Financial Section of a Business Plan Book by Olofu Mcadams, Review
About The Book:
The Financial Section of a Business Plan by Olofu Mcadams, If you are a business owner or you plan to grow a startup someday, you’ll need to have a professional and accurate financial plan for your business. Prospective business owners applying for grants or financial capital are often required to present their business plan along with their income statements, balance sheet, and cash flow projections.
The majority of businesses are underperforming or are failures because of a lack of a proper financial plan, a key cause of this problem is the absence of or gap of professional financial knowledge and of skills that exists among ordinary business owners. This Book, Financial Section of a Business Plan is for Startups and Business owners who want to write a business financial plan. The book will teach you how to write your Balance Sheet, Income Statement, and Cash flow analysis professionally and accurately all by yourself with practical examples and diagrams What’s included?
1- Screenshot of a Sample Balance Sheet, Income Statement, and Cash flow analysis.
2- Explanation of the financial section of a business plan.
Example using a cassava processing business plan template. Benefits:
1- Learn the basics of the financial section of a business plan.
2- Make accurate financial projections for your business using concrete data.
3- Learn to write your financials professionally to attract investors, grants, business loans and financial capital.
Who is it for? This book Is for Startups and business owners and for those writing a business plan who would want to get their financials right. Book Introduction We live in a time and age when so many new businesses spring forth every day to join millions of other existing businesses. But for these businesses to thrive, they need to be founded on good and accurate financial projections. The balance sheet and the cash flow with the income statement are tools necessary to provide useful information indicating how available financial capital can be efficiently allocated and utilized by a business in order to break even in the long run and yield a great return on investment (ROI).
Using a practical simplistic approach through a step-by-step guide on how to prepare the balance sheet, the cash flow analysis, and the profit and loss account, this book will help to put readers in a strong position to lead the successful implementation of their business through proper financial planning. As you plan for the success of your business or company, a lot will depend on your financial statements, this book will guide you to put your business financials in proper perspective so that you can present the facts clearly using concrete data.
About The Author:
Olofu Mc-adams is Head of Software Development Unit, Bitwealth Systems Limited, Software/Web developer, IT Consultant, and Administrator with many years of practical expertise in Software development using cutting-edge software technology. Holds B-Tech Degree in Mathematics/Computer Science from the Federal University of Technology, Minna Niger State Nigeria, Oversee the Software Development Unit and coordinating the development of dozens of Software, Web Apps, and mobile apps
The company is an industry-leading information technology service provider targeted at the global marketplace specializing in software development, web/mobile apps development, database, and hardware integration since 2009. Headquartered at Garki, Abuja, Bitwealth Systems Limited has provided Information Technological Services for numerous Clients and Organizations.
website: http://www.bitwealthsystems.com. email: email@example.com.
A wide book with extra large fonts, just for 28 pages. The paper quality is ok but the printing quality, especially on screenshots, was poor.
The Financial Section of a Business Plan is the book for writing the most important part of a business plan since it will be submitted to the bank, lender, or investors. it’s written based on the experience of the author for the specific BP and example.
The author began with an introduction of the book and the importance of Financial Projection in a business plan, then an assumption of the Cassava processing business in Nigeria. He explains all expenses in Naira which is Nigerian currency, which makes it a little confusing especially for readers who are not familiar with different currencies.
He continues with just one project and the source of his costs which is ALIBABA (an e-commerce Chinese website) and doesn’t explain what other sources could be used to get estimate assumptions for expenses in different types of business plans. The author clearly explains each part of the Financial Section of the Business Plan but he failed in the explanation of borrowing money, and the assumption is that you already have the funds.
there are some small screenshots of Microsoft Excel Software on wide pages of the book while they have really poor printing quality and an annoying and distracting printing of the name of the book across the pages, which I believe the Author added to protect his copyright on the electronic version of the book.
This book was written in June 2017 (first edition), hopefully, in the next editions, the author will take care of those issues and will provide us with a better version of The Financial Section of the Business Plan.
I have tried to contact the author on LinkedIn a few times, to share my thoughts with him but unfortunately, he didn’t accept my invitation. I hope my honest review helps him in the future.
Did you Know (Book Articles):
The Balance Sheet:
is one of the major financial statements used by accountants and business owners. (The other major financial statements are the income statement, statement of cash flows, and statement of stockholders’ equity) The balance sheet is also referred to as the statement of financial position.
Cash flow is the net amount of cash that an entity receives and disburses during a period of time. A positive level of cash flow must be maintained for an entity to remain in business. The time period over which cash flow is tracked is usually a standard reporting period, such as a month, quarter, or year. Cash inflows come from the following sources:
- Operations. This is cash paid by customers for services or goods provided by the entity.
- Financing activities. An example is a debt incurred by the entity.
- Investment activities. An example is again on invested funds.
The income statement presents the financial results of a business for a stated period of time. The statement quantifies the amount of revenue generated and expenses incurred by an organization, as well as any resulting net profit or loss. The income statement is an essential part of the financial statements that an organization releases. The other parts of the financial statements are the balance sheet and statement of cash flows.
The income statement may be presented by itself on a single page, or it may be combined with other comprehensive income information. In the latter case, the report format is called a statement of comprehensive income.
There is no required template in the accounting standards for how the income statement is to be presented. Instead, common usage dictates several possible formats, which typically include some or all of the following line items:
- Tax Expense
- Post-tax profit or loss for discontinued operations and for the disposal of these operations
- Profit or loss
- Other comprehensive income, subdivided into each component thereof
- Total comprehensive income
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