Financial Plan When Starting A Business
A financial plan is the heart of every business plan. This presents the company’s development in figures. It thus provides information as to whether your start-up is also economically worthwhile. At the same time, it shows how much capital you require to finance your company.
What do you need a financial plan for when starting a business?
The business and financial plan is of elementary importance for the decision of banks or investors if you need money for your start-up. Banks often only use the numbers to estimate whether you will be able to repay the loan including interest. A good financial plan is therefore a success factor for the financing of your project. A financial plan is also an important controlling tool for you to keep an eye on the success of the company. You can use it to identify and act on financial risks at an early stage.