This general introduction to financial modeling and business planning will be of particular interest to non-financial managers and first-time entrepreneurs.
The following topics are discussed:
Preparing a set of projections is only a means to an end. Once plans or projections have been approved or in the course of being implemented, they should be regularly updated and compared with the results being achieved. A plan is only useful if it is being adhered to, serves as a benchmark for control purposes, and its projected outcomes are being realized. While a clear business plan with sound projections cannot guarantee success, the absence of a plan or poor projections could ensure the eventual failure of a business. Users with limited financial expertise are urged to work closely with their professional advisers when using Exl-Plan.
An expanded version of this topic is available at Invest-Tech's PlanWare site at <http://www.planware.org/papers.htm>. This also contains other informative papers dealing with business plan preparation, strategic planning, cashflow forecasting, managing working capital, business idea generation etc.
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