The Importance of Preparing Business Plans

I believe business plan preparation is one of the most valuable services I offer to my CFO clients.  One of the key attributes of a CFO who is prepared to make business plans is that they have had prior business ownership experience themselves. With prior business ownership experience a CFO will have a better handle on the operational and marketing components of the plan. This experience will give the CFO the ability to ask the right questions to the business owner and staff. The CFO already possesses the skills to prepare the financial portion of the business plan. The main purpose of a business plan is to put a company on (or back on) the right track. Lots of times business owners say they are headed in a certain direction but as a CFO, as soon as you start to peel the layers away you find that the company is going in an entirely different direction, nowhere near what the Business Owner thought. A solid business plan will help put the business owner in the direction they want to go. In addition, business plans are of vital importance when the company is seeking additional financing. Whether that financing is coming form a bank, an angel, or a venture capitalist, a business plan is a must. Since it is imperative that CFOs offer finding financing as a CFO Service, it only follows through that the CFO should be able to prepare the business plan.

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