"The fundamental reason for their financial problems is lack of planning." Some of these failures could have been prevented by having a business plan.
Yearly business plans with cash-flow forecasts enable businesses to discover their impending cash shortages months, if not years, before they run short of money, Geiger said.
"The more specific a cash-flow forecast is, the better it is," Geiger said.
For instance, "listing a general overhead expense item is meaningless while using rent, electric, etc. To help you choose the best solution for your business, our sister site, business.com, has in-depth reviews of business-plan software.
And when it comes to problems down the road, business plans help business owners foresee issues, make adjustments and plan their attack.
"A business that operates without a business plan is a business that is on the road to financial failure," said Joe Geiger, president and CEO of First Nonprofit Foundation and an adjunct professor at Duquesne University's Graduate Program for Leadership and Ethics.The premier edition adds the ability to import data from Quick Books or Excel, visual cash-planning capability, valuation-analysis tools and additional financial tools.Research and Forecasting Tools: Business Plan Pro provides more than 500 sample business plans covering several diverse business concepts.No more wrangling excel sheets and business plan templates: The chapter overview automatically structures your business plan and our guiding questions guide you through the whole process.No more fearing blank pages: Real-life examples of successful entrepreneurs from different sectors and standardised layout give you confidence during writer’s block or doubt.[Free Business Plan Templates for Startups] Of the several million startups that launch each year, the vast majority fail within the first few years, he said."The primary reason for all of these failures is that they run out of money," Geiger said.This way you easily create a complete business plan– including all important calculations – from an idea to a finished document.While doing it you save time and can focus on developing your business! Here you find all the features of Smart Business Plan.Additional resources are available to determine the best way to forecast numbers for marketing, cost per unit and other industry expenses.The drag-and-drop graphic forecaster lets users quickly and easily create graphs and charts.