{"id":6888,"date":"2018-11-04T00:00:55","date_gmt":"2018-11-04T00:00:55","guid":{"rendered":"https:\/\/entrepreneursgateway.com\/?p=6888"},"modified":"2019-11-06T14:17:08","modified_gmt":"2019-11-06T14:17:08","slug":"business-plan-financial-plan","status":"publish","type":"post","link":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/","title":{"rendered":"5 Financial Plan (Must Haves) &#038; How to Write one"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6888\" class=\"elementor elementor-6888\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5dbbf645 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5dbbf645\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-744d8173\" data-id=\"744d8173\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-535f69d elementor-widget elementor-widget-heading\" data-id=\"535f69d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The 5 (MUST HAVE) Elements<br>of a Successful Financial Plan<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-abe50dc elementor-widget elementor-widget-heading\" data-id=\"abe50dc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The (step by step) guide of what to include<br>in your financial business plan <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2127df03 elementor-align-center elementor-widget elementor-widget-post-info\" data-id=\"2127df03\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-cc4bd02 elementor-inline-item\" itemprop=\"author\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-user-circle-o\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author\">\n\t\t\t\t\t\t\t\t\t\tEntrepreneursGateway.com Team\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-3e861b9 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/2018\/11\/04\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i class=\"fa fa-calendar\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\tNovember 4, 2018\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cd0f39 elementor-widget elementor-widget-image\" data-id=\"1cd0f39\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"417\" height=\"297\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-78.png\" class=\"attachment-medium_large size-medium_large wp-image-6851\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-78.png 417w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-78-300x214.png 300w\" sizes=\"(max-width: 417px) 100vw, 417px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ba30f8b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba30f8b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-201962f\" data-id=\"201962f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b19ddf elementor-widget elementor-widget-heading\" data-id=\"0b19ddf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#1 The Financial Plan 'Must Haves'<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a2dd881 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a2dd881\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-15491e4\" data-id=\"15491e4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8236c33 elementor-widget elementor-widget-heading\" data-id=\"8236c33\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">No need to be a financial Guru or an accountant to include a Financial Plan!<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-660c013 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"660c013\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-827c1a2\" data-id=\"827c1a2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-933847f elementor-widget elementor-widget-text-editor\" data-id=\"933847f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Ready to start?<\/p><p>In this article, we&#8217;ll provide you with <b>a complete breakdown<\/b> of what needs to be included in your financial section.<\/p><p>The good news is:<\/p><p>You don&#8217;t have to be a financial Guru or an accountant to include a Financial Plan!<\/p><p>By following our steps, you will be able to understand the financial section of your plan, present it with confidence&#8230;<\/p><p><strong>And keep a close eye on your bottom line!<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1fb9d39\" data-id=\"1fb9d39\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94a457e elementor-widget elementor-widget-image\" data-id=\"94a457e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"601\" height=\"300\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-02.jpg\" class=\"attachment-large size-large wp-image-6567\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-02.jpg 601w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/10\/BusinessPlanHUB-02-300x150.jpg 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-166ee7a elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"166ee7a\" data-element_type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;shake&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-502ece0\" data-id=\"502ece0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63a5c0f elementor-view-framed elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"63a5c0f\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i class=\"fa fa-hand-o-down\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46f3080 elementor-widget elementor-widget-text-editor\" data-id=\"46f3080\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><i>This article is part of the <a href=\"https:\/\/entrepreneursgateway.com\/business-plan-hub\/\"><strong><u><span style=\"color: #333399;\">Business Planning Hub<\/span><\/u><\/strong><\/a>, where you\u2019ll find lots of guides and resources to help you create the perfect business plan!<\/i><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e9d6e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e9d6e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-42e6f04\" data-id=\"42e6f04\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fca5ead elementor-widget elementor-widget-shortcode\" data-id=\"fca5ead\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_45_2 counter-flat ez-toc-counter ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-644feb2214920\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-644feb2214920\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#1_The_Financial_Plan_Must_Haves\" title=\"#1 The Financial Plan &#8216;Must Haves&#8217;\">#1 The Financial Plan &#8216;Must Haves&#8217;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#2_Cash_Flow_Statement\" title=\"#2. Cash Flow Statement\">#2. Cash Flow Statement<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#3_Sales_Forecast\" title=\"#3. Sales Forecast\">#3. Sales Forecast<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#4_Income_statement_or_Profit_Loss_Statement\" title=\"#4 Income statement or Profit &#038; Loss Statement\">#4 Income statement or Profit &#038; Loss Statement<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#5_The_Balance_Sheet\" title=\"#5 The Balance Sheet\">#5 The Balance Sheet<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#6_How_to_put_together_your_Personnel_Plan\" title=\"#6 How to put together your Personnel Plan\">#6 How to put together your Personnel Plan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#7_Conclusion\" title=\"#7 Conclusion\">#7 Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6194598 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6194598\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cb2aac8\" data-id=\"cb2aac8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f637a7c elementor-widget elementor-widget-image\" data-id=\"f637a7c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06.jpg\" class=\"attachment-large size-large wp-image-6837\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06.jpg 800w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06-300x188.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-guide-b-06-768x480.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8218285 elementor-widget elementor-widget-text-editor\" data-id=\"8218285\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>I know that the financial plan can feel like the most intimidating part of putting a business plan together.<\/p><p>Like many other business owners, you may not have a degree in accounting or have gone to business school.<\/p><p>Well, this article will teach you all there is to know about the financial element of your business plan, as well as showing you what you need to include!<\/p><p><b>Ready? Let&#8217;s go.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5e475d elementor-widget elementor-widget-image\" data-id=\"c5e475d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"240\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training.jpg\" class=\"attachment-large size-large wp-image-12534\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training-300x72.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Free-Business-Plan-Training-768x184.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c26b34e elementor-widget elementor-widget-image\" data-id=\"c26b34e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"341\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Finances01.jpg\" class=\"attachment-large size-large wp-image-7851\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Finances01.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Finances01-300x102.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Finances01-768x262.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-639dea8 elementor-widget elementor-widget-text-editor\" data-id=\"639dea8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Getting started<br \/><\/strong><\/h3><p>To start with, <b>if you are looking for funding, you need to include the following information<\/b>:<\/p><ul class=\"ali-bulet-green list-height\"><li>The current funding requirement.<\/li><li>Any funding that may be required over the next five years.<\/li><li>An outline of what you need funding for exactly \u2013 such as capital expenditure, debt retirement, acquisitions, working capital&#8230; Whatever that is, you must list it in this section.<\/li><li>Future strategical plans for the business. This is an extremely important factor for a potential future creditor, as it will impact your ability to be able to ensure repayment of the loan. This could include a buyout, a debt repayment plan, selling the business or being taken over.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62d8c98 elementor-widget elementor-widget-image\" data-id=\"62d8c98\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"290\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/funding.jpg\" class=\"attachment-large size-large wp-image-8222\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/funding.jpg 800w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/funding-300x109.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/funding-768x278.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7278909 elementor-widget elementor-widget-text-editor\" data-id=\"7278909\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>When putting together a funding requirement, you must include <b>what amount is necessary at the present time and what amount will be required in the future<\/b>.\u202fOutline the terms that would be favorable, along with the type of funding (e.g., debt, equity) and the time period that it will apply to.<\/p><p>Historical and prospective financial information will also be required, which moves on to the next part of the plan which is financial projections.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e78c0a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e78c0a2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-de12a1c\" data-id=\"de12a1c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dcd87c8 elementor-widget elementor-widget-text-editor\" data-id=\"dcd87c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Financial Projections<\/strong><\/h3><p>Before tackling the financial projections, the required market needs to be analyzed thoroughly. This enables the objectives to be set out clearly and in an organized fashion.<\/p><p>Resources can then be allocated efficiently, which demonstrates a good thought process.\u202f<\/p><p>When putting together a business plan package there are <b>essential financial statements<\/b> which must be included; these are as follows:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a3a0a8c\" data-id=\"a3a0a8c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e222e4 elementor-widget elementor-widget-image\" data-id=\"7e222e4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"626\" height=\"440\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/financial-Projection2.jpg\" class=\"attachment-large size-large wp-image-7852\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/financial-Projection2.jpg 626w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/financial-Projection2-300x211.jpg 300w\" sizes=\"(max-width: 626px) 100vw, 626px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-428ae67 elementor-widget elementor-widget-text-editor\" data-id=\"428ae67\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong><em>Historical Financial Data\u00a0<\/em><\/strong><em>\u00a0<\/em><\/h3><p>For those who own an established business, it will be necessary to provide an <b>outline of the company\u2019s historical performance<\/b>.\u202fHow long the company has been in business for will impact what amount of data is required.\u202fUsually, creditors will ask for three to five years.<\/p><p>Included in the financial data will be <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-balance-sheet\/\">balance sheets<\/a>, the company\u2019s <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">income statements<\/a>, along with <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">cash flow statements<\/a> for each year that the company has been trading (usually three to five years will suffice).<\/p><p>Another factor that will be of interest to a creditor will be any collateral within the business that can be used to secure the loan, irrespective\u202fof the stage that the business is at.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-610638d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"610638d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e611e1f\" data-id=\"e611e1f\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d84a59b elementor-widget elementor-widget-image\" data-id=\"d84a59b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"478\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/FI.jpg\" class=\"attachment-large size-large wp-image-7856\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/FI.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/FI-300x287.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-38f6c3c\" data-id=\"38f6c3c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-166b3b5 elementor-widget elementor-widget-text-editor\" data-id=\"166b3b5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong><em>Financial Forecast Data\u202f<\/em><\/strong><em>\u202f<\/em><em>\u00a0<\/em><\/h3><p>Whether a business is in the start-up phase or is continually growing, it will be necessary to provide the future <b>forecasted financial data<\/b>. Generally, a creditor will want\u202fto see what direction the company will be moving in within the next five years.<\/p><p>All five years\u2019 projections should include <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-balance-sheet\/\">balance sheets<\/a>, <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">cash flow statements<\/a>, <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-sales-forecast\/\">capital expenditure budgets<\/a>, and forecasted <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">income statements<\/a>.\u202f<\/p><p><b>The first year\u2019s projections will be more detailed<\/b>, and forecasts should be on a monthly or quarterly basis.\u202fFor years two through to five projections can be quarterly or yearly.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b414354 elementor-widget elementor-widget-text-editor\" data-id=\"b414354\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>It is important that the projected forecasts match the funding required<\/b>.\u202fPotential creditors will be looking out for any inconsistencies.<\/p><p>Any assumptions that have been made within the projections\u00a0should be justified and summarised so that a potential creditor will not be left with any niggling doubts.<\/p><p>The final section of the financial projections should include a brief summary of all the overall financial information given.\u202fThis can be illustrated with graphs which could include ratio and trend analysis\u2019.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29ad790 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"29ad790\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tDon't be one of the 28% of businesses to go bankrupt due to financial problems! Check out The Ultimate Business Planning Guide\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=Don%27t+be+one+of+the+28%25+of+businesses+to+go+bankrupt+due+to+financial+problems%21+Check+out+The+Ultimate+Business+Planning+Guide&amp;url=https%3A%2F%2Fentrepreneursgateway.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6888\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9111d33 elementor-widget elementor-widget-heading\" data-id=\"9111d33\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"2_Cash_Flow_Statement\"><\/span>#2. Cash Flow Statement<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-067ef59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"067ef59\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-eae67fc\" data-id=\"eae67fc\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf666d0 elementor-widget elementor-widget-text-editor\" data-id=\"cf666d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>This is also referred to as a \u2018<strong>statement of cash flows<\/strong>\u2019 and gives you an indication of the amount of cash that has come in, how much cash has been paid out, and what cash is left at the end (typically per month).<\/p><p><b>A word of warning&#8230; <\/b><\/p><p>This sounds like your sales, your expenses, and your profits&#8230;<\/p><p><strong>It\u2019s NOT!<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-df3ed7a\" data-id=\"df3ed7a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd05223 elementor-widget elementor-widget-image\" data-id=\"cd05223\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"417\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/CashFlow-01.jpg\" class=\"attachment-large size-large wp-image-7854\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/CashFlow-01.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/CashFlow-01-300x250.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c40f41 elementor-widget elementor-widget-text-editor\" data-id=\"4c40f41\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Say, you were to invoice a client and they didn\u2019t pay by the date it was due. What happens if you\u2019re late paying your own bills?<\/p><p>These aren\u2019t shown in your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">Income Statement<\/a>, but will be shown in the <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">cash flow statement<\/a>. <\/p><p>This statement is just as important as any other statement. <b>Your business needs cash to survive!<\/b><\/p><p>You will have a tough time if you are not sure how much cash is in the bank, where the cash is coming from, or going to, and when!<\/p><p>Your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">cash flow statement<\/a> lays all of this out. A business plan is not complete without one. And, unless you can lay out this information for your investors to see, they won\u2019t be lending you anything!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1a9fec elementor-widget elementor-widget-image\" data-id=\"c1a9fec\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"566\" height=\"400\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-flow.jpg\" class=\"attachment-large size-large wp-image-8214\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-flow.jpg 566w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-flow-300x212.jpg 300w\" sizes=\"(max-width: 566px) 100vw, 566px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e8067b elementor-widget elementor-widget-text-editor\" data-id=\"9e8067b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Having a thorough understanding of just how much cash your business has, where it comes from, and where it\u2019s going ensures you\u2019ll have a healthy business. Your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">cash flow statement<\/a> outlines the difference with what your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">income statement<\/a> shows as income (this is your profit) and the actual CASH position of the business.<\/p><p>A business <b>can still be profitable but not have sufficient cash<\/b> in the bank to pay any expenses. <\/p><p>It is also possible for a business <b>NOT to be profitable, and yet still have cash<\/b> in the bank for many months, which then gives you a bit more time for you to turn the business around.<\/p><p>This is why <b>it is critical that you understand your financial statement.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2521693 elementor-widget elementor-widget-text-editor\" data-id=\"2521693\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h4><strong>Understanding accrual accounting\u2026<\/strong><\/h4>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7197884 elementor-widget elementor-widget-image\" data-id=\"7197884\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"297\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-and-accrual.jpg\" class=\"attachment-large size-large wp-image-7857\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-and-accrual.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-and-accrual-300x89.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/cash-and-accrual-768x228.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c349f9c elementor-widget elementor-widget-text-editor\" data-id=\"c349f9c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>In accounting, there are <b>two methods<\/b>.<\/p><ol class=\"ali-number-list\"><li>Cash<\/li><li>Accrual<\/li><\/ol><p><strong>Cash Method of Accounting:<\/strong><\/p><p>This is where you account just your sales and expenses when they happen. You don\u2019t necessarily worry about matching your expenses to a sale (or vice-versa).<\/p><p><strong>Accrual Method of Accounting:<\/strong><\/p><p>This is where you account for both your sales and expenses in tandem. For example, you get a large pre-order for one of your products. You would hold off accounting for all of the pre-order sales revenue until you had started to manufacture and deliver the product.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e039f21 elementor-widget elementor-widget-image\" data-id=\"e039f21\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"429\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Accrual-accounting.jpg\" class=\"attachment-large size-large wp-image-8215\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Accrual-accounting.jpg 800w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Accrual-accounting-300x161.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Accrual-accounting-768x412.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dbd2740 elementor-widget elementor-widget-text-editor\" data-id=\"dbd2740\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<blockquote><p>When you match revenue with its related expenses, it\u2019s known as <b>the \u2018matching principle\u2019<\/b>. This is what accrual accounting is all about.<\/p><\/blockquote><p>Using the cash method means that your cash flow and your profit and loss statement will be very similar. <\/p><p>Yet, <b>the accrual method gives a much better idea of how exactly your business is operating<\/b>. It would also be a good idea to switch to this method if you haven\u2019t already.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8425a4 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"d8425a4\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tSwitch to the accrual accounting method and get a better sense of how your business is operating \u2013 Check out The Ultimate Business Plan Guide!\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=Switch+to+the+accrual+accounting+method+and+get+a+better+sense+of+how+your+business+is+operating+%E2%80%93+Check+out+The+Ultimate+Business+Plan+Guide%21&amp;url=https%3A%2F%2Fentrepreneursgateway.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6888\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5a648b elementor-widget elementor-widget-image\" data-id=\"f5a648b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"238\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP.jpg\" class=\"attachment-large size-large wp-image-12535\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP-300x71.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Need-a-BP-768x183.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-535ebf9 elementor-widget elementor-widget-text-editor\" data-id=\"535ebf9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>So, you want to know why\u2026.<\/strong><\/p><p>OK, well let\u2019s pretend you run an <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-outdoor-activity\/\">outdoor activity center<\/a>. You could receive a payment from a customer in April, but they aren\u2019t coming to visit until July. If you were to use the accrual method, this wouldn\u2019t be recognized until you\u2019ve actually performed the service. This means that the revenue and the expense would not show up until July.<\/p><p>For a more accurate way to determine how your business is working, the accrual accounting method is definitely the best way to go!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ee68d70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ee68d70\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-64dd10e\" data-id=\"64dd10e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-77d219f elementor-widget elementor-widget-text-editor\" data-id=\"77d219f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><em>Click on the download button to get your FREE <a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/CashFlow\">Cash Flow template.<\/a><\/em><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d84ba3 elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"0d84ba3\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/CashFlow\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD NOW!<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a7a393b\" data-id=\"a7a393b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ad79960 elementor-widget elementor-widget-image\" data-id=\"ad79960\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"291\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.29.19-300x291.png\" class=\"attachment-medium size-medium wp-image-11630\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.29.19-300x291.png 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.29.19.png 548w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6151ba elementor-widget elementor-widget-heading\" data-id=\"a6151ba\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"3_Sales_Forecast\"><\/span>#3. Sales Forecast<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-b7f2181 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b7f2181\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-72b82cc\" data-id=\"72b82cc\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b0bbab2 elementor-widget elementor-widget-text-editor\" data-id=\"b0bbab2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-sales-forecast\/\">Sales Forecast<\/a>\u00a0deals with your <b>projections of how much you think you will sell over a specific time<\/b> (1 to 3 years, for example).<\/p><p><b>This element of your business plan is crucial<\/b>, especially if you have investors involved. It needs to be a constant part of your business planning processes.<\/p><p>You need to create your sales forecast so it&#8217;s consistent with the sales number which is used in your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">Profit &amp; Loss Statement.<\/a><\/p><p>Unfortunately, with <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-sales-forecast\/\">sales forecasts<\/a>, the formula of one size fitting all, doesn&#8217;t apply. All businesses have different needs, so how you choose to organize and segment your forecast will depend upon your type of business and just how thorough you want to be in tracking your sales.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5b2d6f6\" data-id=\"5b2d6f6\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-20dba26 elementor-widget elementor-widget-image\" data-id=\"20dba26\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"481\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/forecast.jpg\" class=\"attachment-large size-large wp-image-7858\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/forecast.jpg 500w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/forecast-300x289.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-499db72 elementor-widget elementor-widget-text-editor\" data-id=\"499db72\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Here are some helpful questions you can ask yourself:<\/strong><\/h3><ul class=\"ali-bulet-green\"><li>How many customers do you think you&#8217;ll have?<\/li><\/ul><ul class=\"ali-bulet-green\"><li>What do you think you will charge them?<\/li><\/ul><ul class=\"ali-bulet-green\"><li>How often do you want to charge them?<\/li><\/ul><p><b>It&#8217;s your choice as to how detailed your sales forecast is<\/b>. You can simply summarize, if you want. But it\u2019s important to have something in your business plan.<\/p><p>It\u2019s useful for both planning and marketing if you <b>break your <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-sales-forecast\/\">sales forecasts<\/a> into sections<\/b>. <\/p><p>For example, for a restaurant owner, this could mean separating out your forecasts for both your lunch and dinner sales. For a health club, it could be useful to differentiate forecasts into single, joint or family memberships, sales from the club shop, restaurant etc. Or you could simply forecast every product individually.<\/p><p><strong>Below is an example of the Sales forecast over one-year and five year period for an <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-ecommerce\/\">Ecommerce Store<\/a>:<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f64a85c elementor-widget elementor-widget-image\" data-id=\"f64a85c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"565\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-21.jpg\" class=\"attachment-large size-large wp-image-6625\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-21.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-21-300x170.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-21-768x434.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7051e2d elementor-widget elementor-widget-image\" data-id=\"7051e2d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"605\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-22.jpg\" class=\"attachment-large size-large wp-image-6626\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-22.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-22-300x182.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-22-768x465.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ef11aa elementor-widget elementor-widget-image\" data-id=\"5ef11aa\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"529\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-23.jpg\" class=\"attachment-large size-large wp-image-6627\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-23.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-23-300x159.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-23-768x406.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2fdd9af elementor-widget elementor-widget-image\" data-id=\"2fdd9af\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"594\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-24.jpg\" class=\"attachment-large size-large wp-image-6628\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-24.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-24-300x178.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-24-768x456.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9f68ad elementor-widget elementor-widget-heading\" data-id=\"c9f68ad\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"4_Income_statement_or_Profit_Loss_Statement\"><\/span>#4 Income statement or Profit &#038; Loss Statement<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-292c2e4 elementor-widget elementor-widget-text-editor\" data-id=\"292c2e4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>An Income Statement of your profit &amp; loss statement <b>explains simply just how your company has made a profit<\/b> (and in some circumstances, has made a loss).<\/p><p><strong>It really is that simple&#8230;<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0440ab elementor-widget elementor-widget-image\" data-id=\"c0440ab\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"626\" height=\"225\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/IncomeStatement.jpg\" class=\"attachment-large size-large wp-image-7861\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/IncomeStatement.jpg 626w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/IncomeStatement-300x108.jpg 300w\" sizes=\"(max-width: 626px) 100vw, 626px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f83ffb1 elementor-widget elementor-widget-text-editor\" data-id=\"f83ffb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>In the table, it lists all of the revenue streams as well as your expenses. At the bottom, it calculates the total net profits or losses.<\/p><p>It\u2019s a vital report and one you should be able to understand.<\/p><h4><strong>A typical income statement (P&amp;L) should include:<\/strong><\/h4><ul class=\"ali-bulet-green\"><li><strong>Revenue <\/strong>(this is also referred to as your sales)<\/li><\/ul><ul class=\"ali-bulet-green\"><li><strong>Your \u201cCOGS\u201d <\/strong>(<strong>Cost Of Goods Sold) <\/strong>or <strong>\u201ccost of sale\u201d <\/strong>\u2013 some companies might not have these (for example, services companies)<\/li><\/ul><ul class=\"ali-bulet-green\"><li><strong>Gross margin<\/strong>, your revenue minus your costs of goods sold.<\/li><\/ul><p><b>These components are the\u00a0pillar of your business model \u2013 how you\u2019ll make your money<\/b>.<\/p><p>You also need to include a <b>list of the operating expenses for your business<\/b>. These are the costs of running your company (i.e., costs which aren\u2019t incurred from making a sale). Examples are rent, insurance, etc.<\/p><p>To get your Operating Income, you simply minus your operating expenses from your gross margin:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfbb539 elementor-widget elementor-widget-image\" data-id=\"bfbb539\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"438\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/incomeNpnl-statement.jpg\" class=\"attachment-large size-large wp-image-8219\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/incomeNpnl-statement.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/incomeNpnl-statement-300x131.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/incomeNpnl-statement-768x336.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0a835d elementor-widget elementor-widget-text-editor\" data-id=\"f0a835d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong><em>Gross Margin \u2013 Operating Expenses = Operating Income<\/em><\/strong><\/p><p>Your operating income is typically equivalent to your \u201cearnings before interest, taxes, depreciation, and amortization\u201d (EBITDA). This is how much profit you have made before any tax or accounting obligations.<\/p><p>Your \u201cbottom line\u201d \u2013 which is your net income, is found right at the bottom of your income statement. This is your EBITDA minus the \u201cITDA\u201d.<\/p><p><strong><em>Operating Income \u2013 Interest, Taxes, Depreciation, and Amortization Expenses = Net Income.<\/em><\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e0976b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0976b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f212f7b\" data-id=\"f212f7b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c46929 elementor-widget elementor-widget-text-editor\" data-id=\"5c46929\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><em>Click on the download button to get your FREE <a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/Profit&amp;Loss\">Profit &amp; Loss\u00a0template.<\/a><\/em><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c83832c elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"c83832c\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/Profit&#038;Loss\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD NOW!<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-929cbc0\" data-id=\"929cbc0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f9a28f4 elementor-widget elementor-widget-image\" data-id=\"f9a28f4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"298\" height=\"300\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-11.26.17-298x300.png\" class=\"attachment-medium size-medium wp-image-11615\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-11.26.17-298x300.png 298w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-11.26.17-150x150.png 150w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-11.26.17.png 396w\" sizes=\"(max-width: 298px) 100vw, 298px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fa0a63 elementor-widget elementor-widget-text-editor\" data-id=\"0fa0a63\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><\/p><p><strong>Below is an example of a profit and loss statement for an<\/strong><strong>\u00a0<a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-ecommerce\/\">Ecommerce<\/a><\/strong><strong>\u00a0store:<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40244ee elementor-widget elementor-widget-image\" data-id=\"40244ee\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1203\" height=\"1316\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-25.jpg\" class=\"attachment-full size-full wp-image-6629\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-25.jpg 1203w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-25-274x300.jpg 274w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-25-768x840.jpg 768w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-25-936x1024.jpg 936w\" sizes=\"(max-width: 1203px) 100vw, 1203px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a81c22f elementor-widget elementor-widget-image\" data-id=\"a81c22f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"611\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-26.jpg\" class=\"attachment-large size-large wp-image-6630\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-26.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-26-300x183.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-26-768x469.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36bd91a elementor-widget elementor-widget-image\" data-id=\"36bd91a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"1111\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-27.jpg\" class=\"attachment-full size-full wp-image-6631\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-27.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-27-270x300.jpg 270w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-27-768x853.jpg 768w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-27-922x1024.jpg 922w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b1580f elementor-widget elementor-widget-image\" data-id=\"7b1580f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"602\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-28.jpg\" class=\"attachment-large size-large wp-image-6632\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-28.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-28-300x181.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-28-768x462.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ea72ef elementor-widget elementor-widget-heading\" data-id=\"9ea72ef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"5_The_Balance_Sheet\"><\/span>#5 The Balance Sheet<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-b74350c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b74350c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-416d2ad\" data-id=\"416d2ad\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ade20a0 elementor-widget elementor-widget-text-editor\" data-id=\"ade20a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>\u00a0<\/strong><\/h3>\nThe <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-balance-sheet\/\">Balance Sheet<\/a>\u00a0is <b>one of the three crucial parts<\/b> that form the basis of the financial statements of a company, the other two being <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-cash-flow-forecast\/\">Cash Flow<\/a> and <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-profit-&amp;-loss\/\">Income Statement (Profit &amp; Loss)<\/a>.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-dfe2c18\" data-id=\"dfe2c18\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e92440a elementor-widget elementor-widget-image\" data-id=\"e92440a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"626\" height=\"490\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/balancesheet.jpg\" class=\"attachment-large size-large wp-image-7864\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/balancesheet.jpg 626w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/balancesheet-300x235.jpg 300w\" sizes=\"(max-width: 626px) 100vw, 626px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-265377d elementor-widget elementor-widget-text-editor\" data-id=\"265377d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The concept of a balance sheet is relatively straightforward. It is used to determine if the business has more assets rather than liabilities and in order to be financially healthy they must balance out. It will also highlight the company&#8217;s net worth, and usually, this information is gathered on a quarterly basis.<\/p><p>Both liabilities and assets are organized by time on a balance sheet. So, with assets, for example, the quicker that the business can turn an asset into cash, the higher it will place on the balance sheet. However, with liabilities, the quicker something needs paying, the higher up the item is placed.\u00a0<\/p><p><strong>Assets = Liabilities + Equity<\/strong><\/p><p><strong>And&#8230;<\/strong><\/p><p>The total of your liabilities + total of your equity = Total of your assets.<\/p><p>Below you can see an example of an <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-ecommerce\/\">ecommerce store<\/a> balance sheet:\u00a0\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ab3269 elementor-widget elementor-widget-image\" data-id=\"0ab3269\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/FREE_BP_training\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"351\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5.jpg\" class=\"attachment-large size-large wp-image-12532\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5-300x105.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2019\/11\/Are-you-ENT-5-768x270.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a663718 elementor-widget elementor-widget-image\" data-id=\"a663718\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"1208\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-29.jpg\" class=\"attachment-full size-full wp-image-6633\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-29.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-29-248x300.jpg 248w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-29-768x928.jpg 768w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-29-848x1024.jpg 848w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a60d666 elementor-widget elementor-widget-image\" data-id=\"a60d666\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"1036\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-30.jpg\" class=\"attachment-full size-full wp-image-6634\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-30.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-30-290x300.jpg 290w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-30-768x796.jpg 768w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-30-988x1024.jpg 988w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3b06071 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b06071\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5c66f83\" data-id=\"5c66f83\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-95d801e elementor-widget elementor-widget-text-editor\" data-id=\"95d801e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><em>Click on the download button to get your FREE <a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/balancesheet\">Balance Sheet template.<\/a><\/em><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d917422 elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"d917422\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/balancesheet\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD NOW!<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2af9fac\" data-id=\"2af9fac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-586481f elementor-widget elementor-widget-image\" data-id=\"586481f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"297\" height=\"300\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.25.41-297x300.png\" class=\"attachment-medium size-medium wp-image-11627\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.25.41-297x300.png 297w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/Screenshot-2019-08-12-at-12.25.41.png 457w\" sizes=\"(max-width: 297px) 100vw, 297px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b476e6 elementor-widget elementor-widget-heading\" data-id=\"5b476e6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"6_How_to_put_together_your_Personnel_Plan\"><\/span>#6 How to put together your Personnel Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe4f957 elementor-widget elementor-widget-text-editor\" data-id=\"fe4f957\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>This is especially important if you are looking to have a lot of labor costs, rather than a solo entrepreneur.<\/p><p>It\u2019s important to understand how your staff will affect your business.<\/p><p>It\u2019s a great idea to <b>list out any entire departments or offices<\/b> so you can see exactly which department is costing the most.<\/p><p>The below example Personnel Statement is from an <a href=\"https:\/\/entrepreneursgateway.com\/hub-business-plan-advertising-agency\/\">Advertising Agency Business Plan<\/a>:\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db28bf2 elementor-widget elementor-widget-image\" data-id=\"db28bf2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"619\" src=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-31.jpg\" class=\"attachment-large size-large wp-image-6635\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-31.jpg 1000w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-31-300x186.jpg 300w, https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/09\/TheBPHub-img-31-768x475.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb60e74 elementor-widget elementor-widget-heading\" data-id=\"bb60e74\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"7_Conclusion\"><\/span>#7 Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8880d43 elementor-widget elementor-widget-text-editor\" data-id=\"8880d43\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>I can&#8217;t stress enough how important this section is when it comes to producing your Business Plan.<\/p><p><b>You <i>must<\/i> understand it!<\/b><\/p><p>You can always hire a bookkeeper or an accounting firm to produce these figures for you, but you need to be able to understand them as they are key to the growth of your business.<\/p><p>If you&#8217;re also sitting in front of an investor and are able to answer questions about your numbers, your chances of securing any funding is going to be much higher.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b02ef7 elementor-widget elementor-widget-text-editor\" data-id=\"0b02ef7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<h3><strong>Additional Resources<\/strong><\/h3><p>Why not check out our other resources to help with your financial plan today!<\/p><p><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79fec18 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"79fec18\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-sales-forecast\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How to do a Sales Forecast<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-balance-sheet\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">What is a Balance Sheet and why is it important in your Business Plan?<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-profit-&#038;-loss\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How to Build a Profit and Loss Statement (Income Statement)<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-cash-flow-forecast\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How to Forecast Cash Flow<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/entrepreneursgateway.com\/business-plan-cash-profit\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The Difference Between Cash & Profits<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/balancesheet\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Balance Sheet Template [Free Download]<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/CashFlow\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Cash Flow Template [Free Download]<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/entrepreneursgatewaybp-hub.pages.ontraport.net\/Profit&#038;Loss\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Profit and Loss Template [Free Download]<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-56207f04 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56207f04\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c14c6d2\" data-id=\"6c14c6d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3ce84e08 elementor-view-framed elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"3ce84e08\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i class=\"fa fa-hand-o-down\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b247ac9 elementor-widget elementor-widget-heading\" data-id=\"5b247ac9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Now, over to you...<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22abbe32 elementor-widget elementor-widget-text-editor\" data-id=\"22abbe32\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Now I&#8217;d love to hear from you:<\/p><p>Are you still unsure of which business plan you need?<\/p><p>Maybe you have written a business plan and would like us to review it?<\/p><p>Leave any comments below and I will be sure to answer as soon as they come in!<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><strong>When putting your business plan together, the most daunting task is always the Financial Plan&#8230; Fear NOT!<\/strong><\/p>\n<p>Create financial statements to improve your chances&#8230; <strong>Secure that funding TODAY!<\/strong><\/p>\n<p>This article explains all there is to know about your Financial Plan&#8230; <strong>Let&#8217;s go.<\/strong><\/p>\n","protected":false},"author":9,"featured_media":6850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[2],"tags":[25],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.2.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Financial Plan (Must Haves) &amp; How to Write one - Entrepreneurs Gateway<\/title>\n<meta name=\"description\" content=\"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Financial Plan (Must Haves) &amp; How to Write one - Entrepreneurs Gateway\" \/>\n<meta property=\"og:description\" content=\"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Entrepreneurs Gateway\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/entrepreneursgateway1\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-04T00:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-06T14:17:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-77.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"EntrepreneursGateway.com Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:site\" content=\"@EGMEMBERS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"EntrepreneursGateway.com Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\"},\"author\":{\"name\":\"EntrepreneursGateway.com Team\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d\"},\"headline\":\"5 Financial Plan (Must Haves) &#038; How to Write one\",\"datePublished\":\"2018-11-04T00:00:55+00:00\",\"dateModified\":\"2019-11-06T14:17:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\"},\"wordCount\":2421,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\"},\"keywords\":[\"Starting a Business\"],\"articleSection\":[\"STARTING A BUSINESS\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\",\"url\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\",\"name\":\"5 Financial Plan (Must Haves) & How to Write one - Entrepreneurs Gateway\",\"isPartOf\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#website\"},\"datePublished\":\"2018-11-04T00:00:55+00:00\",\"dateModified\":\"2019-11-06T14:17:08+00:00\",\"description\":\"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More\",\"breadcrumb\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/entrepreneursgateway.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"5 Financial Plan (Must Haves) &#038; How to Write one\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#website\",\"url\":\"https:\/\/entrepreneursgateway.com\/\",\"name\":\"Entrepreneurs Gateway\",\"description\":\"Starting, Growing and Exiting Businesses plus Entrepreneurship\",\"publisher\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/entrepreneursgateway.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#organization\",\"name\":\"Entrepreneurs Gateway\",\"url\":\"https:\/\/entrepreneursgateway.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png\",\"contentUrl\":\"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png\",\"width\":232,\"height\":71,\"caption\":\"Entrepreneurs Gateway\"},\"image\":{\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/entrepreneursgateway1\/\",\"https:\/\/twitter.com\/EGMEMBERS\",\"https:\/\/www.linkedin.com\/in\/shane-stamford-03207014b\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d\",\"name\":\"EntrepreneursGateway.com Team\",\"url\":\"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"5 Financial Plan (Must Haves) & How to Write one - Entrepreneurs Gateway","description":"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/","og_locale":"en_GB","og_type":"article","og_title":"5 Financial Plan (Must Haves) & How to Write one - Entrepreneurs Gateway","og_description":"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More","og_url":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/","og_site_name":"Entrepreneurs Gateway","article_publisher":"https:\/\/www.facebook.com\/entrepreneursgateway1\/","article_published_time":"2018-11-04T00:00:55+00:00","article_modified_time":"2019-11-06T14:17:08+00:00","og_image":[{"width":800,"height":534,"url":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/11\/BP-ultimate-guide-img-77.jpg","type":"image\/jpeg"}],"author":"EntrepreneursGateway.com Team","twitter_card":"summary_large_image","twitter_creator":"@EGMEMBERS","twitter_site":"@EGMEMBERS","twitter_misc":{"Written by":"EntrepreneursGateway.com Team","Estimated reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#article","isPartOf":{"@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/"},"author":{"name":"EntrepreneursGateway.com Team","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d"},"headline":"5 Financial Plan (Must Haves) &#038; How to Write one","datePublished":"2018-11-04T00:00:55+00:00","dateModified":"2019-11-06T14:17:08+00:00","mainEntityOfPage":{"@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/"},"wordCount":2421,"commentCount":0,"publisher":{"@id":"https:\/\/entrepreneursgateway.com\/#organization"},"keywords":["Starting a Business"],"articleSection":["STARTING A BUSINESS"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/","url":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/","name":"5 Financial Plan (Must Haves) & How to Write one - Entrepreneurs Gateway","isPartOf":{"@id":"https:\/\/entrepreneursgateway.com\/#website"},"datePublished":"2018-11-04T00:00:55+00:00","dateModified":"2019-11-06T14:17:08+00:00","description":"Everything you need to know about the Financial Plan Must Haves | What needs to be included in your Business Plan | Read More","breadcrumb":{"@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/entrepreneursgateway.com\/business-plan-financial-plan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/entrepreneursgateway.com\/"},{"@type":"ListItem","position":2,"name":"5 Financial Plan (Must Haves) &#038; How to Write one"}]},{"@type":"WebSite","@id":"https:\/\/entrepreneursgateway.com\/#website","url":"https:\/\/entrepreneursgateway.com\/","name":"Entrepreneurs Gateway","description":"Starting, Growing and Exiting Businesses plus Entrepreneurship","publisher":{"@id":"https:\/\/entrepreneursgateway.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/entrepreneursgateway.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/entrepreneursgateway.com\/#organization","name":"Entrepreneurs Gateway","url":"https:\/\/entrepreneursgateway.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/","url":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png","contentUrl":"https:\/\/entrepreneursgateway.com\/wp-content\/uploads\/2018\/07\/StickyLogo-01.png","width":232,"height":71,"caption":"Entrepreneurs Gateway"},"image":{"@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/entrepreneursgateway1\/","https:\/\/twitter.com\/EGMEMBERS","https:\/\/www.linkedin.com\/in\/shane-stamford-03207014b\/"]},{"@type":"Person","@id":"https:\/\/entrepreneursgateway.com\/#\/schema\/person\/13983710051e5b92688b6cddf284584d","name":"EntrepreneursGateway.com Team","url":"https:\/\/entrepreneursgateway.com\/author\/entrepreneursgateway-com-team\/"}]}},"_links":{"self":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6888"}],"collection":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/comments?post=6888"}],"version-history":[{"count":16,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6888\/revisions"}],"predecessor-version":[{"id":12548,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/posts\/6888\/revisions\/12548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/media\/6850"}],"wp:attachment":[{"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/media?parent=6888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/categories?post=6888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entrepreneursgateway.com\/wp-json\/wp\/v2\/tags?post=6888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}