Business projection means estimating the financial performance of the business in the future. That's why it's also known as a financial forecast.
Financial performance measures the following.
- Revenue of the business.
- Profit of the business.
- Working capital of the business.
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Why is it important?
Business projection is not only meant for startups seeking funding. Even existing and established businesses need it for the following reasons.
- Planning and budgeting for the business.
- Serving as a measure of financial performance and progress.
- Establishing performance goals and targets.
- Identifying early warning signs like a potential cash crunch.
- Providing feedback and enabling control.
What is the process of Business Projection?
There are five steps in business projection:
A. Sales Forecast
Preparing an estimate of your future revenue is the most important step. It helps in estimating the profit-making ability of the business.
B. Running Expense Forecast
A forecast is not meant to estimate only the revenue and the profit. Preparing a forecast of your running expenses is important for accurate business projection.
C. Estimating Startup Expenses
This step is relevant for startups only. It involves making an estimate of the expenses you need to incur before starting the business. For example, legal expenses, purchasing assets, technology, having a working capital, buying/renting an office space etc.
D. Preparing cash flow
Making a profit and having cash are two different things. This step involves accounting for cash flows for your business. It is important to have a working capital to meet daily expenses.
E. Monitoring and Review
It is not possible to prepare forecasts with complete accuracy. So, it's important to review it every 12 months and prepare a new one every two years.
In this step, an expert compares the actual results with the forecast. This step is important to keep forecasts realistic and in line with the actual results.
What is the fee?
The professional fee for business projection starts from Rs 20000.
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- Experienced and qualified professionals with 12 years of average experience.
- Access to highly qualified professionals anytime, anywhere in India.
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What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
- Choosing PocketLawyer means the best service, at the best price