Starting A Business/Business Plan - 2021 | Best Guide - CPA Clinics
The executive summary is a summary of the entire plan. It should be written when all other sections of a business plan are complete and should be less than one page in length. The executive summary should include enough detail to allow a user to read the summary and gain a basic understanding of the business.
Provide a detailed description of the products and services the business will offer. Include pricing, unique features, and the required level of quality. Create an appendix for any photos, technical specifications, drawings, or brochures.
The marketing plan is developed by conducting (or having conducted) market research to define the clientele of a business and how to best market products and services.
Sales forecast. The sales forecast is the final element in a marketing plan. It forecasts over a 12-month period the quantities of each product or service expected to be sold. It is the base from which the financial plan will develop.
The operational plan details the day-to-day operations of a business. Items discussed in an operational plan should include issues such as location, licensing, personnel, inventory, suppliers, credit policies, and managing payables.
A personal financial statement (PFS) is a balance sheet for each owner on an individual basis. It includes values and detail of all assets owned, as well as amounts and terms for all debt obligations.
The following issues should be addressed in an agreement to form a business entity.
— Authority to: Hire and fire employees, train employees, make loans, purchase inventory and supplies, enter into contracts, incur business debt.
— Books and records: Responsibility for bookkeeping, accounting, and tax compliance, location of books and records, fiscal or calendar year, accounting method, tax elections, responsibility for legal compliance.
✓Done. Skip any item which does not apply to the business.
1) ___ Develop a business concept
2) __ Select and retain accountants and attorneys
3) __ Select a business entity
4) __ Determine ownership structure
5) __ Complete a business plan
6) __ Obtain initial start-up capital
7) __ File for organization with state
8) __ Hold first board of directors meeting
9) __ Apply for a federal employer identification number (EIN) by submitting Form SS-4
10) __ Apply for S corporation status by filing Form 2553, if desired
11) __ Establish accounting procedures
12) __ Choose an accounting software
13) __ Input all transactions from the beginning of business development into accounting software
14) __ Apply for business financing and solicit investors
15) __ Open business bank accounts
16) __ Apply for required permits or licenses
17) __ Select an insurance agent
18) __ Purchase insurance
19) __ Select a commercial real estate agent
20) __ Locate and obtain office or production space
21) __ Acquire furniture and equipment
22) __ Complete any needed build-out of space
23) __ Select a payroll processing company
24) __ Select an employee benefits company
25) __ Hire staff and complete training
26) __ Commence marketing
27) __ Order initial inventory and begin production
28) __ Conduct a grand opening
