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17 Dec / Business Plan

 

Schultz & Associates, CPA, Plymouth, Michigan

Business Plan

The first stop for anyone writing a business plan for the first time should be the US Small Business Association website. The second step might be to contact your local chamber of commerce to see what kind of preliminary information they can provide for free.

There are plenty of other sites out there that can provide information.  Some of it is free and some cost money. And not all of the information is good. At some point you will have to contact bankers, attorneys and of course an accountant. And while an attorney can help with setting up the legal organization, draft operating agreement, or by-laws, it is really the accountant that will provide the most value when it come to the business plan.

the detail in which your business plan will have to be put together will be driven by your funding requirements.  The larger the dollars the more detail the bank will want. An accountant who is familiar with putting together a forecast will likely make their first step in the process a phone call to banker(s) that is/are requesting the plan.  This is a sign of an accountant who is interested in providing only what is needed and not what they think is needed.  This speeds up the process, and keeps costs down.

A business plan will minimally, include the experience of the owners, demographics of customers and competition, and a five year projections with assumptions.

 

Plymouth Michigan

Tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

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By Jschultz in Accounting, Business, Tax
  Business Plan The first stop for anyone writing a business plan for the first time should be the US Small Business Association website. The second step might be to contact your local chamber of commerce to see what kind of preliminary information they can...
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