So what are the advantages of business planning and how could it help your business to succeed? It lets you know where you want to go, what you want to achieve, what you have in order to achieve your goals and probably most importantly what problems you can expect along the way. Get our free, easy-to-use business plan template.
How to use Financial Plan Model Inputs Use the Model Inputs sheet to enter information about your business that will be used to model results seen on the other pages.
Forecasted Revenue The forecasted revenue section allows you to estimate your revenue for 4 different products. Simply use the white boxes to enter the number of units you expect to sell, and the price you expect to sell them for, and the spreadsheet will calculate the total revenue for each product for the year.
If you want to give your products names, simply type over the words "Product 1", "Product 2" etc. Cost of Goods Sold Your margins are unlikely to be the same on all of your products, so the cost of goods sold allows you to enter your expected gross margin for each product into the white boxes in Column B.
The spreadsheet will automatically calculate the annual cost of goods sold based on this information, along with your forecasted revenue.
Annual Maintenance, Repair and Overhaul As the cost of annual maintenance, repair and overhaul is likely to increase each year, you will need to enter a percentage factor on your capital equipment in the white box in Column B.
This will be used to calculate your operating expenses in the profit and loss sheet. Asset Depreciation Use the white box to enter the number of years you expect your assets to depreciate over. This may vary greatly from business to business, as assets in some sectors depreciate much more quickly than they do in others.
Tax In most parts of the world, you will have to pay income on your earnings. Enter the annual tax rate that applies to your circumstances in the white box in Column B.
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If you have to pay any other taxes, these can be entered later on the Profit and Loss sheet. Inflation Although you cannot be certain of the level of inflation, you will still need to try and plan for it when coming up with a 5-year financial plan.
The International Monetary Fund provide forecasts for a number of countries, so is a good place to look if you are unsure what to enter here. Simply enter your inflation rate in the white box.
Product Price Increase As a consumer, you are no doubt aware that the price of products goes up over time. Enter a number in the white box to show the expected annual price increase of your products to enable the spreadsheet to calculate income in future years.
If you are unsure what to put here, increasing your product price in line with inflation is a good starting point.
If your business is just starting out, you may be able to command higher prices for your products or services as the years go on, as you build up brand recognition and a good reputation.
Funding The funding section allows you to enter information about your business loan. To use this section, simply fill in the three white boxes representing the amount of the loan, the annual interest rate and the term of the loan in months - for example, 12 for 1 year, 24 for 2 years, 36 for 3 years, 48 for 4 years, or 60 for a 5 year loan.
Profit and loss This sheet calculates your profit and loss for each year over a 5 year period. The profit and loss assumptions, along with income, are automatically calculated using information entered in the model inputs sheet.
Non-Operation Income You may have, or be expecting some income in addition to your operating income.Industry analysis and trends from Restaurant Business Magazine. The latest news, expert advice, and growth strategies for restaurant owners.
Industry analysis and trends from Restaurant Business Magazine. The latest news, expert advice, and growth strategies for restaurant owners Don’t Miss the Best of Restaurant Business. Subscribe. A Business Plan is crucial for starting and running your business successfully.
Sound business plans can help you get a loan, keep you on track toward your goals, and provide a reference for benchmarking, reviewing results and making adjustments in your business.
Template & Tools for Business Planning at timberdesignmag.com - This Australian Government site provides a really good business plan template for Word, including a detailed guide, questions to answer, and sample financial statements. Restaurant Business Plan Template. This sample template helps you to create a business plan for a restaurant, bar or cafe.
A professional business plan is essential for any restaurant venture to obtain external financing.
In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.
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