Let’s get started with this discussion. The current topics we are focusing on related to small businesses, entrepreneurs and being financially prepared for operations. In addition, small business organizations must continue to monitor the financial well being. While I will not ask you to”value” your organization, in this discussion, we we focus on a couple of very important areas and you can include what you post in this discussion within the financial section of your business plan:
1) First, for some general questions….. what steps will you take to develop a strategic financial plan and monitor your month to month, etc. financial status? In addition, will it be more important to monitor cash flow or should you watch your profits, and why? Finally, how much money do you believe you will need to “start up” your business or to continue/expand with your operations? (Think…. how much will you ask for when you approach the Shark Tank investors?)
2) Take a look at this calculator link below, and entering in estimated information, what would be the number of products or services you would need to sell to break even? What adjustments can you make to feel more comfortable with this projection (if you are not already)?