In this last development week of your business plan, you will identify major milestones for your new venture as well as projections of financial performance. These two elements go hand in hand, as these represent how committed and serious you are to achieving success.
- Your major milestones over the course of five years can be listed as bullet points, with key dates identified for each (1 page in Word)
Then, using Microsoft Excel, project the financial performance in relation to the major milestones you have identified. You will need to project revenues, expenses, operating profit, income, expenses, cash flows, capital investments, and related startup costs. It is important to ensure that these projections are in alignment with your business model and related strategies to compete as a new business venture. Ensure that you develop meaningful financial projections and offer different approaches for financing your new venture and for analyzing costs, expenses, and profits. You will want to carefully review Chapter 9 to consider all aspects of projecting financial performance (2 to 4 pages in Excel).