Finance Readiness

A business plan is a written document that describes your business. It often includes information about your management structure, goals, strategies, marketing, and sales plans as well as financial forecasts.

A cash flow forecast is an estimation of the money you expect your business to bring in and pay out over a period of time, usually 12 months.

A Balance sheet is an important document that shows what your company owns, what it owes, as well as the amount you and other shareholders have invested.

A profit and loss statement, (also called a profit and loss account) tells you if your business is making a profit or a loss over a specific period.

Having a business bank account enables you to keep your business finances separate from your personal finances.

Your business credit score works a lot like your personal one and is intended to reflect the financial health and credit worthiness of your business.

It’s used by banks and other potential lenders (as well as investors) to make decisions about whether to lend or invest.

If you have previously applied for finance and been unsuccessful, understanding why a business loan, grant, or investment might have been rejected is important in order to make the necessary improvements to future applications.

A financial expert, such as a broker or accountant, could provide you with relevant expertise, connections, and guidance to help you throughout the funding process.