Owning a small business is a serious undertaking. It’s important that you have a business plan in place and are keeping close track of your finances in order to maintain success. That’s why we have compiled these templates and worksheets from us here at Fit Small Business and our friends over at SCORE to help you stay organized.
This template will help you create a business plan. With over 150 questions divided into different sections, this model helps you think through all aspects of your business thoroughly. Completing a business plan is less about the finished product and more about the process of researching and viewing your business in an analytical way, so make sure you take your time when filling this out.
This guide includes business planning tools specifically for nonprofit organizations. Without financial self-sufficiency, non-profit organizations can’t choose their direction or concentrate on their mission. That’s why it’s important for nonprofits to pursue a long-term planning process and use business tools to assist them.
Completing a competitive analysis is necessary in establishing what makes your product or service stand out from your main competitors. Once you know what makes your business unique, you can work to dominate that specific area.
Many people who are starting a new business underestimate the costs, and then face the danger of running with inadequate capital reserves. The key to avoiding this pitfall is to adopt a rigorous approach to your research and planning. This startup expenses worksheet will lead you through the process.
Projecting your balance sheet can be quite a complex accounting problem, but that does not mean you need to be a professional accountant to do it or to benefit from the exercise. The desired result is not a perfect forecast, but rather a thoughtful plan detailing what additional resources will be needed by the company, where they will be needed, and how they will be financed.
When writing to request a bank loan, it’s important that your writing reflects positively on your business. Avoid slang and contractions, but don’t try to make it too fancy. You also want to make sure to get the most important points across in a clear and concise way. View this sample cover letter to get an idea of how to format your bank loan request.
For many small businesses, a loan backed by the U.S. Small Business Administration (SBA) is the least expensive way to get capital. Our SBA loan calculator will help you see just how affordable your SBA loan can be.
One of the best uses of a breakeven analysis is to play with various scenarios. For instance, if you add another person to the payroll, how many extra sales dollars will be needed to recover the extra salary expense? If you borrow, how much will be needed to cover the increased principal and interest payments? Many owners, especially retailers, like to calculate a daily breakdown. This gives everyone a target to shoot at for the day.
This worksheet should be used to track when you can expect cash to come and go. This is done by predicting when and how much you will collect from customers. On the expense side, you have to predict when you will have to write the check to pay your bills. Try to make the cash flow statement as realistic as you can line by line. The payoff for you will be an ability to manage and forecast working capital needs. Learn how to run a statement of cash flows in QuickBooks.
The value of this spreadsheet is that it puts a lot of information in one place to facilitate comparison and analysis. Enter information from your past three years’ financial statements and from current year-to-date statements. Look for significant changes in absolute values or relative distribution of assets, liabilities, or expenses (%). Also look for changes in your ratios. Learn how to analyze your business using financial ratios.
Many financial institutions will require information about your personal financial data for various reasons, including in order for you to obtain a loan. Using this template, you will be able to calculate your net worth by indicating your assets, liabilities and net worth.
Use this template to forecast your profit and loss projections for the next year. Filling out this worksheet will help you think about your company’s future and what you stand to gain and lose.
View our article on how to prepare a profit and loss statement with examples if you need help filling out the spreadsheet.
Forecasting sales of your product or service is the starting point for your financial projections. The sales forecast is the key to the whole financial plan, so it is important to use realistic estimates. Divide your projected monthly sales into “categories”, which are natural divisions that make sense for your type of business.
If you also want to know how to create a sales plan, I recommend checking out our Sales Plan template and guidelines on how to complete it.
There are usually two financing options when purchasing equipment for your small business: an equipment lease or traditional term loan. Before you choose which option is best for you, it’s important to figure out the true cost of each, which can be tricky. Thankfully, using our equipment lease calculator, you will be able to accurately plan for the actual cost of financing equipment with a lease.
Over to You
We hope that you have found this collection of business templates and worksheets helpful for planning and analyzing your small business.
Have a question? Let us know in the comments section below!