please respond to the following discussion post as a peer. “A business plan must be detailed enough so the reader knows what the project will cost and how much the company needs to start it. The financial statements must be included in the business plan to show how the business will benefit from it and how it affects its future financials.
The three critical things to include in a business plan are profit and loss statement or the income statement, balance sheet, and a cash flow statement (Turner, 2022). The profit and loss statements will give the readers an insight into the company for a year (Turner, 2022). This will also look back into the statements to show what the company spent money on and what money they lost during the process (Turner, 2022). The balance sheet will show the money that comes in and that goes out over the year (Turner, 2022). The cash flow statement will show how much money was made and how much money was directly paid out (Turner, 2022). These three statements will give an insight on how the company is truly doing financially (Turner, 2022).
The presentation needs the right amount of information because if you overload the reader, they may not truly understand or be too confused and will not approve the plan by not truly understanding the financials (Turner, 2022). If you provide too little financial information, it may have the same effect and the reader may not agree because information is left out and they truly do not know if this is a vital business plan (Turner, 2022).
The reader needs just the right amount of information to understand that there are benefits to this decision for their company and it will bring revenue and not a loss to the company. If the business plan does not bring revenue, it will make sure it positively impacts the patient experience and keeps the patient in our clinic.
Andrea Mendoza
Turner, M. (2022, May 5). Business plan financials basics. First Horizon Bank – A Trusted Choice for Financial Services. https://www.firsthorizon.com/Corporate-Institution-Learning-Center/The-3-Financial-Statements-Your-Business-Plan-Must-Include