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Every entrepreneur has one thing in mind making their business larger. While a business can become larger through the skills of the business owner there are many other things that contribute to it. One of the ways is to write a proper plan for the business. This is important because not only this helps an entrepreneur follow a defined path for business expansion but it also helps in getting funding for the business. Large businesses have advisors for planning their business but for medium to small sized businesses it helps when the business owner knows how to write a business plan and income statement.What is a business plan? A business plan is a complete penning down of the future growth plan of the business. This activity is an all encompassing activity that tells the business owner and the investor what the business is going to do to expand in future. To know how to write a business plan one first needs to know what a business plan is. It is basically a blueprint of the business the current status, the anticipated status, how that anticipated status will be achieved, the decision makers, the detailing of the products and services, the market and customer description, existing competition, description of distribution channels, the pricing strategies to be employed and also the vehicles that need to be employed to give all of this a definite shape.Once someone is aware of what a business plan is, they can then go ahead and write their business plan. As discussed already when you see how to write a business plan you will see that everything is included in it. The business plan will have a title and table of contents; it will have the executive summary of the business and the mission and strategy statements; it will have the management and staffing plan and marketing strategies described; the operating plan and financial planning of the business will be detailed in it and finally various appendices to the plan will be penned down.But this is not where it ends. When a business owner goes to a prospective investor for getting money invested in their business, they should also know how to present their business plan. Proper planning and presentation and showing the investor what they need to see is what is highly important. And of course, what is absolutely important is easy grasp of facts and figures and total confidence.An income statement is important for an existing business because this also shows where the business is heading and can also help in getting funding for the business. An income statement is a balance between all revenues and all costs including operating expenses. An income statement is calculated for a definite term that doesnt exceed one year. At the end of the year the statement shows how much the business has earned before and after taxes.To know more about how to write a business plan and income statement subscribe to newsletters. You will benefit both in the long and the short runs.
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