Free Financial Templates for a Business Plan

By Andy Marker | July 29, 2020

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In this article, we’ve rounded up expert-tested financial templates for your business plan, all of which are free to download in Excel, Google Sheets, and PDF formats.

Included on this page, you’ll find the essential financial statement templates, including income statement templates , cash flow statement templates , and balance sheet templates . Plus, we cover the key elements of the financial section of a business plan .

Financial Plan Templates

Download and prepare these financial plan templates to include in your business plan. Use historical data and future projections to produce an overview of the financial health of your organization to support your business plan and gain buy-in from stakeholders

Business Financial Plan Template

Business Financial Plan Template

Use this financial plan template to organize and prepare the financial section of your business plan. This customizable template has room to provide a financial overview, any important assumptions, key financial indicators and ratios, a break-even analysis, and pro forma financial statements to share key financial data with potential investors.

Download Financial Plan Template

Word | PDF | Smartsheet

Financial Plan Projections Template for Startups

Startup Financial Projections Template

This financial plan projections template comes as a set of pro forma templates designed to help startups. The template set includes a 12-month profit and loss statement, a balance sheet, and a cash flow statement for you to detail the current and projected financial position of a business.

‌ Download Startup Financial Projections Template

Excel | Smartsheet

Income Statement Templates for Business Plan

Also called profit and loss statements , these income statement templates will empower you to make critical business decisions by providing insight into your company, as well as illustrating the projected profitability associated with business activities. The numbers prepared in your income statement directly influence the cash flow and balance sheet forecasts.

Pro Forma Income Statement/Profit and Loss Sample

financial management examples business plan

Use this pro forma income statement template to project income and expenses over a three-year time period. Pro forma income statements consider historical or market analysis data to calculate the estimated sales, cost of sales, profits, and more.

‌ Download Pro Forma Income Statement Sample - Excel

Small Business Profit and Loss Statement

Small Business Profit and Loss Template

Small businesses can use this simple profit and loss statement template to project income and expenses for a specific time period. Enter expected income, cost of goods sold, and business expenses, and the built-in formulas will automatically calculate the net income.

‌ Download Small Business Profit and Loss Template - Excel

3-Year Income Statement Template

3 Year Income Statement Template

Use this income statement template to calculate and assess the profit and loss generated by your business over three years. This template provides room to enter revenue and expenses associated with operating your business and allows you to track performance over time.

Download 3-Year Income Statement Template

For additional resources, including how to use profit and loss statements, visit “ Download Free Profit and Loss Templates .”

Cash Flow Statement Templates for Business Plan

Use these free cash flow statement templates to convey how efficiently your company manages the inflow and outflow of money. Use a cash flow statement to analyze the availability of liquid assets and your company’s ability to grow and sustain itself long term.

Simple Cash Flow Template

financial management examples business plan

Use this basic cash flow template to compare your business cash flows against different time periods. Enter the beginning balance of cash on hand, and then detail itemized cash receipts, payments, costs of goods sold, and expenses. Once you enter those values, the built-in formulas will calculate total cash payments, net cash change, and the month ending cash position.

Download Simple Cash Flow Template

12-Month Cash Flow Forecast Template

financial management examples business plan

Use this cash flow forecast template, also called a pro forma cash flow template, to track and compare expected and actual cash flow outcomes on a monthly and yearly basis. Enter the cash on hand at the beginning of each month, and then add the cash receipts (from customers, issuance of stock, and other operations). Finally, add the cash paid out (purchases made, wage expenses, and other cash outflow). Once you enter those values, the built-in formulas will calculate your cash position for each month with.

‌ Download 12-Month Cash Flow Forecast

3-Year Cash Flow Statement Template Set

3 Year Cash Flow Statement Template

Use this cash flow statement template set to analyze the amount of cash your company has compared to its expenses and liabilities. This template set contains a tab to create a monthly cash flow statement, a yearly cash flow statement, and a three-year cash flow statement to track cash flow for the operating, investing, and financing activities of your business.

Download 3-Year Cash Flow Statement Template

For additional information on managing your cash flow, including how to create a cash flow forecast, visit “ Free Cash Flow Statement Templates .”

Balance Sheet Templates for a Business Plan

Use these free balance sheet templates to convey the financial position of your business during a specific time period to potential investors and stakeholders.

Small Business Pro Forma Balance Sheet

financial management examples business plan

Small businesses can use this pro forma balance sheet template to project account balances for assets, liabilities, and equity for a designated period. Established businesses can use this template (and its built-in formulas) to calculate key financial ratios, including working capital.

Download Pro Forma Balance Sheet Template

Monthly and Quarterly Balance Sheet Template

financial management examples business plan

Use this balance sheet template to evaluate your company’s financial health on a monthly, quarterly, and annual basis. You can also use this template to project your financial position for a specified time in the future. Once you complete the balance sheet, you can compare and analyze your assets, liabilities, and equity on a quarter-over-quarter or year-over-year basis.

Download Monthly/Quarterly Balance Sheet Template - Excel

Yearly Balance Sheet Template

financial management examples business plan

Use this balance sheet template to compare your company’s short and long-term assets, liabilities, and equity year-over-year. This template also provides calculations for common financial ratios with built-in formulas, so you can use it to evaluate account balances annually.

Download Yearly Balance Sheet Template - Excel

For more downloadable resources for a wide range of organizations, visit “ Free Balance Sheet Templates .”

Sales Forecast Templates for Business Plan

Sales projections are a fundamental part of a business plan, and should support all other components of your plan, including your market analysis, product offerings, and marketing plan . Use these sales forecast templates to estimate future sales, and ensure the numbers align with the sales numbers provided in your income statement.

Basic Sales Forecast Sample Template

Basic Sales Forecast Template

Use this basic forecast template to project the sales of a specific product. Gather historical and industry sales data to generate monthly and yearly estimates of the number of units sold and the price per unit. Then, the pre-built formulas will calculate percentages automatically. You’ll also find details about which months provide the highest sales percentage, and the percentage change in sales month-over-month. 

Download Basic Sales Forecast Sample Template

12-Month Sales Forecast Template for Multiple Products

financial management examples business plan

Use this sales forecast template to project the future sales of a business across multiple products or services over the course of a year. Enter your estimated monthly sales, and the built-in formulas will calculate annual totals. There is also space to record and track year-over-year sales, so you can pinpoint sales trends.

Download 12-Month Sales Forecasting Template for Multiple Products

3-Year Sales Forecast Template for Multiple Products

3 Year Sales Forecast Template

Use this sales forecast template to estimate the monthly and yearly sales for multiple products over a three-year period. Enter the monthly units sold, unit costs, and unit price. Once you enter those values, built-in formulas will automatically calculate revenue, margin per unit, and gross profit. This template also provides bar charts and line graphs to visually display sales and gross profit year over year.

Download 3-Year Sales Forecast Template - Excel

For a wider selection of resources to project your sales, visit “ Free Sales Forecasting Templates .”

Break-Even Analysis Template for Business Plan

A break-even analysis will help you ascertain the point at which a business, product, or service will become profitable. This analysis uses a calculation to pinpoint the number of service or unit sales you need to make to cover costs and make a profit.

Break-Even Analysis Template

Break Even Analysis

Use this break-even analysis template to calculate the number of sales needed to become profitable. Enter the product's selling price at the top of the template, and then add the fixed and variable costs. Once you enter those values, the built-in formulas will calculate the total variable cost, the contribution margin, and break-even units and sales values.

Download Break-Even Analysis Template

For additional resources, visit, “ Free Financial Planning Templates .”

Business Budget Templates for Business Plan

These business budget templates will help you track costs (e.g., fixed and variable) and expenses (e.g., one-time and recurring) associated with starting and running a business. Having a detailed budget enables you to make sound strategic decisions, and should align with the expense values listed on your income statement.

Startup Budget Template

financial management examples business plan

Use this startup budget template to track estimated and actual costs and expenses for various business categories, including administrative, marketing, labor, and other office costs. There is also room to provide funding estimates from investors, banks, and other sources to get a detailed view of the resources you need to start and operate your business.

Download Startup Budget Template

Small Business Budget Template

financial management examples business plan

This business budget template is ideal for small businesses that want to record estimated revenue and expenditures on a monthly and yearly basis. This customizable template comes with a tab to list income, expenses, and a cash flow recording to track cash transactions and balances.

Download Small Business Budget Template

Professional Business Budget Template

financial management examples business plan

Established organizations will appreciate this customizable business budget template, which  contains a separate tab to track projected business expenses, actual business expenses, variances, and an expense analysis. Once you enter projected and actual expenses, the built-in formulas will automatically calculate expense variances and populate the included visual charts. 

‌ Download Professional Business Budget Template

For additional resources to plan and track your business costs and expenses, visit “ Free Business Budget Templates for Any Company .”

Other Financial Templates for Business Plan

In this section, you’ll find additional financial templates that you may want to include as part of your larger business plan.

Startup Funding Requirements Template

Startup Funding Requirements Template

This simple startup funding requirements template is useful for startups and small businesses that require funding to get business off the ground. The numbers generated in this template should align with those in your financial projections, and should detail the allocation of acquired capital to various startup expenses.

Download Startup Funding Requirements Template - Excel

Personnel Plan Template

Personnel Plan Template

Use this customizable personnel plan template to map out the current and future staff needed to get — and keep — the business running. This information belongs in the personnel section of a business plan, and details the job title, amount of pay, and hiring timeline for each position. This template calculates the monthly and yearly expenses associated with each role using built-in formulas. Additionally, you can add an organizational chart to provide a visual overview of the company’s structure. 

Download Personnel Plan Template - Excel

Elements of the Financial Section of a Business Plan

Whether your organization is a startup, a small business, or an enterprise, the financial plan is the cornerstone of any business plan. The financial section should demonstrate the feasibility and profitability of your idea and should support all other aspects of the business plan. 

Below, you’ll find a quick overview of the components of a solid financial plan.

  • Financial Overview: This section provides a brief summary of the financial section, and includes key takeaways of the financial statements. If you prefer, you can also add a brief description of each statement in the respective statement’s section.
  • Key Assumptions: This component details the basis for your financial projections, including tax and interest rates, economic climate, and other critical, underlying factors.
  • Break-Even Analysis: This calculation helps establish the selling price of a product or service, and determines when a product or service should become profitable.
  • Pro Forma Income Statement: Also known as a profit and loss statement, this section details the sales, cost of sales, profitability, and other vital financial information to stakeholders.
  • Pro Forma Cash Flow Statement: This area outlines the projected cash inflows and outflows the business expects to generate from operating, financing, and investing activities during a specific timeframe.
  • Pro Forma Balance Sheet: This document conveys how your business plans to manage assets, including receivables and inventory.
  • Key Financial Indicators and Ratios: In this section, highlight key financial indicators and ratios extracted from financial statements that bankers, analysts, and investors can use to evaluate the financial health and position of your business.

Need help putting together the rest of your business plan? Check out our free simple business plan templates to get started. You can learn how to write a successful simple business plan  here . 

Visit this  free non-profit business plan template roundup  or download a  fill-in-the-blank business plan template  to make things easy. If you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  startup business plan templates  or  free 30-60-90-day business plan templates  to find more tailored options.

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How to Prepare a Financial Plan for Startup Business (w/ example)

Financial Statements Template

Free Financial Statements Template

Ajay Jagtap

  • December 7, 2023

13 Min Read

financial plan for startup business

If someone were to ask you about your business financials, could you give them a detailed answer?

Let’s say they ask—how do you allocate your operating expenses? What is your cash flow situation like? What is your exit strategy? And a series of similar other questions.

Instead of mumbling what to answer or shooting in the dark, as a founder, you must prepare yourself to answer this line of questioning—and creating a financial plan for your startup is the best way to do it.

A business plan’s financial plan section is no easy task—we get that.

But, you know what—this in-depth guide and financial plan example can make forecasting as simple as counting on your fingertips.

Ready to get started? Let’s begin by discussing startup financial planning.

What is Startup Financial Planning?

Startup financial planning, in simple terms, is a process of planning the financial aspects of a new business. It’s an integral part of a business plan and comprises its three major components: balance sheet, income statement, and cash-flow statement.

Apart from these statements, your financial section may also include revenue and sales forecasts, assets & liabilities, break-even analysis , and more. Your first financial plan may not be very detailed, but you can tweak and update it as your company grows.

Key Takeaways

  • Realistic assumptions, thorough research, and a clear understanding of the market are the key to reliable financial projections.
  • Cash flow projection, balance sheet, and income statement are three major components of a financial plan.
  • Preparing a financial plan is easier and faster when you use a financial planning tool.
  • Exploring “what-if” scenarios is an ideal method to understand the potential risks and opportunities involved in the business operations.

Why is Financial Planning Important to Your Startup?

Poor financial planning is one of the biggest reasons why most startups fail. In fact, a recent CNBC study reported that running out of cash was the reason behind 44% of startup failures in 2022.

A well-prepared financial plan provides a clear financial direction for your business, helps you set realistic financial objectives, create accurate forecasts, and shows your business is committed to its financial objectives.

It’s a key element of your business plan for winning potential investors. In fact, YC considered recent financial statements and projections to be critical elements of their Series A due diligence checklist .

Your financial plan demonstrates how your business manages expenses and generates revenue and helps them understand where your business stands today and in 5 years.

Makes sense why financial planning is important to your startup, doesn’t it? Let’s cut to the chase and discuss the key components of a startup’s financial plan.

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financial management examples business plan

Key Components of a Startup Financial Plan

Whether creating a financial plan from scratch for a business venture or just modifying it for an existing one, here are the key components to consider including in your startup’s financial planning process.

Income Statement

An Income statement , also known as a profit-and-loss statement(P&L), shows your company’s income and expenditures. It also demonstrates how your business experienced any profit or loss over a given time.

Consider it as a snapshot of your business that shows the feasibility of your business idea. An income statement can be generated considering three scenarios: worst, expected, and best.

Your income or P&L statement must list the following:

  • Cost of goods or cost of sale
  • Gross margin
  • Operating expenses
  • Revenue streams
  • EBITDA (Earnings before interest, tax, depreciation , & amortization )

Established businesses can prepare annual income statements, whereas new businesses and startups should consider preparing monthly statements.

Cash flow Statement

A cash flow statement is one of the most critical financial statements for startups that summarize your business’s cash in-and-out flows over a given time.

This section provides details on the cash position of your business and its ability to meet monetary commitments on a timely basis.

Your cash flow projection consists of the following three components:

✅ Cash revenue projection: Here, you must enter each month’s estimated or expected sales figures.

✅ Cash disbursements: List expenditures that you expect to pay in cash for each month over one year.

✅ Cash flow reconciliation: Cash flow reconciliation is a process used to ensure the accuracy of cash flow projections. The adjusted amount is the cash flow balance carried over to the next month.

Furthermore, a company’s cash flow projections can be crucial while assessing liquidity, its ability to generate positive cash flows and pay off debts, and invest in growth initiatives.

Balance Sheet

Your balance sheet is a financial statement that reports your company’s assets, liabilities, and shareholder equity at a given time.

Consider it as a snapshot of what your business owns and owes, as well as the amount invested by the shareholders.

This statement consists of three parts: assets , liabilities, and the balance calculated by the difference between the first two. The final numbers on this sheet reflect the business owner’s equity or value.

Balance sheets follow the following accounting equation with assets on one side and liabilities plus Owner’s equity on the other:

Here is what’s the core purpose of having a balance-sheet:

  • Indicates the capital need of the business
  • It helps to identify the allocation of resources
  • It calculates the requirement of seed money you put up, and
  • How much finance is required?

Since it helps investors understand the condition of your business on a given date, it’s a financial statement you can’t miss out on.

Break-even Analysis

Break-even analysis is a startup or small business accounting practice used to determine when a company, product, or service will become profitable.

For instance, a break-even analysis could help you understand how many candles you need to sell to cover your warehousing and manufacturing costs and start making profits.

Remember, anything you sell beyond the break-even point will result in profit.

You must be aware of your fixed and variable costs to accurately determine your startup’s break-even point.

  • Fixed costs: fixed expenses that stay the same no matter what.
  • Variable costs: expenses that fluctuate over time depending on production or sales.

A break-even point helps you smartly price your goods or services, cover fixed costs, catch missing expenses, and set sales targets while helping investors gain confidence in your business. No brainer—why it’s a key component of your startup’s financial plan.

Having covered all the key elements of a financial plan, let’s discuss how you can create a financial plan for your startup.

How to Create a Financial Section of a Startup Business Plan?

1. determine your financial needs.

You can’t start financial planning without understanding your financial requirements, can you? Get your notepad or simply open a notion doc; it’s time for some critical thinking.

Start by assessing your current situation by—calculating your income, expenses , assets, and liabilities, what the startup costs are, how much you have against them, and how much financing you need.

Assessing your current financial situation and health will help determine how much capital you need for your startup and help plan fundraising activities and outreach.

Furthermore, determining financial needs helps prioritize operational activities and expenses, effectively allocate resources, and increase the viability and sustainability of a business in the long run.

Having learned to determine financial needs, let’s head straight to setting financial goals.

2. Define Your Financial Goals

Setting realistic financial goals is fundamental in preparing an effective financial plan. So, it would help to outline your long-term strategies and goals at the beginning of your financial planning process.

Let’s understand it this way—if you are a SaaS startup pursuing VC financing rounds, you may ask investors about what matters to them the most and prepare your financial plan accordingly.

However, a coffee shop owner seeking a business loan may need to create a plan that appeals to banks, not investors. At the same time, an internal financial plan designed to offer financial direction and resource allocation may not be the same as previous examples, seeing its different use case.

Feeling overwhelmed? Just define your financial goals—you’ll be fine.

You can start by identifying your business KPIs (key performance indicators); it would be an ideal starting point.

3. Choose the Right Financial Planning Tool

Let’s face it—preparing a financial plan using Excel is no joke. One would only use this method if they had all the time in the world.

Having the right financial planning software will simplify and speed up the process and guide you through creating accurate financial forecasts.

Many financial planning software and tools claim to be the ideal solution, but it’s you who will identify and choose a tool that is best for your financial planning needs.

financial management examples business plan

Create a Financial Plan with Upmetrics in no time

Enter your Financial Assumptions, and we’ll calculate your monthly/quarterly and yearly financial projections.

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4. Make Assumptions Before Projecting Financials

Once you have a financial planning tool, you can move forward to the next step— making financial assumptions for your plan based on your company’s current performance and past financial records.

You’re just making predictions about your company’s financial future, so there’s no need to overthink or complicate the process.

You can gather your business’ historical financial data, market trends, and other relevant documents to help create a base for accurate financial projections.

After you have developed rough assumptions and a good understanding of your business finances, you can move forward to the next step—projecting financials.

5. Prepare Realistic Financial Projections

It’s a no-brainer—financial forecasting is the most critical yet challenging aspect of financial planning. However, it’s effortless if you’re using a financial planning software.

Upmetrics’ forecasting feature can help you project financials for up to 7 years. However, new startups usually consider planning for the next five years. Although it can be contradictory considering your financial goals and investor specifications.

Following are the two key aspects of your financial projections:

Revenue Projections

In simple terms, revenue projections help investors determine how much revenue your business plans to generate in years to come.

It generally involves conducting market research, determining pricing strategy , and cash flow analysis—which we’ve already discussed in the previous steps.

The following are the key components of an accurate revenue projection report:

  • Market analysis
  • Sales forecast
  • Pricing strategy
  • Growth assumptions
  • Seasonal variations

This is a critical section for pre-revenue startups, so ensure your projections accurately align with your startup’s financial model and revenue goals.

Expense Projections

Both revenue and expense projections are correlated to each other. As revenue forecasts projected revenue assumptions, expense projections will estimate expenses associated with operating your business.

Accurately estimating your expenses will help in effective cash flow analysis and proper resource allocation.

These are the most common costs to consider while projecting expenses:

  • Fixed costs
  • Variable costs
  • Employee costs or payroll expenses
  • Operational expenses
  • Marketing and advertising expenses
  • Emergency fund

Remember, realistic assumptions, thorough research, and a clear understanding of your market are the key to reliable financial projections.

6. Consider “What if” Scenarios

After you project your financials, it’s time to test your assumptions with what-if analysis, also known as sensitivity analysis.

Using what-if analysis with different scenarios while projecting your financials will increase transparency and help investors better understand your startup’s future with its best, expected, and worst-case scenarios.

Exploring “what-if” scenarios is the best way to better understand the potential risks and opportunities involved in business operations. This proactive exercise will help you make strategic decisions and necessary adjustments to your financial plan.

7. Build a Visual Report

If you’ve closely followed the steps leading to this, you know how to research for financial projections, create a financial plan, and test assumptions using “what-if” scenarios.

Now, we’ll prepare visual reports to present your numbers in a visually appealing and easily digestible format.

Don’t worry—it’s no extra effort. You’ve already made a visual report while creating your financial plan and forecasting financials.

Check the dashboard to see the visual presentation of your projections and reports, and use the necessary financial data, diagrams, and graphs in the final draft of your financial plan.

Here’s what Upmetrics’ dashboard looks like:

Upmetrics financial projections visual report

8. Monitor and Adjust Your Financial Plan

Even though it’s not a primary step in creating a good financial plan, it’s quite essential to regularly monitor and adjust your financial plan to ensure the assumptions you made are still relevant, and you are heading in the right direction.

There are multiple ways to monitor your financial plan.

For instance, you can compare your assumptions with actual results to ensure accurate projections based on metrics like new customers acquired and acquisition costs, net profit, and gross margin.

Consider making necessary adjustments if your assumptions are not resonating with actual numbers.

Also, keep an eye on whether the changes you’ve identified are having the desired effect by monitoring their implementation.

And that was the last step in our financial planning guide. However, it’s not the end. Have a look at this financial plan example.

Startup Financial Plan Example

Having learned about financial planning, let’s quickly discuss a coffee shop startup financial plan example prepared using Upmetrics.

Important Assumptions

  • The sales forecast is conservative and assumes a 5% increase in Year 2 and a 10% in Year 3.
  • The analysis accounts for economic seasonality – wherein some months revenues peak (such as holidays ) and wanes in slower months.
  • The analysis assumes the owner will not withdraw any salary till the 3rd year; at any time it is assumed that the owner’s withdrawal is available at his discretion.
  • Sales are cash basis – nonaccrual accounting
  • Moderate ramp- up in staff over the 5 years forecast
  • Barista salary in the forecast is $36,000 in 2023.
  • In general, most cafes have an 85% gross profit margin
  • In general, most cafes have a 3% net profit margin

Projected Balance Sheet

Projected Balance Sheet

Projected Cash-Flow Statement

Cash-Flow Statement

Projected Profit & Loss Statement

Profit & Loss Statement

Break Even Analysis

Break Even Analysis

Start Preparing Your Financial Plan

We covered everything about financial planning in this guide, didn’t we? Although it doesn’t fulfill our objective to the fullest—we want you to finish your financial plan.

Sounds like a tough job? We have an easy way out for you—Upmetrics’ financial forecasting feature. Simply enter your financial assumptions, and let it do the rest.

So what are you waiting for? Try Upmetrics and create your financial plan in a snap.

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Frequently Asked Questions

How often should i update my financial projections.

Well, there is no particular rule about it. However, reviewing and updating your financial plan once a year is considered an ideal practice as it ensures that the financial aspirations you started and the projections you made are still relevant.

How do I estimate startup costs accurately?

You can estimate your startup costs by identifying and factoring various one-time, recurring, and hidden expenses. However, using a financial forecasting tool like Upmetrics will ensure accurate costs while speeding up the process.

What financial ratios should startups pay attention to?

Here’s a list of financial ratios every startup owner should keep an eye on:

  • Net profit margin
  • Current ratio
  • Quick ratio
  • Working capital
  • Return on equity
  • Debt-to-equity ratio
  • Return on assets
  • Debt-to-asset ratio

What are the 3 different scenarios in scenario analysis?

As discussed earlier, Scenario analysis is the process of ascertaining and analyzing possible events that can occur in the future. Startups or businesses often consider analyzing these three scenarios:

  • base-case (expected) scenario
  • Worst-case scenario
  • best case scenario.

About the Author

financial management examples business plan

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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Financial Management Explained: Scope, Objectives & Importance

financial management

In business, financial management is the practice of handling a company’s finances in a way that allows it to be successful and compliant with regulations. That takes both a high-level plan and boots-on-the-ground execution.

What Is Financial Management?

At its core, financial management is the practice of making a business plan and then ensuring all departments stay on track. Solid financial management enables the CFO or VP of finance to provide data that supports creation of a long-range vision, informs decisions on where to invest, and yields insights on how to fund those investments, liquidity, profitability, cash runway and more.

ERP software can help finance teams achieve these goals: A financial management system combines several financial functions, such as accounting, fixed-asset management, revenue recognition and payment processing. By integrating these key components, a financial management system ensures real-time visibility into the financial state of a company while facilitating day-to-day operations, like period-end close processes.

Video: What Is Financial Management?

Objectives of Financial Management

Building on those pillars, financial managers help their companies in a variety of ways, including but not limited to:

  • Maximizing profits: Provide insights on, for example, rising costs of raw materials that might trigger an increase in the cost of goods sold.
  • Tracking liquidity and cash flow: Ensure the company has enough money on hand to meet its obligations.
  • Ensuring compliance: Keep up with state, federal and industry-specific regulations.
  • Developing financial scenarios: These are based on the business’ current state and forecasts that assume a wide range of outcomes based on possible market conditions.
  • Manage relationships: Dealing effectively with investors and the boards of directors .

Ultimately, it’s about applying effective management principles to the company’s financial structure.

Scope of Financial Management

Financial management encompasses four major areas:

The financial manager projects how much money the company will need in order to maintain positive cash flow, allocate funds to grow or add new products or services and cope with unexpected events, and shares that information with business colleagues.

Planning may be broken down into categories including capital expenses, T&E and workforce and indirect and operational expenses.

The financial manager allocates the company’s available funds to meet costs, such as mortgages or rents, salaries, raw materials, employee T&E and other obligations. Ideally there will be some left to put aside for emergencies and to fund new business opportunities.

Companies generally have a master budget and may have separate sub documents covering, for example, cash flow and operations; budgets may be static or flexible .

Static vs. Flexible Budgeting

Managing and assessing risk.

Line-of-business executives look to their financial managers to assess and provide compensating controls for a variety of risks, including:

Affects the business’ investments as well as, for public companies, reporting and stock performance. May also reflect financial risk particular to the industry, such as a pandemic affecting restaurants or the shift of retail to a direct-to-consumer model .

The effects of, for example, customers not paying their invoices on time and thus the business not having funds to meet obligations, which may adversely affect creditworthiness and valuation, which dictates ability to borrow at favorable rates .

Finance teams must track current cash flow, estimate future cash needs and be prepared to free up working capital as needed.

This is a catch-all category, and one new to some finance teams. It may include, for example, the risk of a cyber-attack and whether to purchase cybersecurity insurance , what disaster recovery and business continuity plans are in place and what crisis management practices are triggered if a senior executive is accused of fraud or misconduct.

The financial manager sets procedures regarding how the finance team will process and distribute financial data, like invoices, payments and reports, with security and accuracy. These written procedures also outline who is responsible for making financial decisions at the company — and who signs off on those decisions.

Companies don’t need to start from scratch; there are policy and procedure templates available for a variety of organization types, such as this one for nonprofits.

Functions of Financial Management

More practically, a financial manager’s activities in the above areas revolve around planning and forecasting and controlling expenditures.

The FP&A function includes issuing P&L statements, analyzing which product lines or services have the highest profit margin or contribute the most to net profitability, maintaining the budget and forecasting the company’s future financial performance and scenario planning.

Managing cash flow is also key. The financial manager must make sure there’s enough cash on hand for day-to-day operations, like paying workers and purchasing raw materials for production. This involves overseeing cash as it flows both in and out of the business, a practice called cash management.

Along with cash management, financial management includes revenue recognition, or reporting the company’s revenue according to standard accounting principles. Balancing accounts receivable turnover ratios is a key part of strategic cash conservation and management. This may sound simple, but it isn’t always: At some companies, customers might pay months after receiving your service. At what point do you consider that money “yours” — and report the good news to investors?

Finally, managing financial controls involves analyzing how the company is performing financially compared with its plans and budgets. Methods for doing this include financial ratio analysis, in which the financial manager compares line items on the company’s financial statements.

Strategic vs. Tactical Financial Management

On a tactical level, financial management procedures govern how you process daily transactions, perform the monthly financial close, compare actual spending to what’s budgeted and ensure you meet auditor and tax requirements.

On a more strategic level, financial management feeds into vital FP&A (financial planning and analysis) and visioning activities, where finance leaders use data to help line-of-business colleagues plan future investments, spot opportunities and build resilient companies.

Importance of Financial Management

Solid financial management provides the foundation for three pillars of sound fiscal governance:


Identifying what needs to happen financially for the company to achieve its short- and long-term goals. Leaders need insights into current performance for scenario planning , for example.


Helping business leaders decide the best way to execute on plans by providing up-to-date financial reports and data on relevant KPIs.


Ensuring each department is contributing to the vision and operating within budget and in alignment with strategy.

With effective financial management, all employees know where the company is headed, and they have visibility into progress.

What Are the Three Types of Financial Management?

The functions above can be grouped into three broader types of financial management:

Capital budgeting

Relates to identifying what needs to happen financially for the company to achieve its short- and long-term goals. Where should capital funds be expended to support growth ?

Capital structure

Determine how to pay for operations and/or growth. If interest rates are low, taking on debt might be the best answer. A company might also seek funding from a private equity firm , consider selling assets like real estate or, where applicable, selling equity.

Working capital management

As discussed above, is making sure there’s enough cash on hand for day-to-day operations, like paying workers and purchasing raw materials for production.

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What Is an Example of Financial Management?

We’ve covered some examples of financial management in the “functions” section above. Now, let’s cover how they all work together:

Say the CEO of a toothpaste company wants to introduce a new product: toothbrushes. She’ll call on her team to estimate the cost of producing the toothbrushes and the financial manager to determine where those funds should come from — for example, a bank loan.

The financial manager will acquire those funds and ensure they’re allocated to manufacture toothbrushes in the most cost-effective way possible. Assuming the toothbrushes sell well, the financial manager will gather data to help the management team decide whether to put the profits toward producing more toothbrushes, start a line of mouthwashes, pay a dividend to shareholders or take some other action.

Throughout the process, the financial manager will ensure the company has enough cash on hand to pay the new workers producing the toothbrushes. She’ll also analyze whether the company is spending and generating as much money as she estimated when she budgeted for the project.

NetSuite: Financial Management for Startups and Beyond

At the outset, financial management responsibilities within a startup include making and sticking to a budget that aligns with the business plan, evaluating what to do with profits and making sure your bills get paid and that customers pay you.

Financial management gets more complicated as the company grows and adds finance and accounting contractors or staffers. You must ensure your employees get paid with accurate deductions, properly file taxes and financial statements, and watch for errors and fraud.

This all circles back to our opening discussion of balancing strategic and tactical. By building a plan, you can answer the big questions: Are our goods and services profitable? Can we afford to launch a new product or make that hire? What might the coming 12 to 18 months bring for the business? Solid financial management provides the systems and processes to answer those questions.

Financial management challenges can be daunting for both startups and growing businesses. This is where NetSuite's financial management software comes into play. With its comprehensive, cloud-based solutions, NetSuite ensures that your financial data is accurate, up-to-date, and accessible anytime, anywhere.

From automating complex financial processes to offering real-time visibility into performance, NetSuite is the go-to solution for businesses aiming for seamless integration and efficient financial operations. As your company expands, NetSuite scales with you, ensuring you have the right tools to make informed strategic decisions at every stage. Make the smart choice for your business's financial future with NetSuite.

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Strategic Financial Management: Definition, Benefits, and Example

financial management examples business plan

Investopedia / Dennis Madamba

What Is Strategic Financial Management?

Strategic financial management means not only managing a company's finances but managing them with the intention to succeed—that is, to attain the company's long-term goals and objectives and maximize shareholder value over time.

Key Takeaways

  • Strategic financial management is about creating profits for the business over the long run.
  • It seeks to maximize return on investment for stakeholders.
  • This differs from tactical management, which looks to seize near-term opportunities.
  • A financial plan is strategic and focuses on long-term gain. 
  • Strategic financial planning varies by company, industry, and sector.

Understanding Strategic Financial Management

Strategic financial management is about creating profit for the business and ensuring an acceptable return on investment (ROI). Financial management is accomplished through business financial plans, setting up financial controls, and financial decision-making.

Before a company can manage itself strategically, it first needs to define its objectives precisely, identify and quantify its available and potential resources, and devise a specific plan to use its finances and other capital resources toward achieving its goals.

Strategic management also involves understanding and properly controlling, allocating, and obtaining a company's assets and liabilities, including monitoring operational financing items like expenditures, revenues, accounts receivable and payable, cash flow, and profitability.

Strategic financial management encompasses furthermore involves continuous evaluating, planning, and adjusting to keep the company focused and on track toward long-term goals. When a company is managing strategically, it deals with short-term issues on an ad hoc basis in ways that do not derail its long-term vision.

Strategic financial management includes assessing and managing a company's capital structure, the mix of debt and equity finance employed, to ensure a company's long-term solvency.

Strategic Versus Tactical Financial Management

The term "strategic" refers to financial management practices that are focused on long-term success, as opposed to "tactical" management decisions, which relate to short-term positioning. If a company is being strategic instead of tactical, it makes financial decisions based on what it thinks would achieve results ultimately—that is, in the future—which implies that to realize those results, a firm sometimes must tolerate losses in the present.

"Strategic" management focuses on long-term success and "tactical" management relates to short-term positioning.

Part of effective strategic financial management thus may involve sacrificing or readjusting short-term goals in order to attain the company's long-term objectives more efficiently. For example, if a company suffered a net loss for the previous year, then it may choose to reduce its asset base through closing facilities or reducing staff, thereby decreasing its operating expenses. Taking such steps may result in restructuring costs or other one-time items that negatively affect the company's finances further in the short term, but which position the company better to succeed in the long term.

These short-term versus long-term tradeoffs often need to be made with various stakeholders in mind. For instance, shareholders of public companies may discipline management for decisions that negatively affect a company's share price in the short term, even though the long-term health of the company becomes more solid by the same decisions.

The Elements of Strategic Financial Management

A company will apply strategic financial management throughout its organizational operations, which involves designing elements that will maximize the firm's financial resources and use them efficiently. Here a firm needs to be creative, as there is no one-size-fits-all approach to strategic management, and each company will devise elements that reflect its own particular needs and goals. However, some of the more common elements of strategic financial management could include the following.

  • Define objectives precisely.
  • Identify and quantify available and potential resources.
  • Write a specific business financial plan.
  • Help the company function with financial efficiency, and reduce waste.
  • Identify areas that incur the most operating costs, or exceed the budgeted cost.
  • Ensure sufficient liquidity to cover operating expenses without tapping external resources.
  • Uncover areas where a firm may invest earnings to achieve goals more effectively.

Managing and Assessing Risk

  • Identify, analyze, and mitigate uncertainty in investment decisions.
  • Evaluate the potential for financial exposure; examine capital expenditures (CapEx) and workplace policies.
  • Employ risk metrics such as degree of operating leverage calculations, standard deviation, and value-at-risk (VaR) strategies.

Establishing Ongoing Procedures

  • Collect and analyze data.
  • Make financial decisions that are consistent.
  • Track and analyze variance—that is, differences between budgeted and actual results.
  • Identify problems and take appropriate corrective actions.

Strategies Based on Industry

Just as financial management strategies will vary from company to company, they also can differ according to industry and sector .

Firms that operate in fast-growing industries—like information technology or technical services—would want to choose strategies that cite their goals for growth and specify movement in a positive direction. Their objectives, for example, might include launching a new product or increasing gross revenue within the next 12 months.

On the other hand, companies in slow-growing industries—like sugar manufacturing or coal-power production—could choose objectives that focus on protecting their assets and managing expenses, such as reducing administrative costs by a certain percentage.

What Are the Benefits of Strategic Management?

Having a long-term focus helps a company maintain its goals, even as short-term rough patches or opportunities come and go. As a result, strategic management helps keep a firm profitable and stable by sticking to its long-run plan. Strategic management not only sets company targets but sets guidelines for achieving those objectives even as challenges appear along the way.

What Is the Scope of Strategic Financial Management?

Strategic management can encompass all aspects of a firm's long-term objectives. Financial management often plays a key role in this, which involves cost reduction, risk management, and budgeting.

What Is the Ultimate Objective of Strategic Financial Management?

The goal of strategic financial management is to ensure that long-term goals are properly planned for and ultimately met.

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Your Business Financial Plan

What is financial management.

If you own or manage a business, you need a strong business financial plan to be successful. What is financial management ? Review a financial statement example and learn about financial ratios, such as profitability and liquidity ratios. Understanding your business financials will help you to better manage your business.

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For example, without a plan and without regular financial statements related to how you are doing compared to your plan, you can quickly overspend, underperform and go out of business.

Personally, one of my least-favorite, business-related, things to work on is building a business financial plan because I like to focus on the sales and operations of the business (however I very much like reading positive financial plans and results!).

I think that's probably true for many small business owners (unless you have a real love for numbers).

Financial management is about creating profit for the business, managing cash, and ensuring an acceptable return on investment. Financial management is accomplished through business financial plans, setting up financial controls, and financial decision making (where to spend capital and is the return worth the risk?).

If you are not comfortable with financial statements, review an industry-related public company (by law, they have to publish their annual reports) and use the statements as your financial statement example or benchmark.

Are you tracking, or not, their growth and success (or failure)? Line item by line item - review their income statements and balance sheets and compare on a relative scale to your own statements.

I have learned how to read financial statements, by comparing my statements to industry financial statement examples. I've found that benchmarking my business to other businesses helps particularly when those statements show me how well my business is doing, or will do in the future (a projection or forecast plan) or show me how badly I'm doing in comparison to other businesses.

Note: I am not an accountant.

I am a business person who has had to gain an understanding of financial statements and learn how to write (and manage) business financial plans to succeed.

Many business owners work with bookkeepers and accountants (rather than do the books themselves) this is a good idea, particularly if that area is not your specialty, but you still need to make sure that you have a good understanding of your business' finances and how to plan and manage them effectively.

In other words, comparing to a financial statement example is a good benchmarking technique for extremes (the good and/or the bad) but not so good for the in-between.

However, whether or not you like them, you have to develop an understanding of financial statements to successfully manage your business. If you haven't already done so (that is, if you're wanting to start up a new business or add a new product or product line, or manage your business growth), you will need to build a business financial plan.

Understanding financial statements, from a cash flow projection, to a balance sheet, to an income statement requires an understanding of what they mean, why they are important to your business, and how to do them.

Even if you personally are not preparing your financial statements (you can have your accountant do that inside your business, or contract that work outside your business), you need to understand how to read financial statements because you need to know which direction your business is headed (up or down).

Your business plan outline needs to include your financial plan; amongst the many other plan components you will need to write and manage.

What does a Business Financial Plan include?

This depends on what you are doing with it. First, if your plan is to obtain financing, typically you will need to do a 5 year projection. If it's for your own small business plan purposes, project at least 2 years forward.

Your financial plan must include:

An actual income statement for the previous year (if applicable, not applicable if you're a startup) and a projection for the period of the plan;

Your balance sheet (a statement of assets and liabilities) - again an actual if applicable, and then a projection for the period of the plan;

Your cash flow actual for the past year, and a cash flow projection for the period under review; some businesses also run a separate working capital management plan - show actual and projected.

This is very important to do carefully - many businesses go under because they under-estimate the cash drain of the business. For example,what happens if a significant number of your customers (your receivables to an accountant) go from paying in 30 days to paying in 60 days? Do you have the cash reserves to handle that possibility?

Your financial ratios : these ratios primarily relate to four areas: liquidity ratios, profitability (such as gross profit margin) , efficiency, and solvency.

Document Your Plan:

When you develop your business financial plan, do it online if possible (it is much easier to update) and in a spreadsheet format. Use your existing financials (if you are not a startup) and/or your projected financials as the base year. Include a summary or a discussion on how you arrived at the numbers in your financial plan. And be sure to include notes at the end of the plan. (Note: this documentation helps you to understand your assumptions and helps you to better manage to your plan.)

As a small business owner, learn to build your financial plan, learn to keep it up-to-date, making it part of your overall strategic plan . Then focus on managing your business to your plan.

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For more timely and regular monthly information on managing your small business, please subscribe here., additional reading:.

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Implement your plan: for results.

Once you've built your plan, you need to implement it.

Developing your strategy (in the plan) is the first, necessary, step. You need to know the direction you want to go, and you need the strategy and the plan to help you get there.

But once you've built the plan, you must execute it.

There is no value in building a plan that just gathers dust.

When building your business plan, make sure that you include an action plan for the strategies, techniques and tactics.

The actions need to include who's responsible for doing what; measurements for success (such as deadlines and timelines, targets and goals, costs, etc.); and why you need to take the action (in some cases, one action needs to be accomplished before subsequent ones can be launched).

As you work through the plan, make sure that you build reporting periods into the implementation: you need to know what's going on and why something is working, or not.

Make sure to communicate progress, or lack of it, throughout the organization. And re-visit the plan when and where necessary.

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Focus on Your Plan

Plan for the future: lots of business owners want to get, or keep, moving forward. Planning seems to be more of a passive activity.

However, to ensure that your business goes in the right direction and that it optimizes all its opportunities, and manages its challenges, it is important to plan.

Balance your activities against the plan: make sure that you are investing your time, and money, on the elements of your business that will help you succeed.

Measure what works, and what doesn't work, and keep your focus: use your business plan as a map to guide you in the direction you want to go.

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The Strategy Story

Financial Strategy: Full Explanation with Examples

financial management examples business plan

What is a Financial strategy?

A financial strategy refers to a business or individual’s approach to managing and using financial resources to achieve goals. It is an important part of the overall business strategy. It involves planning and decision-making related to investment, budgeting, fundraising, cost management, forecasting future financial scenarios, and managing financial risks.

The main objectives of a financial strategy are typically to increase shareholder value, secure the Company’s financial stability, and ensure the availability of funds for future growth or to deal with unpredicted situations.

Key components of a financial strategy might include:

  • Investment strategy : Deciding what to invest in (equipment, personnel, research, development, etc.), when, and how much to invest. It can also refer to investment in financial assets, like stocks or bonds. Investment Strategy: Explained with Types and Examples
  • Financing strategy : Determining how to raise the capital needed for investment, whether through equity (like selling company shares), debt (like loans or bonds), or internally generated cash flow. How to make a Financing strategy: Explained with a case study
  • Risk management strategy : Identifying financial risks that the Company faces (like exchange rate risk, interest rate risk, or credit risk) and deciding how to mitigate them, typically through financial instruments like derivatives or operational changes. Risk Management Strategy in Finance: Explained with an Example  
  • Cash flow management strategy : Managing the Company’s cash flow to ensure there is always enough cash available to meet its immediate needs, like payroll or debt payments. Cash flow management Strategy: Full Explanation  
  • Capital structure strategy : Deciding what mix of equity and debt the company should have. This affects the risk and return of the Company and its valuation. Business Capital Structure  
  • Dividend policy : Determining how much of the Company’s earnings should be paid out to shareholders as dividends and how much should be retained for reinvestment in the Company. Dividend Policy: Meaning | Types | Factor Affecting | Examples  

Remember, a well-designed financial strategy should align with the Company’s broader business goals and strategies, considering internal factors (like financial health, risk tolerance, and operational needs) and external factors (like market conditions, industry trends, and regulatory environment).

By the way, here is a course that will help you stand out in the world of strategy. The Strategic Thinking program for CxO by Cambridge Judge Business School maps your competitive advantage and teaches advanced techniques to formulate, evaluate, and execute winning strategies. Generate winning strategies and learn how to renew them in times of crisis for a competitive advantage.

How to make a financial strategy?

Creating a financial strategy is a multi-step process involving a deep understanding of the Company’s financial situation and business goals. Here are the steps to creating a financial strategy:

  • Set clear goals : This is the first and perhaps the most crucial step. It involves identifying what the organization or individual wants to achieve financially. This could range from expanding the business, launching a new product, or improving financial stability. These goals should align with the broader business strategy.
  • Understand your current financial situation : Analyze your current financial statements, including income statements, balance sheets, and cash flow statements. Assess your assets, liabilities, revenues, expenses, and cash flows to understand your financial standing.
  • Forecast future scenarios : Based on historical data and expected market trends, project your future income, expenses, and cash flows. This can help you anticipate future financial needs and challenges.
  • Identify investment needs and sources of capital : Based on your goals and forecasts, determine how much capital you will need and where you will invest it. Then, decide where this capital will come from, whether internal cash flows, debt, equity, or a combination.
  • Manage financial risks : Identify the key financial risks you face, such as exchange rate risk, interest rate risk, or credit risk. Determine how you will mitigate these risks through financial instruments or operational changes.
  • Create a budget : Based on the above steps, create a detailed budget that outlines your expected income and expenses. This will serve as a guide for your financial decision-making.
  • Monitor and revise your strategy : Implement your strategy and monitor your financial performance regularly to ensure that you are on track to meet your goals. Adjust your strategy if your actual performance deviates from your plan or your business environment changes.

Creating a financial strategy is not a one-time task but an ongoing planning, implementation, and review process. It requires financial knowledge, strategic thinking, and careful management. It’s often beneficial to involve financial professionals in this process, either from within your organization or as external consultants.

By the way, to communicate our strategy effectively within the team, we all need a robust collaboration platform. Miro is the leading visual collaboration platform. Build anything together on Miro. It’s free and as easy to use as a whiteboard , but endlessly more powerful. Do use the Miro platform for strong communication within your team.

Examples of financial strategy

A financial strategy can take various forms depending on a business’s goals, needs, and circumstances. Here are some hypothetical examples:

  • Tech Start-up’s Financial Strategy : A tech start-up might set a goal to develop and launch a new product within two years. To do so, it decides to invest heavily in research and development. Given the high upfront costs and uncertain short-term revenue, the Company might choose to fund these investments through venture capital. It plans to prioritize growth over profitability in the short term, expecting that this strategy will maximize its value in the long term.
  • Manufacturing Company’s Financial Strategy : A manufacturing company might set a goal to expand its operations by opening a new factory. It decides to fund this expansion partly through internal cash flows and partly through a bank loan. The Company plans to manage the risk of this new debt by maintaining a conservative cash flow management strategy, ensuring it always has enough cash to make its debt payments.
  • Retail Business’s Financial Strategy : A retail business might aim to improve its financial stability by reducing its debt. It chooses to do this by cutting costs, increasing prices, and using excess cash flows to repay its loans early. It might also decide to hedge its interest rate risk by switching from variable-rate to fixed-rate debt.
  • Individual’s Financial Strategy : A personal financial strategy might involve an individual setting a goal to retire comfortably at age 60. To achieve this, they might invest a portion of their income in a diversified portfolio of stocks and bonds. They also might decide to purchase life and health insurance to manage the risk of unexpected costs. As they get closer to retirement, they gradually plan to shift their investments from riskier stocks to safer bonds.

These strategies are tailored to the entity’s specific goals, resources, and risk tolerance. The specific tactics used in each strategy (like raising venture capital, taking on debt, hedging risks, or investing in stocks and bonds) can be used in different ways to support different strategies. It’s the combination of these tactics with clear goals that form a coherent financial strategy.

Case study on a financial strategy

Let’s consider a case study of Apple Inc.’s financial strategy:

Apple Inc. is well known for its strong financial strategy. A key aspect of Apple’s financial strategy has been its effective use of capital to generate shareholder value.

Capital Allocation : Apple’s cash flow from operating activities for the twelve months ending Sep ’22 was $24.977 bn. This reserve provides Apple with financial flexibility and security, allowing it to invest in research and development, acquisitions, and other strategic opportunities as they arise.

Shareholder Returns : Apple has consistently returned a significant portion of its profits to shareholders. Since initiating its capital return program in 2012,  Apple has returned over $573 billion to shareholders through dividends and share repurchases . Share repurchases, in particular, have been a key part of Apple’s strategy. By repurchasing its own shares, Apple reduces the number of shares outstanding, which increases earnings per share and can lead to a higher stock price.

Investments and Acquisitions : While Apple is known for its conservative approach to acquisitions, the Company has used its strong balance sheet to make strategic purchases that support its product and service portfolio. This includes the acquisition of companies like LuxVue (for display technologies), Turi (for machine learning), and Anobit (for flash storage), among others.

Debt Financing : Apple has also strategically used debt despite its large cash reserves. The Company started issuing bonds in 2013 to help fund its capital return program, taking advantage of low-interest rates to borrow at a lower cost than repatriating overseas earnings would have incurred (prior to U.S. tax law changes in 2017). As of September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal amount of $111.8 billion (collectively the “Notes”), with $11.1 billion payable within 12 months.

Risk Management : Apple manages financial risk through various methods, including using derivatives to hedge against foreign exchange risk and commodity price risk.

This case study illustrates how Apple’s financial strategy supports its business goals and creates shareholder value. The Company’s strategic use of capital — through a combination of capital returns, strategic investments, debt financing, and risk management — has played a key role in its financial success.

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Access our collection of user-friendly templates for business planning, finance, sales, marketing, and management, designed to assist you in developing strategies for either launching a new business venture or expanding an existing one.

You can use the templates below as a starting point to create your startup business plan or map out how you will expand your existing business. Then meet with a  SCORE mentor to get expert business planning advice and feedback on your business plan.

If writing a full business plan seems overwhelming, start with a one-page Business Model Canvas. Developed by Founder and CEO of Strategyzer, Alexander Osterwalder, it can be used to easily document your business concept.

Download this template to fill out the nine squares focusing on the different building blocks of any business:

  • Value Proposition
  • Customer Segments
  • Customer Relationships
  • Key Activities
  • Key Resources
  • Key Partners
  • Cost Structure
  • Revenue Streams

For help completing the Business Model Canvas Template, contact a SCORE business mentor for guidance

From creating a startup budget to managing cash flow for a growing business, keeping tabs on your business’s finances is essential to success. The templates below will help you monitor and manage your business’s financial situation, create financial projections and seek financing to start or grow your business.

This interactive calculator allows you to provide inputs and see a full estimated repayment schedule to plan your capital needs and cash flow.

A 12-month profit and loss projection, also known as an income statement or statement of earnings, provides a detailed overview of your financial performance over a one-year period. This projection helps you anticipate future financial outcomes by estimating monthly income and expenses, which facilitates informed decision-making and strategic planning. 

If you’re trying to get a loan from a bank, they may ask you for a personal financial statement. You can use this free, downloadable template to document your assets, liabilities and net worth. 

A Personal Financial Statement is a

Marketing helps your business build brand awareness, attract customers and create customer loyalty. Use these templates to forecast sales, develop your marketing strategy and map out your marketing budget and plan.

How healthy is your business? Are you missing out on potential growth opportunities or ignoring areas of weakness? Do you need to hire employees to reach your goals? The following templates will help you assess the state of your business and accomplish important management tasks.

Whether you are starting your business or established and looking to grow, our Business Healthcheck Tool will provide practical information and guidance.

Learn how having a SCORE mentor can be a valuable asset for your business. A SCORE mentor can provide guidance and support in various areas of business, including finance, marketing, and strategy. They can help you navigate challenges and make important decisions based on their expertise and experience. By seeking out a SCORE mentor, you can gain the guidance and support you need to help grow your business and achieve success.

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What Is Financial Planning & Analysis? Definition, Process & Examples 

financial management examples business plan

What is Financial Planning & Analysis (FP&A)?  At its core, FP&A is a holistic approach to strategic financial management.  The approach includes planning, budgeting, forecasting and analysis to secure a company’s health and growth trajectory.  FP&A combines financial data, operational data and market insights to provide a systematic view of the company’s current and future financial health. 

FP&A requires a deep understanding of the operational dynamics of the business, relevant industry trends and the broader economic landscape.  Serving as the architects of financial strategy, FP&A professionals craft detailed plans aligned with the company’s long-term goals and objectives.  How?  By providing a bridge between the raw data of day-to-day business operations and the strategic insights needed by senior management to make pivotal decisions. 

The FP&A team typically reports to the CFO.  In turn, the CFO seeks to better understand the current state of the company’s financial position and predict future revenue, expenses, profits and cash flows through data.  CFOs therefore often invest in dedicated FP&A software to aid in FP&A analysis. 

Why is FP&A so important? What does process entail, and how does it work in action? Keep reading to find out (and to check out some of our industry examples). 

The Strategic Importance of FP&A 

FP&A’s strategic importance cannot be overstated.  In today’s volatile and competitive business environment, the ability to plan effectively, anticipate future financial challenges and navigate strategic decisions with confidence is critical.  FP&A provides the foundation for this capability; it offers a comprehensive and forward-looking view of the company’s financial health.  Ultimately, FP&A enables businesses to be proactive rather than reactive, positioning them for sustainable growth and success. 

What Is the FP&A Process? 

FP&A aims to answer important financial business questions.  Below are just some of the key questions FP&A teams seek to answer throughout the process: 

  • What is our breakeven point? 
  • If revenue declines by 10%, will the company still be profitable? 
  • What are the financial forecasts for the next year/quarter, and how do they align with strategic goals? 
  • How do currency fluctuations, interest rate changes and other external economic factors affect financial performance? 
  • What impact will an acquisition or divestiture have on the bottom line? 
  • Should we raise debt or equity financing? 
  • What is the path forward for AI/ML Finance Transformation? 

To address these complicated, organization-defining questions, FP&A uses 5 core steps to create comprehensive financial plans and analyses. Typically, these steps come after the long-range planning (LRP) and the annual operating plan (AOP) process.  

  • Strategic Planning:   The journey of FP&A begins with strategic planning , through which the overarching organizational goals and ambitions are set.  As a crucial first step, this stage defines the direction and scope of all subsequent financial planning and analysis efforts.  Strategic planning thus involves high-level collaboration with various departments to ensure the financial strategy aligns with operational capabilities and market realities. 
  • Budgeting and Forecasting:  Central to FP&A is the dual process of budgeting and forecasting .  Budgeting involves tactically allocating resources based on the strategic plan to set financial targets for revenues, expenses and capital expenditures.  Acting as a financial blueprint, budgeting guides spending and investment decisions over a specific period.  Forecasting, on the other hand, extends the vision further into the future using historical data, market analysis and economic indicators to predict financial outcomes.  Providing a dynamic view of the company’s financial trajectory, forecasting allows for adjustments in strategy in response to changing market conditions or internal factors. 
  • Financial Modeling and Analysis:  Financial modeling is another cornerstone of FP&A, providing a framework for analyzing the financial implications of various strategic decisions and scenarios.  Through models, FP&A professionals can simulate the impact of different strategies, market conditions and operational changes on the company’s financial performance.  This analysis supports risk assessment and thus helps companies mitigate potential financial setbacks and capitalize on opportunities. 
  • Variance Analysis and Performance Measurement:  An essential aspect of FP&A is the ongoing analysis of the company’s financial performance against organizational plans and forecasts.  Through identifying discrepancies between actual results and budgeted or forecasted figures, variance analysis offers insights into why these discrepancies occurred.  This continuous evaluation process helps companies refine financial strategies, optimize performance and achieve strategic goals more effectively. 
  • Reporting and Decision Support:   FP&A culminates in the synthesis and presentation of financial insights to senior management and stakeholders.  This stage involves the preparation of detailed reports, dashboards and presentations that highlight key financial metrics, trends and analysis.  By providing a concise view of the company’s financial status and outlook, this step supports strategic decision-making and ensures all stakeholders are aligned with the financial objectives. 

Examples of Financial Planning & Analysis in Action 

To illustrate the real-world application and importance of FP&A, let’s explore a few examples across different industries: 

  • Technology Startup:   For a fast-growing tech startup, FP&A might focus on cash flow forecasting and burn rate analysis.  FP&A essentially predicts when the company will need additional funding.  By doing so, the process helps the startup plan for capital raising activities and strategically manage its growth trajectory. 
  • Manufacturing Company:  For a manufacturing company, FP&A plays a critical role in capital budgeting and cost control.  FP&A essentially analyzes the financial viability of investing in new machinery or entering a new market.  By doing so, the process helps the company efficiently allocate resources and maximize ROI. 
  • Retail Chain:   For a retail chain, FP&A is crucial in inventory management and sales forecasting.  FP&A essentially analyzes sales trends and market demand.  By doing so, the process enables the company to optimize inventory levels, reduce holding costs and plan for seasonal fluctuations. 
  • Healthcare Provider:   For the healthcare sector, FP&A might focus on revenue cycle management and profitability analysis by service line.  This process helps the provider understand where to focus efforts to improve financial performance and patient care. 


What is Financial Planning & Analysis?  As the post above establishes, FP&A is an indispensable business partner and function that helps organizations navigate uncertainty, capitalize on opportunities and mitigate risks.  FP&A combines strategic insight with financial acumen, giving FP&A professionals a way to empower companies to make informed decisions and drive sustainable growth.  As businesses continue to operate in increasingly complex and volatile environments, the role of FP&A will only grow in importance. 

Learn More 

Looking to get started with FP&A? Check out our ebook called “ Budgeting, Planning and Forecasting .” No form fill required!  

Get Started With a Personal Demo

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Essential requirements in crafting a one-page financial advisor business plan.

August 17, 2015 07:01 am 21 Comments CATEGORY: Practice Management

Executive Summary

In a world where most advisory firms are relatively small businesses, having a formal business plan is a remarkably rare occurrence. For most advisors, they can “keep track” of the business in their head, making the process of creating a formal business plan on paper to seem unnecessary.

Yet the reality is that crafting a business plan is about more than just setting some business goals to pursue. Like financial planning, the process of thinking through the plan is still valuable, regardless of whether the final document at the end gets put to use. In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.

So what should the (one-page) financial advisor business plan actually cover? As the included sample template shows, there are six key areas to define for the business: who will it serve, what will you do for them, how will you reach them, how will you know if it’s working, where will you focus your time, and what must you do to strengthen (or build) the foundation to make it possible? Ideally, this should be accompanied by a second page to the business plan, which includes a budget or financial projection of the key revenue and expense areas of the business, to affirm that it is a financially viable plan (and what the financial goals really are!).

And in fact, because one of the virtues of a financial advisor business plan is the accountability it can create, advisors should not only craft the plan, but share it – with coaches and colleagues, and even with prospective or current clients. Doing so becomes an opportunity to not only to get feedback and constructive criticism about the goals, but in the process of articulating a clear plan for the business, the vetting process can also be a means to talk about the business and who it will serve, creating referral opportunities in the process!

Michael Kitces

Author: Michael Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth , which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners , a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network , AdvicePay , fpPathfinder , and New Planner Recruiting , the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website , dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Why A Business Plan Matters For Financial Advisors

There’s no end to the number of articles and even entire books that have been written about how to craft a business plan , yet in practice I find that remarkably few financial advisors have ever created any kind of formal (written or unwritten) business plan. Given that the overwhelming majority of financial advisors essentially operate as solo practitioners or small partnerships, this perhaps isn’t entirely surprising – when you can keep track of the entire business in your head in the first place, is there really much value to going through a formal process of crafting a financial advisor business plan?

Having been a part of the creation and growth of numerous businesses , I have to admit that my answer to “does a[n individual] financial advisor really need a business plan?” is a resounding yes . But not because you’re just trying to figure out what the basics of your business will be, which you may well have “figured out” in your head (or as the business grows, perhaps figured out in conversations with your partner). The reason a business plan matters is all about focus , and the ability to keep focus in proceeding towards your core objectives, and accountable to achieving them, even in a dynamic real-world environment full of distractions.

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As the famous military saying goes, “ no battle plan ever survives contact with the enemy ”, because the outcomes of battle contact itself change the context, and it’s almost impossible to predict what exactly will come next. Nonetheless, crafting a battle plan in advance is a standard for military leadership. Because even if the plan will change as it’s being executed, having a clearly articulated objective allows everyone, even (and especially) in the heat of battle, to keep progressing towards a common agreed-upon goal. In other words, the objective stated in the battle plan provides a common point of focus for everyone to move towards, even as the (battle) landscape shifts around them. And the business plan serves the exact same role within a business.

Essential Elements Required In A Financial Advisor Business Plan

PDF Image Of One Page Financial Advisor Business Plan Template In Word or PDF

Because the reality is that in business – as in battle? – the real world will not likely conform perfectly to an extensively crafted business (or battle) plan written in advance, I am not a fan of crafting an extensively detailed business plan, especially for new advisors just getting started, or even a ‘typical’ solo advisory firm. While it’s valuable to think through all the elements in depth – the process of thinking through a business plan is part of what helps to crystallize the key goals to work towards – as with financial planning itself, the process of planning can actually be more valuable than “the plan” that is written out at the end .

Accordingly, for most financial advisors trying to figure out how to write a business plan, I’m an advocate of crafting a form of “one-page business plan” that captures the essential elements of the business, and provides direction about where to focus, especially focus the time of the advisor-owner in particular. In other words, the purpose for a financial advisor business plan is simply to give clear marching orders towards a clear objective, with clear metrics about what is trying to be achieved along the way, so you know where to focus your own time and energy!

Of course, the reality is that what constitutes the most important goals for an advisory firm – as well as the challenges it must surmount – will vary a lot, depending not just on the nature of the firm, but simply on its size, scope, and business stage. Financial advisors just getting started launching a new RIA face very different business and growth issues than a solo advisor who has been operating for several years but now hit a “wall” in the business , and the challenges of a solo advisor are different than those of a larger firm with multiple partners who need to find alignment in their common business goals. Nonetheless, the core essential elements that any business plan is required to cover are remarkably similar.

Requirements For An Effective Financial Advisor Business Plan

While there are many areas that can potentially be covered, the six core elements that must be considered as the template for a financial advisor business plan are:

6 Required Elements Of A (One Page) Business Plan For Financial Advisors 1) Who will you serve? This is the most basic question of all, but more complex than it may seem at first. The easy answer is “anyone who will pay me”, but in practice I find that one of the most common reasons a new advisor fails is that their initial outreach is so unfocused, there’s absolutely no possibility to gain any momentum over time. In the past, when you could cold-call your way to success by just trying to pump your products on every person who answered the phone until you found a buyer, this might have been feasible. But if you want to get paid for your advice itself, you need to be able to demonstrate your expertise. And since you can’t possibly be an expert at everything for everyone, you have to pick someone for whom you will become a bona fide specialist (which also provides crucial differentiation from other advisors the potential client might choose to work with instead ). In other words, you need to choose what type of niche clientele you’re going to target to differentiate yourself. And notably, this problem isn’t unique to new advisors; many established advisors ultimately hit a wall in their business, in part because it’s so time-consuming trying to be everything to everyone, that they reach their personal capacity in serving clients earlier than they ‘should’. Focusing on a particular clientele – to the point that you can anticipate all of their problems and issues in advance – allows the business to be radically more efficient. So who, really , do you want to serve? 2) What will you do for them? Once you’ve chosen who you will serve, the next task is to figure out what you will actually do for them – in other words, what services will you deliver. The reason it’s necessary to first figure out who you will serve, is that the nature of your target niche clientele may well dictate what kind of services you’re going to provide them; in fact, part of the process of identifying and refining your niche in the first place should be to interview a number of people in your niche , and really find out what they want and need that’s important to them (not just the standard ‘comprehensive financial plan’ that too many advisors deliver in the same undifferentiated manner ). For instance, if you’re really serious about targeting retirees, you might not only provide comprehensive financial planning, but investment management services (for their retirement portfolios), a specific retirement income distribution strategy, assistance with long-term care insurance, and guidance on enrolling in Medicare and making decisions about the timing of when to start Social Security benefits . On the other hand, if you hope to work with entrepreneurs, you might need to form relationships with attorneys and accountants who can help facilitate creating new business entities, and your business model should probably be on a retainer basis, as charging for assets under management may be difficult (as entrepreneurs tend to plow their dollars back into their businesses!). If your goal is to work with new doctors, on the other hand, your advice will probably focus more on career guidance, working down a potential mountain of student debt, and cash flow/budgeting strategies. Ultimately, these adjustments will help to formulate the ongoing client service calendar you might craft to articulate what you’ll do with clients (especially if you plan to work with them on an ongoing basis), and the exact business model of how you’ll get paid (Insurance commissions? Investment commissions? AUM fees? Annual retainers? Monthly retainers ? Hourly fees?). 3) How will you reach them? Once you’ve decided who you want to reach, and what you will do for them, it’s time to figure out how you will reach them – in other words, what will be your process for finding prospective clients you might be able to work with? If you’re targeting a particular niche, who are the centers of influence you want to build relationships with? What publications do they read, where you could write? What conferences do they attend, where you might speak? What organizations are they involved with, where you might also volunteer and get involved? If you’re going to utilize an inbound marketing digital strategy as an advisor , what are the topics you can write about that would draw interest and organic search traffic, and what giveaway will you provide in order to get them to sign up for your mailing list so you can continue to drip market to them? In today’s competitive world, it’s not enough to just launch a firm, hang your (virtual) shingle, and wait for people to walk in off the street or call your office. You need to have a plan about how you will get out there to get started! 4) How will you know if it’s working? Once you’ve set a goal for who you want to serve, what you want to do for them, and how you will reach them, it’s time to figure out how to measure whether it’s working. The caveat for most financial advisory businesses, though, is that measuring outcomes is tough because of the small sample size – in a world where you might have to reach out to dozens of strangers just to find a dozen prospects, and then meet with all those prospects just to get a client or two, it’s hard to tell whether a strategy that nets one extra client in a quarter was really a “better strategy” or just random good luck that won’t repeat. As a result, in practice it’s often better to measure activity than results , especially as a newer advisory firm. In other words, if you think you’ll have to meet 10 Centers Of Influence (COIs) to get introductions to 30 prospects to get 3 clients, then measure whether you’re meeting your activity goals of 10 COIs and 30 prospect meetings, and not necessarily whether you got 2, 3, or 4 clients out of the last stint of efforts. Not that you shouldn’t ultimately have results-oriented goals of clients and revenue as well, but activity is often the easier and more salient item to measure, whether it’s phone calls made, articles written, subscribers added to your drip marketing list, prospect meetings, COI introductions, or something else. So when you’re defining the goals of your business plan, be certain you’re setting both goals for the results you want to achieve, and the key performance indicator (KPI) measures you want to evaluate to regarding your activities along the way? 5) Where will you focus your time in the business? When an advisory firm is getting started, the role of the advisor-as-business-owner is to do “everything” – as the saying goes, you’re both the chief cook and the bottle washer . However, the reality is that the quickest way to failure in an advisory firm is to get so caught up on doing “everything” that you fail to focus on the essential activities necessary to really move the business forward (that’s the whole reason for having a plan to define what those activities are, and a measure to determine whether you’re succeeding at them!). Though in truth, the challenge of needing to focus where you spend your time in the business never ends – as a business grows and evolves, so too does the role of the advisor-owner as the leader, which often means that wherever you spent your time and effort to get your business to this point is not where you need to focus it to keep moving forward from here. From gathering clients as an advisor to learning to transition clients to another advisor, from being responsible for the firm’s business development to hiring a marketing manager, from making investment decisions and executing trades to hiring an investment analyst and trader. By making a proactive decision about where you will spend your time, and also deliberately deciding what you will stop doing, it also becomes feasible to determine what other resources you may need to support you, in order to ensure you’re always spending your time focused on whatever is your highest and best use. In addition, the process can also reveal gaps where you may need to invest into and improve yourself, to take on the responsibilities you haven’t in the past but need to excel at to move forward from here. 6) How must you strengthen the foundation? The point of this section is not about what you must do to achieve the goals you’ve set, but what else needs to be done in the business in order to maximize your ability to make those business goals a reality. In other words, if you’re going to focus your time on its highest and best use in the business, what foundation to you need to support you to make that happen? If you’re a startup advisory firm, what business entity do you need to create, what are the tools/technology you’ll need to launch your firm , and what licensing/registrations must you complete? Will you operate with a ‘traditional’ office or from a home office , or run an entirely virtual “location-independent” advisory firm ? What are the expenses you’re budgeting to operate the business? If you’re an advisor who’s hit a growth wall , what are the essential hire(s) you’ll make in the near future where/how else will you reinvest to get over the wall and keep moving forward? At the most basic level, the key point here is that if you’re going to execute on this business plan to move the business forward from here, you need a sound foundation to build upon – so what do you need to do to shore up your foundation, so you can keep building? But remember, the goal here is to do what is necessary to move forward, not everything ; as with so much in the business, waiting until perfection may mean nothing gets done at all.

Creating A Budget And Financial Projections For Your Advisory Business

In addition to crafting a (one-page) financial planner business plan, the second step to your business planning process should be crafting a budget or financial projection for your business for the upcoming year (or possibly out 2-3 years).

Key areas to cover in budget projections for a financial advisory firm are:

Revenue - What are the revenue source(s) of your business, and realistically what revenue can you grow in the coming year(s)? - If you have several types of revenue, what are you goals and targets for each? How many hourly clients? How much in retainers? How much in AUM fees? What commission-based products do you plan to sell, and in what amounts? Expenses - What are the core expenses to operate the business on an ongoing basis? (E.g., ongoing salary or office space overhead, core technology you need to operate the business, etc.) - What are the one-time expenses you may need to contend with this year? (Whether start-up expenses to launch your advisory firm , new hires to add, significant one-time projects to complete, etc.)

An ongoing advisory firm may project out for the next 1-3 years, while a newer advisors firm may even prefer a more granular month-by-month budget projection to have regular targets to assess.

Ultimately, the purpose of the budgeting process here is two-fold. The first reason for doing so is simply to have an understanding of the prospective expenses to operate the business, so you can understand if you do hit your goals, what the potential income and profits of the business will be (and/or whether you need to make any changes, if the business projections aren’t viable!). The second reason is that by setting a budget, for both expenses and revenue, you not only set targets for what you will spend in the business to track on track, but you have revenue goals to be held accountable to in trying to assess whether the business is succeeding as planned.

Vetting Your Business Plan By Soliciting Constructive Criticism And Feedback

The last essential step of crafting an effective financial planner business plan is to vet it – by soliciting feedback and constructive criticism about the gaps and holes. Are there aspects of the financial projections that seem unrealistic? Is the target of who the business will serve narrow and specific enough to be differentiated, such that the person you’re talking to would clearly know who is appropriate to refer to you? Are the services that will be offered truly unique and relevant to that target clientele, and priced in a manner that’s realistically affordable and valuable to them?

In terms of who should help to vet your financial advisor business plan, most seem to get their plan vetted by talking to a business coach or consultant to assess the plan. While that’s certainly a reasonable path, another option is actually to take the business plan to fellow advisors to vet, particularly if you’re part of an advisor study (or “mastermind”) group ; the reason is that not only do fellow advisors have an intimate understanding of the business and potential challenges, but if their target clientele is different than yours, it becomes an opportunity to explain what you do and create the potential for future referrals! In other words, “asking for advice on your business plan” also becomes a great opportunity to “tell you about who I work with in my business that you could refer to me” as well! (In fact, one of the great virtues of a clearly defined niche practice as an advisor is that you can generate referrals from other advisors who have a different niche than yours !)

Similarly, the reality is that another great potential source for feedback about your business plan are Centers of Influence already in your niche in the first place. While you might not share with your potential clients the details of your business financial projections (which is why I advocate that those be separate from the one-page business plan), the essential aspects of the business plan – who you will serve, what you will provide them, how you will charge, and how you will try to reach them – is an area that the target clientele themselves may be best positioned to provide constructive feedback. And in the process, once again you’ll effectively be explaining exactly what your niche business does to target clientele who could either do business with you directly, or refer business to you , even as you’re asking for their advice about how to make the business better (to serve people just like them!). So whether it’s people you’re not yet doing business with but want to, or an existing client advisory board with whom you want to go deeper, vetting your plan with prospective and current clients is an excellent opportunity to talk about and promote your business, even as you’re going through the process of refining it and making it better!

And notably, the other benefit of vetting your business plan with others – whether it’s a coach, colleague, prospects, or clients – is that the process of talking through the business plan and goals with them also implicitly commits to them that you plan to act on the plan and really do what’s there. In turn, what this means is that once you’ve publicly and openly committed to the business plan with them, it’s now fair game for them to ask you how it’s going, and whether you’re achieving the goals you set forth for yourself in the plan – an essential point of accountability to help you ensure that you’re following through on and executing the business plan you’ve created!

So what do you think? Have you ever created a formal business plan for yourself? If you have, what worked for you – a longer plan, or a shorter one? If you haven’t created a business plan for yourself, why not? Do you think the kind of one-page financial advisor business plan template articulated here would help? Have you checked out our financial advisor business plan sample template  for yourself? Do you have a financial advisor business plan example you're willing to share in the comments below?

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How To Write A Basic Business Plan

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Creating a successful business starts with a strong plan. Regardless of your experience level, learning how to write a basic business plan is essential to mapping out your company's path to success. With a clearly defined plan, you can identify potential challenges, set goals, and create a roadmap for growth.

Business plans can be incredibly beneficial for entrepreneurs in any stage of their business venture. Whether you're just starting out or seeking funding to expand, a well-crafted business plan can serve as a roadmap for success. Not only does it provide direction for your business, but it can also help you identify potential roadblocks, set realistic goals, and track your progress over time.

A well-written business plan can help potential investors or lenders understand your business model , mission, and strategies, making it easier for them to provide the resources you need to grow your business. So, if you're looking for a tool to help ensure your business's success, consider crafting a comprehensive and engaging business plan.

Your business plan doesn't become obsolete once your business is up and running. In fact, your business plan can continue to guide your decision-making even after your doors are open. Your plan serves as a blueprint for success and can remind you of your original goals and objectives.

By referring back to your business plan, you can ensure that your decisions align with your overall mission and vision for your company. With a solid business plan in place, you can keep your business on track and ensure that you continue to achieve your goals as your business grows and evolves.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, business plan basics.

At its core, a business plan is a written description of your company's future. It outlines what you plan to do and how you plan to do it.

Here is what you typically find in a basic business plan:

1. Executive Summary

A snapshot of your business plan as a whole, touching on your company’s profile, mission, and the main points of your plan. Think of it as an elevator pitch that presents your company's profile and core mission in a concise yet engaging manner.

2. Company Description

A more detailed look at your business goals, and what sets it apart in the marketplace. It is imperative to stand out from the competition to succeed, so list your differentiators and how you add value.

3. Market Analysis

It involves delving into your industry, identifying potential customers, and analyzing your competition to develop a strong understanding of the market. By garnering this knowledge, you can tailor your marketing and sales strategies to better meet the needs of your target audience.

4. Organization and Management

Your business's legal structure, organizational structure, and product or service life cycle. By keeping a close eye on your organization and management, you can ensure that your business is positioned for success in the long term.

5. Marketing and Sales Strategy

How you plan to attract and retain customers. It's not enough to simply offer a great product or service, you need to be able to effectively communicate your value proposition to your target audience.

6. Funding Request

If you are seeking funding, how much you need and what it will be used for. Securing funding can be a crucial component to kickstarting your business ventures.

7. Financial Projections

Projecting your profits, losses, and cash flow helps you plan in advance and make informed decisions. By crunching the numbers and analyzing past data, you can estimate future earnings and get a better understanding of your company's financial health.

8. Appendix

This is where you can include any additional information, such as resumes, permits, leases, and other legal documentation.

The bottom line is that a well-crafted business plan not only provides direction and structure but also helps you articulate your vision and goals. With a clear understanding of your target audience, competition, and financial projections, you're better equipped to make informed decisions and navigate the complexities of running a business. Ultimately, a business plan is an investment in your success, and it's essential for building a viable business.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business . She is the founder of She Means Profit, which is a podcast and blog . As a Finance Strategist for small business owners, Melissa helps successful business owners increase their profit margins so that they keep more money in their pocket and increase their net worth.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

Melissa Houston

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4 tips financial planners are always giving solopreneurs and small-business owners

  • Solo business owners face unique challenges in managing business finances.
  • Starting simple and delegating tasks are important skills to help owners stay organized.
  • Building a community with other solopreneurs allows owners to share resources and collaborate.
  • This article is part of " Unlocking Small Business Success ," a series providing micro businesses with a road map to growth.

Insider Today

There's no single path to achieving success as a solopreneur. Rachael Camp knows this better than anyone.

Camp, a certified financial planner , had to take on the roles of accountant, salesperson, and bookkeeper when starting her business in 2022. "It just felt overwhelming not knowing what to do, when to do it, and feeling like things were constantly falling through the cracks," she said.

Those lessons played a part in the founding of Camp Wealth , a financial-planning service dedicated to helping other solopreneurs and high earners find success.

Starting a small business can be daunting. From figuring out day-to-day expenses to choosing retirement accounts , it can feel impossible to operate the behind-the-scenes parts of a company while still building a profit — especially when you’re a solo business owner or leader of a micro business.

Here are four tips for managing finances when starting as a solopreneur or building a micro business.

Start simple 

Many of Camp's clients come to her overwhelmed with how to get their business off the ground, she said. Their first step, she said, should be to get organized and figure out the basics. 

“Typically, when we get started, it's just getting organized and getting everything separated,” Camp said. 

Separating personal and business accounts is an important first step for micro-business owners because it can reduce legal risk and liability come tax season, Camp added. Splitting up accounts can also be beneficial in accessing tax benefits or building rewards on business credit cards . For example, while a home-office setup has the potential to be deducted as a business expense, something like a car with both business and personal uses can be more complicated. She recommended owners consult with financial professionals for advice on the costs of starting a company.

Kathryn Knighton, the director of customer experience at Collective , a financial-management platform designed to help “businesses of one” with services including bookkeeping and accounting , told Business Insider that starting a business organized also helps owners understand their options. 

Many owners come to Collective looking for assurance on the “right” way to start or for help understanding popular social-media business trends, Knighton said. “You don't know what you don't know,” she added. “So a lot of what we end up doing is educating folks on their options.” 

Knighton and Camp added that social media could be the root of misinformation on things such as LLC formation and tax breaks. They said it’s important to research, speak with financial experts, and start simple before making big decisions. 

“Make sure you're profitable first before you really worry about optimizing everything,” Camp added.

Build in necessary expenses 

Solopreneurs often operate all aspects of their business — building a product, dealing with customers, and keeping track of finances. 

“Something a lot of folks don't realize is you’re the person for everything,” Knighton said.

She and Camp said building in expenses during the early stages of a business for financial matters could help reduce stress around tax season. Camp tells her clients that stashing 30% of their revenue into a separate savings account is a good rule of thumb to prepare for taxes.

But micro-business leaders don’t have to manage their finances alone. Camp told BI that building in expenses for financial and bookkeeping services, for example, was worth the up-front cost. “A lot of people try to DIY it and do it themselves to save money, and I often find that that ends up costing them more in the end,” she said. “You don't want to mess with exposing yourself to a lot of liability.”

It's important to recognize which business tasks are too complex to do in-house, Camp said. Hiring an accountant, for example, can help reduce complications down the line, she added. 

Outsource when useful

Knighton said the most approachable way for owners to delegate was to identify places where they could provide the most value for their business and which tasks could be done by someone else. 

“Taking inventory so that you can still enjoy what you're doing, rather than being bogged down by the business side of your business, can make you feel more engaged and still use those creative avenues to bring joy,” she said. 

Business owners should also be mindful of how they go about outsourcing these services , Camp added. Working with financial planners and accountants part time or freelance is usually more feasible than hiring full-time employees. 

Camp said these resources could help solo business owners build their teams and stay organized without losing money. “You can actually start filling these roles on a part-time basis, and it's way more affordable to do it that way,” she said.

Build a support system 

Knighton said finding a community of other solopreneurs or small-business owners could be one of the most helpful ways to get financial advice. Many people who pivot from a traditional career, she said, are used to having a support system in their job — coworkers, managers, and human resources. 

“You can easily slip into this lonely world of being a solopreneur,” Knighton said. Local chambers of commerce and the Small Business Administration often hold virtual and in-person events on small-business ownership where owners can share skills and connect. Knighton said these events could help solopreneurs gain confidence and grow their skill sets.

“There are people doing this successfully,” she said. “There are avenues for partnerships and collaboration.”

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Sample Property Management Business Plan Property Management Business Plan Template

Writing a business plan is a crucial step in starting a property management business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring property management business owners, having access to a sample property management business plan can be especially helpful in providing direction and gaining insight into how to draft their own property management business plan.

Download our Ultimate Property Management Business Plan Template

Having a thorough business plan in place is critical for any successful property management venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A property management business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The property management business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your property management as Growthink’s Ultimate Property Management Business Plan Template , but it can help you write a property management business plan of your own.

Example – AssetGuard Properties

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

AssetGuard Properties is a forward-thinking property management company based in Tulsa, Oklahoma, dedicated to providing top-tier property management services. Our mission is to simplify the property management process for our clients while enhancing the value and profitability of their real estate assets. We specialize in managing residential properties, offering a comprehensive suite of services designed to meet the unique needs of property owners and tenants alike. Our focus on technology and customer service sets us apart in the industry, ensuring efficient operations and high satisfaction rates among clients and tenants. By leveraging our expertise and innovative approaches, we aim to become a leader in the property management sector in Tulsa and beyond.

Our success is built on a foundation of key factors and accomplishments. Firstly, our in-depth understanding of the Tulsa real estate market allows us to provide tailored advice and services to our clients. The implementation of cutting-edge technology for property management has significantly increased our operational efficiency and customer satisfaction. Additionally, our team’s expertise in marketing and customer service has helped us quickly build a robust portfolio of properties. We have established strong relationships with local vendors and contractors, ensuring cost-effective maintenance and repair services. Our proactive approach to obtaining necessary licenses and certifications has positioned us favorably within regulatory frameworks, setting the stage for a successful launch and sustained growth.

The property management industry is experiencing significant growth, driven by increasing demand for residential rental properties and the complexities of managing these assets. The trend towards professional management services among property owners who seek to maximize profitability while minimizing hassles is a key growth driver. In Tulsa, Oklahoma, this trend is mirrored by a robust real estate market with a growing inventory of rental properties. The industry’s competitive landscape is shaped by both large-scale companies and smaller, localized firms offering property management services. AssetGuard Properties is well-positioned to capitalize on these industry dynamics through our focus on customer service, technology integration, and local market expertise.

Our target customers are property owners and investors in the Tulsa area who own one or more residential rental properties. These clients range from individual property owners to real estate investment groups seeking professional management services to optimize their property’s profitability and minimize operational hassles. Our customer analysis has identified a demand for property management services that provide value through efficient operations, effective tenant management, and strategic marketing to keep occupancy rates high. AssetGuard Properties addresses these needs by offering comprehensive management solutions tailored to the unique requirements of each client, ensuring their investment properties are well-managed and profitable.

Top Competitors: PropertyManagePro, RealEstateGuardians, TulsaPropertyMasters.

Competitive Advantages: AssetGuard Properties distinguishes itself through a strong emphasis on technology and customer service, enabling more efficient property management and higher satisfaction among clients and tenants. Our deep understanding of the Tulsa market and our ability to build strong relationships with local vendors also provide us with an edge in offering cost-effective and quality services.

Our marketing plan focuses on highlighting our comprehensive property management services, competitive pricing, and the value we bring to property owners and investors. We offer a range of services from tenant screening to maintenance, all tailored to meet the diverse needs of our clients, ensuring their properties are well-maintained and profitable. Pricing is structured competitively to offer great value while ensuring our services’ sustainability. Promotional strategies include a strategic marketing campaign leveraging both digital (social media, SEO, targeted online ads) and traditional advertising mediums (local newspapers, property investment seminars) to build brand awareness in Tulsa. By demonstrating our expertise and value proposition, we aim to attract and retain a growing base of satisfied clients.

Our operations plan outlines key processes and milestones critical to our success. This includes obtaining all necessary licenses and certifications, launching our business with a strong marketing campaign, and building a portfolio of managed properties. We will implement efficient property management systems and software for seamless operations, recruit and train a skilled team, and strive to achieve a positive cash flow. Milestones include reaching $15,000/month in revenue and establishing strong local vendor relationships. Regularly reviewing and adjusting our business strategy based on performance and market trends will ensure our sustained growth and success in the property management industry.

Our management team comprises seasoned professionals with extensive experience in property management, real estate, and customer service. This diverse expertise ensures that all aspects of our business, from operational efficiency to client relations, are managed with the highest standards of professionalism and integrity. Our team’s leadership is dedicated to fostering a culture of innovation, accountability, and continuous improvement, driving AssetGuard Properties towards achieving its goals and setting new benchmarks in the property management industry.

Welcome to AssetGuard Properties, a new Property Management company serving customers in Tulsa, OK. As a local business, we’re proud to fill the gap in high-quality property management services within the area. Our commitment to excellence and understanding of the local market sets us apart, ensuring that our clients receive the best possible service.

At AssetGuard Properties, our range of services is designed to meet all your property management needs. This includes Property Marketing and Advertising to ensure your property gets the visibility it deserves, Tenant Screening and Placement to find reliable tenants, Rent Collection and Financial Management to streamline your income, Property Maintenance and Repairs to keep your investment in top condition, and Lease Agreement Management to ensure all legalities are properly handled. Our comprehensive services are tailored to maximize your property’s potential while minimizing your stress.

Our base in Tulsa, OK, positions us perfectly to serve local customers with an understanding and appreciation of the community. This local insight enhances our ability to manage properties effectively and respond promptly to both property owners and tenants’ needs.

AssetGuard Properties stands out as a leader in the property management industry for several reasons. Firstly, our founder brings valuable experience from successfully running a property management business, ensuring that we’re built on a foundation of proven strategies and insights. Secondly, our commitment to offering better services than our competition means that we’re always striving to innovate and improve, ensuring our clients receive unparalleled service.

Since our establishment on January 7, 2024, as a Sole Proprietorship, we’ve made significant strides in building our brand. Our achievements include the creation of a distinctive logo, the development of our company name, and securing a prime location for our operations. These accomplishments mark the beginning of our journey towards becoming the leading property management service in Tulsa, OK.

The Property Management industry in the United States is a thriving sector, with a current market size estimated to be around $88 billion. This industry encompasses a wide range of services, including residential and commercial property management, real estate asset management, and maintenance services.

Market research indicates that the Property Management industry is expected to experience steady growth in the coming years. By 2025, the market size is projected to reach $116 billion, driven by factors such as increasing urbanization, growing demand for rental properties, and the rise of property management technology solutions.

Recent trends in the Property Management industry, such as the adoption of cloud-based property management software, the focus on sustainability and energy efficiency in property management practices, and the increasing demand for professional property management services, bode well for AssetGuard Properties. As a new player in the market serving customers in Tulsa, OK, AssetGuard Properties is well-positioned to capitalize on these trends and establish a strong presence in the industry.

Below is a description of our target customers and their core needs.

Target Customers

AssetGuard Properties will target a diverse range of customers, with a primary focus on local residents in need of property management services. This segment includes homeowners who are seeking to rent out their properties but lack the time or expertise to manage them effectively. These customers will benefit from AssetGuard’s comprehensive management solutions, which are designed to maximize rental income while minimizing the hassle and time commitment for property owners.

The company will also cater to real estate investors who own multiple properties or are looking to expand their portfolios within Tulsa. Recognizing the unique needs of this customer segment, AssetGuard Properties will tailor their services to support investors in optimizing the performance of their rental properties. This includes offering market analysis, tenant placement, and maintenance services, all of which will be crucial for investors aiming to achieve high occupancy rates and return on investment.

Another important customer segment for AssetGuard Properties consists of tenants looking for rental properties. By maintaining a portfolio of well-managed and appealing properties, AssetGuard will attract tenants seeking quality rentals in the Tulsa area. The company will ensure tenant satisfaction through responsive customer service and efficient handling of maintenance requests, therefore building a loyal tenant base that contributes to the stability and profitability of the managed properties.

Customer Needs

AssetGuard Properties caters to the needs of residents who prioritize high-quality property management services. These individuals expect responsive and effective management that can promptly address any issues that arise, ensuring their living experience remains comfortable and hassle-free. This includes everything from regular maintenance to emergency repairs, all handled with professionalism and care.

Moreover, AssetGuard Properties understands the importance of clear communication and transparency between property managers and residents. Customers can expect regular updates regarding any changes or developments concerning their residence. This commitment to open dialogue builds trust and ensures that residents are always informed and involved in the management of their homes.

In addition to the basics, AssetGuard Properties also recognizes the evolving needs of modern residents. This includes the integration of technology in property management, offering digital solutions for payment processing, service requests, and communication. Such conveniences cater to the lifestyle of today’s renters, who expect efficiency and modern amenities in their living environments.

AssetGuard Properties’s competitors include the following companies:

Sunstone Property Management offers comprehensive property management services tailored to both residential and commercial properties. Their services range from tenant screening and leasing to maintenance and financial reporting. Sunstone Property Management operates primarily in the Tulsa, OK area, focusing on high-quality residential units and commercial spaces. The company structures its pricing based on the property type and services required, offering competitive rates that appeal to property owners looking for value and quality. Sunstone is known for its efficient use of technology in property management, which enhances communication with property owners and tenants. However, their specialization in high-end properties may limit their appeal to a broader market segment.

Bates & Assoc Realty specializes in real estate sales and property management services, including marketing properties, tenant placement, rent collection, and property maintenance. They cater to residential properties, with a strong presence in the Tulsa, OK region. Their pricing model is competitive, offering tiered services to meet different property owners’ needs. Bates & Assoc Realty generates significant revenue from both property management fees and real estate transactions, indicating a robust and diverse business model. The company boasts a strong local market knowledge, giving them an edge in property valuation and marketing. Nevertheless, their focus on real estate sales alongside property management could dilute their focus and potentially affect the quality of property management services.

PMI Green Country provides a wide array of property management solutions that include residential, commercial, and association management. Their services encompass all aspects of property management, from tenant screening and leasing to maintenance and beyond. PMI Green Country serves the Tulsa, OK area, and its surroundings, catering to a diverse clientele that includes single-family homes, apartment complexes, and commercial properties. They offer a flexible pricing model that adjusts to the size and complexity of the property being managed, making them accessible to a wide range of property owners. PMI Green Country is part of a larger national franchise, which gives them access to a vast network of resources and expertise in property management. However, being part of a national franchise might limit their ability to customize services to the unique needs of the Tulsa market.

Competitive Advantages

At AssetGuard Properties, we pride ourselves on delivering unparalleled property management services, setting us apart from the competition. Our approach is deeply rooted in understanding the unique needs of each property owner and tenant, allowing us to tailor our services for optimal satisfaction. We leverage the latest technology to streamline operations, from maintenance requests to rent collection, ensuring efficiency and convenience for all parties involved. This commitment to excellence and innovation in service delivery not only enhances the value of the properties we manage but also fosters a sense of trust and reliability among our clients.

Furthermore, our team comprises seasoned professionals with extensive knowledge and experience in the real estate and property management industry. This expertise enables us to offer insightful advice and strategic solutions that maximize returns and minimize risks for property owners. Additionally, our strong local presence in Tulsa, OK, equips us with an in-depth understanding of the market dynamics, allowing us to position properties advantageously. By choosing AssetGuard Properties, clients can expect a partnership that not only elevates their property management experience but also contributes significantly to their investment’s success. Our dedication to excellence, combined with our competitive edge in service quality and market intelligence, makes us the preferred choice for property management needs.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

At AssetGuard Properties, we understand the value of your real estate investment and the importance of maintaining its integrity and profitability. We offer a comprehensive suite of property management services designed to alleviate the burden from property owners, ensuring their assets are well-managed and lucrative. Our services cater to all aspects of property management, from marketing and tenant placement to maintenance and financial oversight.

Our Property Marketing and Advertising service ensures your property doesn’t stay vacant for long. We employ a blend of traditional and digital marketing strategies to attract a wide pool of potential tenants. By showcasing your property in its best light, we aim to secure reliable tenants swiftly. This service is priced at an average of $250, which includes listing your property on top real estate websites, social media platforms, and conducting open houses.

Tenant Screening and Placement is another critical service we offer. Finding the right tenant is paramount to a stress-free property management experience. Our comprehensive screening process includes background checks, credit checks, employment verification, and previous landlord references. This rigorous process ensures that only the most qualified tenants occupy your property. For this invaluable peace of mind, our clients can expect to invest around $100 per tenant screening.

Rent Collection and Financial Management are essential to maintaining the cash flow of your investment. We provide a streamlined process for tenants to pay their rent, reducing late payments and ensuring consistent revenue. Additionally, we offer detailed financial reporting for property owners, including income statements and expense reports. This service is available for an average fee of 8-10% of the monthly rent collected, ensuring that your financial interests are expertly managed.

Property Maintenance and Repairs are inevitable in property management. Our goal is to preserve the value of your property through regular maintenance and prompt, efficient repair work when necessary. We have established relationships with trusted contractors and service providers to ensure quality work at competitive prices. The cost for this service varies depending on the nature of the maintenance or repair but expect to pay a management fee of 10-15% on top of the actual repair costs.

Lastly, Lease Agreement Management is vital to ensure that the terms of the lease are upheld by both parties. We handle everything from lease drafting to enforcement, including renewals and terminations. Our expertise in local real estate laws ensures that your lease agreements are comprehensive and compliant. This service is offered at a flat rate of $200 per lease agreement, providing peace of mind that all legal and procedural bases are covered.

At AssetGuard Properties, we pride ourselves on being a full-service property management solution that meets the diverse needs of property owners in Tulsa, OK. Our competitive pricing, combined with our commitment to excellence, makes us the ideal partner for your property management needs.

Promotions Plan

AssetGuard Properties harnesses the power of online marketing to attract customers, utilizing a multifaceted approach to ensure visibility and engagement. The company will deploy a robust digital marketing strategy, incorporating search engine optimization (SEO) to improve their website’s ranking on search engine results pages. This ensures that when potential customers in Tulsa, OK, search for property management services, AssetGuard Properties appears prominently.

Social media platforms will also play a crucial role in their promotional efforts. AssetGuard Properties will create and maintain active profiles on major social networks, including Facebook, Instagram, and LinkedIn. Through these channels, the company will share valuable content, property listings, and customer testimonials to build a community and engage directly with potential clients. Paid advertising campaigns on these platforms will target specific demographics, ensuring that promotional materials reach those most likely to require property management services.

Email marketing campaigns will further bolster AssetGuard Properties’ promotional activities. By gathering email addresses through their website and social media channels, the company will send out newsletters, special offers, and updates about new listings or services. This direct line of communication will keep the company top-of-mind for current and potential clients.

Beyond digital efforts, AssetGuard Properties will engage in local community events and sponsorships. Participation in local fairs, property expos, and community gatherings will increase brand visibility and allow for face-to-face interaction with potential customers. Sponsorship of local sports teams or events can also enhance their reputation as a community-oriented business.

Referral programs will incentivize existing clients to refer friends and family, creating a word-of-mouth marketing channel that can be highly effective in building trust and expanding the customer base. Offering discounts or other benefits for successful referrals will motivate current clients to share their positive experiences with others.

In summary, AssetGuard Properties will employ a comprehensive promotional strategy that combines online marketing with community engagement and referral programs. By leveraging the power of SEO, social media, email marketing, local events, and referral incentives, AssetGuard Properties aims to attract and retain customers in Tulsa, OK, establishing itself as a leading property management service in the area.

Our Operations Plan details:

  • The key day-to-day processes that our business performs to serve our customers
  • The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of AssetGuard Properties, there are several key day-to-day operational processes that we will perform.

  • Maintain open and effective communication channels with property owners and tenants to address any concerns, requests, or feedback in a timely manner.
  • Conduct regular inspections of managed properties to ensure they are in good condition and comply with local housing standards and regulations.
  • Coordinate maintenance and repair work by hiring and overseeing reliable contractors, ensuring that work is completed satisfactorily and within budget.
  • Manage financial operations, including rent collection, payment of bills and taxes, and generating monthly financial reports for property owners.
  • Advertise and market vacant properties through various channels to minimize vacancy periods and attract suitable tenants.
  • Screen potential tenants by conducting background and credit checks to ensure they meet the rental criteria.
  • Handle lease agreements, renewals, and terminations, ensuring all documentation is accurate and legally compliant.
  • Provide exceptional customer service to both property owners and tenants to build and maintain positive relationships.
  • Stay informed about local real estate market trends and property laws to offer knowledgeable advice and services to clients.
  • Implement efficient property management software to streamline operations, from tenant screening to maintenance requests and financial reporting.

AssetGuard Properties expects to complete the following milestones in the coming months in order to ensure its success:

  • Obtain Necessary Licenses and Certifications : Secure all required local, state, and federal licenses for operating a property management business in Tulsa, OK. This includes any specific property management or real estate broker licenses that may be required by Oklahoma law.
  • Launch Our Property Management Business : Officially launch AssetGuard Properties with a strategic marketing campaign to build awareness in the Tulsa area. This includes developing a strong brand identity, creating an engaging website, and utilizing social media and local advertising to reach potential clients.
  • Build a Robust Property Portfolio : Acquire a portfolio of properties to manage that will generate consistent revenue. This involves networking with property owners, real estate agents, and investors to showcase the value AssetGuard Properties can bring to their investments.
  • Implement Efficient Operational Systems : Develop and implement efficient property management systems and software that will allow for effective management of properties, including tenant screening, lease management, maintenance requests, and financial reporting. This will ensure high customer satisfaction and operational efficiency.
  • Hire and Train Qualified Staff : Recruit and train a team of professionals with expertise in property management, customer service, and maintenance. This ensures that all properties are managed effectively and that tenants and property owners receive high-quality service.
  • Achieve a Positive Cash Flow : Focus on reaching operational efficiency and financial stability by achieving a positive cash flow. This involves managing expenses carefully while growing the revenue base by increasing the number of managed properties and possibly adjusting the fee structure to remain competitive yet profitable.
  • Get to $15,000/Month in Revenue : Implement strategies to grow monthly revenue to at least $15,000. This could involve expanding the property portfolio, optimizing the fee structure for services provided, and seeking additional revenue streams related to property management such as maintenance and renovation services.
  • Establish Strong Relationships with Local Vendors and Contractors : Build a network of reliable and cost-effective local vendors and contractors for maintenance and repair services. This will help in managing operational costs effectively and ensuring quick and quality service to the managed properties.
  • Implement a Customer Feedback Loop : Develop a system for collecting and analyzing feedback from both property owners and tenants. Use this feedback to continually improve service offerings and customer satisfaction, which in turn will help in retaining clients and attracting new ones through positive word-of-mouth.
  • Review and Adjust Business Strategy : Regularly review the business performance against set goals and industry trends. Be prepared to adjust the business strategy, marketing efforts, and operational processes based on performance data, customer feedback, and changing market conditions to ensure sustained growth and success.

AssetGuard Properties management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Kaylee Richardson, CEO

Kaylee Richardson, CEO, brings a wealth of experience to AssetGuard Properties, underpinned by a proven track record in the property management sector. With an entrepreneurial spirit, Kaylee has previously demonstrated her capability by successfully running a property management business. Her expertise not only lies in managing and scaling businesses effectively but also in understanding the intricacies of the real estate market and customer needs. Kaylee’s leadership is expected to drive AssetGuard Properties towards achieving its vision by leveraging her strategic thinking, operational excellence, and commitment to service quality.

To reach our growth goals, AssetGuard Properties requires initial funding to cover startup costs, operational expenses, and marketing initiatives. This investment will enable us to quickly establish our brand, build a strong property portfolio, and achieve operational efficiency. Our financial projections indicate that with the right level of funding, we can reach our revenue targets, achieve a positive cash flow within the first year of operations, and sustain long-term growth. Our plan outlines a clear path to profitability, ensuring a solid return on investment for our financial backers.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Property Management Business Plan Example PDF

Download our Property Management Business Plan PDF here. This is a free property management business plan example to help you get started on your own property management plan.  

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Financial Risk Management

financial risk management1

The world is full of risks to take and in the financial world, risks are something that is inherent particularly in the business sector. One of the finance essentials you need to secure for your business’ success includes implementing financial risk management . Through financial risk management, you can deal with all the various types of risks your business will inevitably face and you can also anticipate these risks and have a solid financial management plan to combat it all. In this article, let us delve deeper into the concepts, terms, and all things that surround financial risk management.

What Is Financial Risk Management?

The process of determining, understanding, and managing the various financial risks businesses face is called financial risk management. Financial risk management is not all about eliminating financial risks in the business altogether but this is about understanding what and how much risk you are willing to face and take, how much you should avoid, and what strategy you need to come up with basing on your risk appetite.

With the help of financial risk management, the plans of action as to what the staff can do and cannot do, what decisions need to be escalated, and who are the key individuals to turn to as soon as any risk would arise.

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Who Manages Financial Risks?

The one who is responsible to manage financial risks depends on the size of the business. For small businesses, the business owner and/or the senior managers are the ones who are assigned for risk management. For bigger businesses that have multiple departments, a Financial Risk Manager (FRM)  may be assigned in every department and he or she is responsible for making sound decisions when managing financial risk.

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Why Acquire Financial Risk Management Certification?

If you have plans to further your credentials as someone who manages risks, then you should consider getting a certification as a certified FRM. This international professional certification is offered by the Global Association of Risk Professionals (GARP).

Those who apply for it would under a two-part exam which includes the FRM exam Part I that covers the tools that are used in assessing financial risks and the FRM Exam Part II that focuses on how the tools acquired from the part I of the exam is applied.

By having an FRM certification, you let your employers know that you mean business when it comes to risk management and that your knowledge of managing risks is validated by international and professional standards.

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Uses of Financial Risk Management

Businesses utilise financial risk management as a way of forecasting and analysing the potential financial risks of an organisation or a company. Apart from that, it is also used in identifying the procedures or actions that need to be implemented in order for the possible risks to be mitigated or avoided altogether. It also through financial risk management that the practices, procedures, and policies are encapsulated and are used as guidelines as to what financial risks are acceptable to the company.

Benefits of Risk Management

Risks are something you can never really avoid; however, if you have an effective risk management plan, you can easily mitigate it to negligible levels. It cannot be denied that risk management can really provide numerous benefits. Make sure you learn some about these below.

  • It avoids any possible catastrophe:  Through risk management, you can come up with a financial business strategy that is specifically tailored for the potential risks your company might face. Such strategy is also built on the goal that aims to continuously keep the profitability of a business as well as to effectively manage all the possible financial pitfalls that lead to any catastrophe.
  • It maximizes opportunities: This kind of management cannot only determine potential problems and risks but it can also be used to predict opportunities. Through risk management, your business can easily figure out what to do whenever a good investment scenario is laid out in front of it and how to maximise such scenarios.
  • It ensures the growth of a business: One of the important factors in financial risk management is competition. Through this, a business is given an ability to determine how their target market responds to competition and, most importantly, determine an effective strategy as to how it can grow amidst all the competition and risks that surround them.

Why Is Financial Risk Management Important?

With financial risk management, you can get yourself prepared for all of the possible unexpected situations of your business that is related to finances. Sure, one cannot perfectly plan for every single possible scenario out there but with financial risk management, anyone can minimise its effects.

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How Do You Implement Financial Risk Control

Financial risks are dealt in so many ways and this is because it depends on what an organisation does, its target market, and the level of risk its willing to take. While financial risk control is up to the business owner or to the  directors of an organisation, its financial risk management process would commonly involve the following stages:

  • Identification of risk exposures: A financial risk control should start by identifying the potential financial risks of an organization including its sources or causes. One way to accomplish this step is by starting with the balance sheet of an organization or a company as this can provide a clear view of the debt, liquidity, interest rate risk, and other vulnerabilities the company faces. Other methods include examining the company’s income and cash flow statement.
  • Quantifying the risk exposure: Once you have already identified the risk exposures, the next steps you should do is to quantify it or to determine its numerical value. You should also know that risk is uncertain and that when you quantify it, you will never come up with something that is exact. However, you can always make use of various statistical models like the standard deviation so you can measure the exposure of a company to risk factors. Keep in mind the general rule: the greater the standard deviation, the greater the risk associated with what you are quantifying.
  • Decide your next action: As soon as you have already determined and quantified the risks, it is time for you to determine the next action or steps you should take. Ask yourself whether your company can continue to operate with such risk exposure or whether there is a need for you to mitigate or hedge these. Make sure your decision is based on various factors such as your company goals, the business environment your company belongs in, and how much risk it is willing to take.

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