free excel business income and expense template

Attracting, hiring, and retaining top talent.Searching for a new partner or co-founder.

It’s also smart to write a business plan when you’re: Over the long term, it’ll keep you focused on what needs to be accomplished. Perhaps the strongest evidence comes from the Journal of Business Venturing’s 2010 meta-analysis of 46 separate studies on 11,046 organizations: Its findings confirm that “business planning increases the performance of both new and established small firms.”īefore you leave a nine-to-five income, your business plan can tell you if you’re ready.

Entrepreneurs with a business plan have a 129% increased likelihood of growing beyond the startup phase and a 260% increased likelihood of growing from “idea” to “new business.”.

Owners with business plans are twice as likely to grow, get investments, or secure loans than those without.

Businesses with a business plan grow 30% faster than those without.

In 2018, entrepreneurial resource center Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning. Not only does a business plan help you focus on concrete objectives, but it gives outside parties reassurance that you’ve thought ahead.

You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan. Scalability: Can you grow sales volume without proportional growth in headcount and fixed costs?Ī templated business plan gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.A solid team in place: Do you have the people you need to support your goals and objectives?.Product-market fit: Have you done the research to determine the demand for your product or service?.

Free excel business income and expense template