Developing a Small Business Financial Plan

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A financial plan is a component of a business plan that serves more than just one purpose. The projections made determine the viability of a business, making it the essential part of any loan or venture capital application. Investors need to know they can get a return on their investment, and banks need to know that loan repayments can be managed. In essence, the financial plan becomes the reference against which you monitor your business’s performance. So how can you develop a financial plan for your small business?A financial plan has three major sections:

  1. Income statement
  2. Cash flow projection
  3. Balance sheet

Numbers are beautiful!

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There is no better feeling than being organised. To collate your thoughts, ideas, records, documents etc. can provide true clarity and peace of mind. You have complete knowledge of what is going on in your business (as well as your personal life). The probability of some type of nasty surprise is drastically reduced.

Should You Set Up a Self-Managed Super Fund?

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If you’re thinking about setting up a self-managed super fund (SMSF), there are a lot of things you need to consider beforehand. This includes, but is not limited to, the costs of setting up and running an SMSF, being in charge and making the investment decisions yourself, complying with super and tax laws, and having the time and skills to run an SMSF.

Here’s a guide to help you decide if an SMSF is right for you: