding will be repaid asappropriate using the AmortizationSchedule.•Don’t be afraid to change your estimatesbased on what you see in the Cash Flowstatements. Cash flow balances maynever be negative.
  23. 23. RememberOnly You Can Make the Business Plan
  24. 24. Volunteers for Business Plan Boot Camp?Requirements•Know Excel or equivalent•Need to get done in 4 to 6weeks•Serious about a businessplan•Ready to work hard tocomplete financials

×