Importance of financial information in a business plan

The financial planning process helps a business owner identify the most important expenditures, those that bring about immediate improvements in productivity, efficiency, or market penetration, versus those that can be postponed until cash is more plentiful.

Even the largest, most well-capitalized corporations go through this prioritization process, comparing the cost to the benefits of each proposed expenditure. Measuring Progress Especially in the early stages of their ventures, small business owners work long hours and deal with numerous challenges.

IMPORTANCE OF ACCOUNTING/ ACCOUNTANCY

It can be difficult to tell whether progress is being made or whether the business is mired in mediocrity. Seeing that actual results are better than forecast provides the small business owner needed encouragement.

A chart showing steady growth in revenues month by month, or a rising cash balance is a great motivating factor. The financial plan helps the owner see, with the clarity of hard data, that the business is on its way to being a success.

Industry Analysis The industry analysis can seem overwhelming, as most cities feature dozens to hundreds of hotels. However, you need to focus only on your relative market, which is the portion of the hotel industry that mirrors your hotel.

Mapping Your Future

Is it a small mom and pop? A boutique hotel with upscale service? A resort destination with on-site restaurants and activities?

Decide what niche you want to target, and then research the projections and trends that affect your niche. Create a plan for overcoming any hurdles that you find in your research. Customer Analysis Anyone who has ever traveled is a potential hotel customer, but not all of them are your potential customers. Who will choose your hotel?

Financial Services for Members: Plan for Retirement, Financial Security

Are they traveling for business or pleasure? Are they in town for a wedding or other special event? Do they travel with small children?

How often will they visit your city? Are they price conscious? Do they want the latest amenities?

Luxury bedding and robes? Are they rugged outdoors types?

Figure out your customers' demographics and how they decide where to stay. Then identify their unique needs and draw up a plan for meeting those needs.

Why You Need to Write a Business Plan

Competitive Analysis Not all hotels in town are your direct competitors. Together, we can create a plan for you that will serve as a guide for the life as your business and one that will also put you in the driver's seat when it comes time to go to a lender or investor.

Our specialty is in strong financial planning and financial statement analysis. It has been our experience that the development of a financial plan is the most difficult part of the planning process for most small business owners.

Preparing your financial documents is actually a very logical process When we have finished working together, you will not only have a great plan How do we charge??? You will be billed an hourly fee.

The more work you do, the less we will have to do. Most of our customers require from hours of our services.

The idea is that we will be there for you when you need us. We cannot give you an estimate until we have personally discussed your needs and the scope of your business.