Accounting All-in-One For Dummies by Kenneth W. Boyd

Author:Kenneth W. Boyd
Language: eng
Format: epub
ISBN: 9781119453949
Publisher: Wiley
Published: 2018-04-10T00:00:00+00:00

This approach to creating a business plan provides a great outline that touches on all of the essentials.

Getting the process going

After the business’s executive management teams or new company founders have decided that the concept for the new business endeavor has merit (which is by no means a small task), you can begin drafting the business plan. You can prepare a draft by following four simple steps:

Delve into historical business information. In order to start the budgeting process, you should have a good understanding of your company’s prior financial and operating results. Review as much history as is available and relevant to the current idea, whether it stretches back three months, one year, five years, or longer. Of course if you’re planning an entirely new business, the availability of internal historical information is limited, but plenty of external information is usually available from similar businesses.

Remember that although the history of a company may provide a basic foundation on which to develop a budget, by no means is it an accurate predictor of the future.

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