One of the most difficult tasks that a new or potential business owner must undertake is that of developing a business plan. For the inexperienced owner, he may think that it’s an easy task, and he plans to be making $1,000,000 within six months. The problem is that he is not working with a realistic goal. Your business plan needs to show methods for slow but steady progression for several years rather than a sudden jump from having a deficit to making a huge profit.
In order to write the most realistic business plan, you should consult with an accountant who is familiar with the type of business you are undertaking. If you are buying into an already existing business, the best person to consult is the accountant who handles business for the current owner. He has all of the current information on the business, and unless the sale is forced as in an unfriendly merger, he will be more than willing to share with you the current finances of the company.
Writing a business plan for a new venture will be a little trickier, but if you sit down with your accountant, you can write a plan that has realistic goals. With the expertise of your accountant who knows or is able to research the type of business you are entering, you can come up with a plan that sounds both promising and realistic. Your job is not to write a plan that will impress lenders and investors with quick sales figures because these are business people, and they will know if you have goals that seem unattainable. Showing steady progression over several years will show them that you not only have realistic goals but that you have knowledge of the industry.