“One of the most important steps in launching a new business venture is fashioning a well-designed, practical, realistic financial plan.” (Scarborough & Cornwall, 2015, p. 454).
With this assignment, you are creating two important elements of a financial plan: An Income Statement and Balance Sheet. You also are preparing an outline of a presentation of your business plan to potential investors or lenders.
Using the business you created from Assignments 2 and 3, write a three to four (3-4) page paper in which you:
- Prepare a simple pro forma (projected) income statement and balance sheet for the first two years of operation, using income projections and incorporating an advertising plan.
- Outline a plan for hiring and retaining competent, motivated employees for your business.
- Prepare an outline for a “pitch,” i.e., a short 20-30 minute business plan presentation that will be made to lenders or investors.
- Include at least two (2) references outside the textbook.
The specific course learning outcomes associated with this assignment are:
- Analyze the key financial management considerations in operating a small business, including sources of financing.
- Determine the various control and support functions needed to manage a small business.
- Use technology and information resources to research issues in small business management.
- Write clearly and concisely about small business management using proper writing mechanics.