Scotiabank business plan
A main site al bankingbusinessabout to page navigation skip to main scotiabank scotiabank sites menu opened. Skip to scotia bank global vincent & the banking & growing for wealth transaction of more scotiabank sites a site to sign to scotia online? Activate our online security a small business t us menu to us, we have the answers you to a smallbusiness to open abusiness to apply forsmall business of contact us anywhere, anytime. Ways to bank" menu access your of "ways to bank", the scotia bank are in:expertise & insightside page your business level artgrowtools & resources level growing for businesswriting a business planbusiness plan guidesuccession ting your ideas to 's create your success. Writing your business our scotia plan writer for ng a blueprint for te your business plan's effectiveness by:Using your cash flow projection results to get cash in hand before you need ing your progress on a monthly ing your business plan often, and updating it whenever significant changes occur in your personal life, in your business, in the marketplace or in the plan writer for business®. It's an easy way to ss planning guidethe typical business plan is concise, 10 pages in length, and includes an appendix for supporting material like photos, clippings or articles. It should also strive to describe both your physical business and your company decisive action, and get started with our: business planning a question or choose from our list of commonly requested topics with ask roadmap to interactive business planning tool will set your business on the road to lture g packages business t us1. On rly resultsour q3 results have been | skip to main from file | save | glossary | help | save & e to yourscotia plan writer for business®. Business n incompletebusiness n incompletepersonal n incompletebusiness n n n incompleteindustry factors & n n n n incompletepricing & n incompletesales. Right plan for you starts begin your business plan:Tell us, what business sample most les your own business? The type of business:sole the type of business: the type of business: a small business owner, you've spent a great deal of time considering your business' future and what you hope to why should you write a business plan? Writing a business plan can give you:An opportunity to consider, and plan for, the right work-life balance for you. Foundation for a loan important, writing a business plan is a way to help you succeed. That's because writing a plan forces you to answer tough questions about every aspect of your business, including the close relationship between it and your personal g startedwhat you can most important user of your business plan is you. The information, insights, and strategies you outline will have a direct impact on your own if you come across a section that you're convinced has no relevance to you and your business, skip it. And, if you're going to be the only user of your plan, feel free to use bullet points and lists instead of complete sentences. Typical business plan has the following elements:The executive summary highlights key information and insights from your entire business plan. It's the last section that you'll write, and the first one people will ss description presents background information, defines what's important for you and your business, establishes specific milestones for measuring success in the future, and introduces your product or marketplace section positions your business in a larger context, identifies and examines your competition, and describes the type of customer your business & marketing focuses on your business' strategy for attracting and keeping ss operations outlines how your business works, including supplier and staffing ial information considers your personal financial plan and provides financial statements for your scotia plan writer for business™ helps you complete these key elements, while allowing you to customize your finished plan using microsoft word to edit and add (open menu dialog window). It will track which sections of the plan you've completed, and which you'd still like to work g startedplanning scotia plan writer for business is designed to help you focus on what's important for you and your business. Here are some tips to help you get the most out of writing your plan:1. While the scotia plan writer for business is designed to let you move freely about your business plan, we suggest working through the plan in the order presented—from business description through to financial information, writing your executive summary last. Try to keep your plan as brief as necessary, while making sure you've covered the key facts. Consider completing one section of your business plan per day, rather than undertaking the entire plan in one sitting. Don't worry if you are unable to complete some parts of the business plan on your first attempt. The fact that working through your plan may initially produce more questions than answers is exactly what makes the process so valuable. You can adapt your business plan for a wide range of readers, from employees to suppliers, investors to advisors. The tailoring your plan component in using your plan explains what sections and materials are most appropriate for different planning a trip, planning for your business begins with two questions: 1. First section of your business plan is designed to help you answer these business overview, you'll give general information about your personal goals, you'll state your personal business vision, you'll define your business' overall business objectives, you'll establish specific short-term and long-term goals you can use to measure your business' product, you'll describe what your business is selling and what makes it ss descriptionbusiness overview populate with sample (fill input fields on this page with sample data)check when section presents basic information about your business. You can save as you go using "save" so you can return of these can be found in the top right of each ss/banking definition dialog window: legal name of definition dialog window: trade name of business (if different from legal name). If you don’t have any shareholders, you may skip this the names of owners or major of owner(s)/major business established (yyyy/mm). And branch location used for business and branch location used for personal be how your business got to where it is you run an established business, talk about when and how the company was be how your business has changed and grown since you're starting up, talk about what led you to start this business, briefly discuss any relevant experience you bring to it, and outline steps you've already taken to get your business off the ss descriptionpersonal goalspopulate with sample (fill input fields on this page with sample data)check when a small business owner, you are your own boss. The plans you make now for your business can help you achieve your personal goals, whatever they may 's essential to keep in mind what's important to you and what you want to achieve in both your business and your personal life when writing your business y describe what you want your business to make possible for you. Descriptionbusiness vision populate with sample (fill input fields on this page with sample data)check when , compelling, and easy to grasp, your business vision can be a valuable tool for communicating what makes your business tick to advisors, investors, employees, suppliers, and even er stating your business vision in the following way:"we are committed to providing our key benefit(s) in a way that promotes our value(s) so that we can accomplish our goal(s) as measured by our metric(s). Your business ss descriptionobjectives populate with sample (fill input fields on this page with sample data)check when ives help you track your business' success according to plan. Your objectives might set targets for sales, profitability, even hours of personal time per week - whatever is most relevant to you, your business, and success as you define setting objectives, remember:Your objectives must be measurable. Open dialog window to learn more about business objectives)learn be your business' key short-term objectives for the next 3-12 be your business' key long-term objectives for the next 1-3 years, or longer if you ss descriptionproduct populate with sample (fill input fields on this page with sample data)check when are you selling? Describe your product or open definition dialog window: competitive advantage is the hard-to-imitate aspect of your business that provides an edge over the competition. Open dialog window to learn more about competitive advantage) learn what makes your product or service a business owner, you spend a lot of time focusing on details, like how to satisfy a specific customer or negotiate with a certain supplier. But your business also operates within a much larger thinking carefully about the marketplace in which your business runs, you'll be better prepared to seize opportunities and deal with industry, you'll explain factors and trends that affect your business, discuss your industry's future, and estimate the size of your competition, you'll identify your competitors, and translate their strengths and weaknesses into opportunities for your customers, you'll describe the type of customers you're targeting, and consider the factors that make them choose your product or market placeindustry factors & trendspopulate with sample (fill input fields on this page with sample data)check when industry is shaped by a range of factors that affect how customers behave and businesses operate. As you consider industry factors and trends, pay special attention to those you think present special opportunities or challenges for your be factors and trends affecting your industry, and consider their implications for your business. If you sell desktop calendars, the fact that electronic business organizers are sweeping the nation is an important social trend. Rules about how businesses must operate often mean that not everyone who wants to can be your competitor. Some are seasonal, like patio furniture retailers that do most of their business in the spring and summer. Others like farmers or tourism businesses, can be especially dependent on the right weather conditions.
Scotiabank business plan writer
That way, you'll be able to return to them easily when you update your plan in the on the factors and trends you've described, what's the outlook for your industry over the next 3-5 years? Reports, trade associations, business magazines, and the internet can all be valuable resources when predicting the future of your possible, include sources for your information. That way, you'll be able to return to them easily when you update your plan in the possible, include sources for your information. That way, you'll be able to return to them easily when you update your plan in the e you have no competition, and customers' only option is to buy your product or service. Likewise, their strengths can be challenges your business will have to defend itself you're starting up or run an established business, understanding your competitors can help you spot the most under-served customers and the greatest opportunities for you’re winding down, identifying competitors may help you find potential buyers for your itive itive opportunities & itive e an analysis of your competition by... If you compete with many businesses, consider breaking your competition into categories based on what they offer, and present your main competitors in each cetagory. For instance, a tire retailer might compete with other tire stores, auto dealers, independent mechanics, and large hardware your competitive can also be helpful to rank your competitors in terms of open definition dialog window:market share, from those you think do the most business to those you think do the least, or to group them as "large," "mid-size," and "small" competitors. Open dialog window to learn more about competitors' strengths and weaknesses) learn be your competitors' strengths and itive opportunities & on the strengths and weaknesses you've identified, outline key opportunities and challenges for your business. Might your competitors use their strengths to try to surpass you in the marketplace, and how can you protect your business against them? Market placecustomerspopulate with sample (fill input fields on this page with sample data)check when business' success depends on your ability to attract customers and keep them satisfied. Each segment is bound together by buying behavior, needs, demographics, tastes, or other you're starting up, breaking your market into customer segments will give you a sense of the different groups of customers you can choose to you run an established business, breaking your market into customer segments will get you thinking about other types of customers you might want to the market for your product or service into customer segments. Open dialog window to learn more about customer segments) learn your list of customer segments, identify your target customers—the type of customer your business focuses on—and their defining characteristics. People need to know about your offering, be willing to pay for it, and be able to find this section, you'll outline your strategies for attracting and satisfying positioning, you'll define how you'd like customers to think about your product or pricing, you'll discuss the amount you charge promotion, you'll outline your plans for informing people about your product or sales, you'll talk about how and where your product or service is sold, as well as customer service features you & marketingpositioningpopulate with sample (fill input fields on this page with sample data)check when positioning is your business' answer to the question every customer asks when considering whether or not to buy: "what's in it for me? The best positioning for your company:Appeals directly to your target customers, given what you defined as important to them in your customers you apart from the competition, in light of what you learned in your competitors based on your open definition dialog window:competitive advantage, as defined in your business description the key benefits you'd like customers to value in your product or service or the way it is instance, customers may believe that your product or service will save them time, save them money, make them feel important, or make them feel safe. When developing promotional or marketing strategies, consider what's most likely to get your target customers' be your promotional efforts, including advertisements and other plans to generate awareness of your business. Open dialog window to learn more about promotions) learn & marketingsales populate with sample (fill input fields on this page with sample data)check when customers are the key to any business' success. Your business extends credit to customers, what are your open definition dialog window:credit terms? Making your business run as smoothly and efficiently as possible is the this section, you'll discuss how your business the team, you'll talk about the key people involved in your business - from your employees to your suppliers and open definition dialog window:alliances, you'll discuss other businesses that cooperate with your planned changes, you'll consider new premises, new open definition dialog window:equipment, other big purchases, or other changes that you'll need to make to carry out your contingency plans, you'll outline how you've prepared yourself and your business for unexpected ss operationsthe team populate with sample (fill input fields on this page with sample data)check when e profiles of key members of your team, including yourself and any employees you may ght each person's special qualification and skills, and state what each person is responsible for in your business. Also, discuss who's in charge of the business when you're e brief profiles of any external advisors to your business. These may include professionals like your banker, lawyer, accountant or bookkeeper, and others on whose advice you rely in running your you're starting up or you run an established business, discuss your plans for filling vacant positions or growing your staff. Consider these questions:Will hiring help you reach your personal hiring make economic sense for your business? Profiles of key members of your you're winding down, outline any succession plans that provide for management or ownership of the company after your departure. As you draw up your plans, you may want to get professional advice from a lawyer, an accountant, and your succession ss operationssuppliers & alliance populate with sample (fill input fields on this page with sample data)check when ers who are able to meet your needs reliably and at the right price are essential to your business' you run an established business, list your key suppliers, the type of product or service you buy from them, and their open definition dialog window:credit terms. Open dialog window to learn more about suppliers) learn the kinds of suppliers you'll need, and describe how you intend to find potential suppliers and establish relationships with ces are special relationships you have with other businesses that complement your products or services with their own. Often, they can help your business reach new customers or better serve existing alliances your business has or is considering, detailing the purpose and terms of each. Open dialog window to learn more about alliances) learn alliances your business has or is considering, detailing the purpose and terms of ss operationsanticipating changes populate with sample (fill input fields on this page with sample data)check when 's likely that your business plan involves adding to or changing some aspect of your business. Such decisions can have a significant impact on your business' financial position, and it's crucial to consider them you run an established business, detail any major additions or changes you are planning to you're starting up, think about what you need today and what you may need in the much you expect each purchase to reasons for making each purchase, including how it will move your business closer to its goals. If you run an established business, try to show why your current infrastructure is unable to support your you are in the buying process. You can learn about scotiabank's wide range of lending products at online any major additions or changes you are planning to make to your ss operationscontingency plans populate with sample (fill input fields on this page with sample data)check when a business owner, it's important to plan for potential changes - in your marketplace, in your community, or in your life. You'll have a much greater chance of succeeding in even the most difficult times if you have a contingency by outlining arrangements you've made or intend to make, to ensure you, your family, your employees, and your business will be able to adapt to potential changes. Open dialog window to learn more about worker's compensation) learn sion plans that provide for management or ownership of your business in the event you or other key members of your team unexpectedly decide to leave the business or are unable to y, turn your attention outward. Your contingency ial section rethinks the business plan you've just written, using numbers instead of words. It can help you assess the current and future health of your business, and measure your business' 've done our best to make financial statements understandable. That said, if accounting is not your area of expertise, you may want to work with an accredited accountant or bookkeeper to complete this ally if you aren't familiar with financial statements, it's a good idea to have your financial information section reviewed by a reputable accountant or bookkeeper before you share it with personal finances, you'll outline what you personally own and owe and consider your plans for your long-term financial business finances, you'll present financial statements that describe the past, present, and future of your financial highlights, you'll have the opportunity to draw key conclusions that will appear at the beginning of the financial information section in your printed are a number of great accounting software programs on the market that can help you complete your financial information. If you currently use accounting software to prepare your financial statements, you may use it instead of the templates included here to prepare this section of your business ial informationpersonal a business owner, your personal finances are closely tied to your business' finances. When your business succeeds, so do owners improve their business' chances of success by contributing personal resources in the form of loans and open definition dialog window:cash 's why it's crucial to develop a personal financial plan that you periodically review in conjunction with your business plan, planning your personal finances and goals with your business'. Are a number of elements to a personal financial plan, from how you manage your open definition dialog window:investments and finance your mortgage, to education, retirement, and will and estate bank offers a range of tools to help you develop and implement a personal financial plan that will help you achieve your goals—and, in turn, help your business succeed. You can learn more about these tools at get growing for business or speak to your financial advisor at your local scotiabank ial informationpersonal finances reportcheck when yourself (owner). Personal loan/lease annual ial informationbusiness you run an established business, financial statements from the last few years will communicate where your business is coming from. The more years of historical information you provide, the deeper the insight you'll give into your business' financial position and how it has changed over time. If you already have completed financial statements, you may either attach them in this section of your business plan or enter your business' information into the templates provided. Financial statements complete the picture of your company:A open definition dialog window:balance sheet, which describes what your business owns and owes at a specific point in time, usually at the business' year open definition dialog window:income statement, which details revenues (also called sales), expenses and net income over a specified period of time, usually one definition dialog window:cash flow projections, which forecast when money comes into your business, when you business pays money out, and helps you budget for er life stage your business is in, projected financial statements - or "pro forma" statements - can help you work through various "what if" scenarios for your business, and allow you to plan where you want your business to : if you are seeking financing for your business, some lenders or investors may require audited or open definition dialog window:review engagement statements prepared by an accredited ial informationbalance sheet. Open definition dialog window:balance sheet is a snapshot of your business' financial position, taken on a specific day. By drawing up balance sheets on the same day each year, you can track your business' progress over r you're starting up or you run an established business, create projected balance sheets that reflect your business plan.
Balance sheet is divided into 3 sections:Assets, or what your business ities, or what your business definition dialog window:equity, or the difference between what your business owns and you run an established business, include past balance sheets for your business, ideally for the last three you're starting up, create a balance sheet by detailing assets and liabilities your business already ial informationbalance sheet enter your open definition dialog window:current assets in the table below:Open definition dialog window: definition dialog window: definition dialog window: accounts receivable(open dialog window to learn more about accounts receivable). Your own custom your own custom enter your open definition dialog window: fixed assets (net of depreciation(open dialog window to learn more about depreciation) ) in the table below:Open definition dialog window: land and definition dialog window: your own custom your own custom enter your other assets in the table below:Open definition dialog window: long-term your own custom enter your open definition dialog window: current liabilities in the table below:Open definition dialog window: short-term definition dialog window: accounts definition dialog window: taxes t portion of open definition dialog window: long-term your own custom current enter your open definition dialog window: long-term liabilities in the table below:Open definition dialog window: owner/shareholder’s your own custom your own custom long-term enter your equity in the table below:Enter your own custom liabilities and liabilities and ial informationincome open definition dialog window: income statement is a summary of your business' performance over a specified period of time, normally one starts with your business' revenues (also called sales) and subtracts the expenses incurred to generate those revenues. The result is your business' net profit or you run an established business, include income statements for your business, ideally for the last three r you're starting up or you run an established business, create pro forma, or projected, income statements that reflects your business means estimating your sales, cost of goods of sold (for non-service businesses), expenses - including depreciation, interest, and income taxes - and profit for coming years. Learn ial informationcash flow your month groupings:Open definition dialog window:cash tion of accounts definition dialog window:loan definition dialog window:owner's equity of open definition dialog window: your own custom field definition dialog window:cash tion of accounts definition dialog window:loan definition dialog window:owner's equity of open definition dialog window: your own custom field definition dialog window:cash tion of accounts definition dialog window:loan definition dialog window:owner's equity of open definition dialog window: your own custom field your month groupings:Open definition dialog window:purchase ofmaterial se of open definition dialog window:fixed ising and bile and ss taxes, fees, ts on loans/ office definition dialog window:owner's draw or your own custom field cash definition dialog window:purchase ofmaterial se of open definition dialog window:fixed ising and bile and ss taxes, fees, ts on loans/ office definition dialog window:owner's draw or your own custom field cash definition dialog window:purchase ofmaterial se of open definition dialog window:fixed ising and bile and ss taxes, fees, ts on loans/ office definition dialog window:owner's draw or your own custom field cash your month groupings:Increase (decrease) in se (decrease) in se (decrease) in ial ial ratios - calculations that relate one item in your financial statements to another - can be valuable tools for assessing your business' financial well-being. Liquidity describes your business' ability to meet current obligations, like paying supplier invoices or making upcoming loan payments, from assets that can be quickly turned into open definition dialog window: cash. Generally, the higher the current ratio, the more confident you can be of your business' ability to pay short-term obligations. A current ratio of less than 1:1 may mean your business does not have sufficient resources to meet its commitments in the near future and needs additional definition dialog window: return on equity ratio = net profit / total return on equity ratio measures the return your business generates for owners who have invested in it. By measuring the percentage return to owners on their cash equity contributions, it is a general indicator of how efficiently your business makes use of owners' definition dialog window: gross profit margin = gross profit / open definition dialog window: non-service businesses, gross profit margin captures the relationship between sales and open definition dialog window: cost of goods sold. A low gross profit margin may indicate that your business is selling goods at too low a price, that demand for your product is weak, or that direct material, direct labour, or manufacturing overhead costs can be better definition dialog window: net profit margin = gross profit / net profit margin is the percentage of each dollar of sales that remains after all expenses have been deducted. When compared to your gross profit margin, net profit margin can be an important indication of how your business manages its definition dialog window: debt to equity ratio = total liabilities / total debt to equity ratio describes the relationship between liabilities and equity. These highlights will appear at the front of the financial information section of your finished may choose to include:The level of open definition dialog window: sales your business will level of profits your business will timing and amount of financing requirements, along with how your business plans to obtain summary of, or state key conclusions you've drawn from, your financial ing my planpopulate with sample (fill input fields on this page with sample data)check when that the key components of your business plan are in place, you're ready ti transform them into a finished executive summary, you'll provide an essential quick reference for readers (including yourself) by summarizing the key findings of your presentation, you'll have the opportunity to add a customized cover letter, cover page, and table of contents to your last section you'll write and the first one read, the executive summary is a very important page of your business serves as both an introduction to your plan and a wrap-up of your key findings, insights, and strategies. Well-written, enthusiastic, and to-the-point, it convinces readers to delve if you're only preparing your plan for your own use, it's a good idea to write an executive summary, since it gathers the main points of your plan in one executive summary should be brief. It may include:A clear statement of what you hope to achieve by presenting your plan to the intended audience (e. Short description of your introduction to your product or service and your open definition dialog window: competitive business' goals for the characteristics of your market and target ial al next steps for your business, like funding needs you anticipate or staffing gaps that need to be your executive submitting your business plan to people outside your business, a cover letter can be a simple, effective way to break the ice, introduce your plan, and establish your professional scotia plan writer for business™ includes a standard cover letter that you can customize to reflect the unique interests of your will you be addressing the cover letter to? You're already to begin using your business plan to help you achieve success on your own tailoring your plan, you'll get guidance on what parts of your plan may be appropriate for different looking forward, you'll find tips for getting the most from your plan in the er, different circumstances and different audiences require different things from your business presenting your business plan to a new employee, for instance, your executive summary might be more focused on your business vision, and you may choose not to share your financial 's why the scotia plan writer for business™ is designed for flexibility once you publish your microsoft word, you can:Spell check your , change or add out specific sections of your plan, or the whole my plantailoring your reading below, you can find ideas about which sections of your plan will be relevant to different people, plus materials you should consider including in an appendix to appeal to them. In each case, you'll want to tailor the executive summary to your readers of your plan will appreciate you keeping your plan as short as possible, even as you include the key facts they banker will likely be interested in seeing your entire plan, to test your assumptions, ensure you haven't overlooked anything, and make sure any financial solutions he or she offers fit with your personal and business you're seeking financing, your banker will likely pay special attention to your estimates for upcoming open definition dialog window: purchases in planned changes, and may require your personal open definition dialog window: statement of net addition, he or she will carefully review your financial information, and may request audited or review engagement financial statements prepared by an accountant. It's always a good idea to check with your banker to confirm what information they need before presenting them with your accountant may be especially interested in the business description section, and your goals and objectives in particular; business operations, which will give them insight into the operations behind your financial statements; and financial information. Like your banker, your accountant will be able to serve you better if he or she understands both your personal and business ial investors will want to see your entire plan, so they can make an informed decision about whether your business is the best investment for it comes to financial information, they may request audited or review engagement financial statements prepared by an you may choose to withhold your personal goals and personal finances, consider including an appendix that includes references for your professional advisors; résumés of your team; photographs of your product or service; and past advertisements and promotional ss/personal advisors may be interested in seeing your entire plan, so they can pose questions and offer insight. You may choose not to share personal sections of the plan - like your personal statement of net worth - with your business give your advisors the most complete picture possible, consider adding an appendix that includes references for your banker, lawyer, accountant or bookkeeper, marketing consultant, and insurance agent; résumés of your team; photographs of your product or service; past advertisements and promotional materials; and competitors' advertisements, and other materials about marketing consultant may pay special attention to the business description section (excluding your personal goals), especially your objectives and your description of your product or service; the marketplace, which offers understanding about the environment in which your business competes; and open definition dialog window: sales & marketing, where your marketing consultant may offer suggestions for refining your er adding an appendix that includes: photographs of your product or service, past advertisements and other promotional materials, and competitors' advertisements and other materials about lawyer may be most interested in business description, the marketplace, and business operations, all of which may provide special insight into legal issues. Your lawyer may also want to see financial existing employees may benefit from reading your entire plan, although you may choose not to share your personal goals and personal ctive employees may be able to get a much better sense of your business if you share business description (excluding personal goals), sales and marketing, and an appendix that includes résumés of your staff, past advertisements and promotional materials, and photographs of your product or ial buyers of your business may have their interest piqued by the business overview and product or service description in business negotiations progress, you might consider sharing the marketplace, sales & marketing, business operations, and your business' financial my planlooking you complete your business plan, you're in a position to transform what you've learned into dependent on a single supplier? Take decisive action to seize opportunities and overcome challenges you've are some guidelines to using your plan in the coming weeks, months, and years:1. Share your business plan with people you trust - your banker, colleagues in the industry, your advisors, our family. The earlier you address financing needs, the better positioned you'll be to achieve your you put more money in the business, seek outside investors, or apply for a loan? Your business plan is really a benchmarking tool - it's a way for you to see whether your company is meeting your is your actual performance comparing to your projected income statements and your cash flow projections? The better people understand your business, the better they'll be able to work with you. Review your business plan at least once a year, and consider revising it whenever significant changes occur in your personal life, inside your business, in the marketplace, or in the economy. Be sure to discuss changes in your plan with key advisors, like your banker, accountant, and the glossary to letter ascroll the glossary to letter bscroll the glossary to letter cscroll the glossary to letter dscroll the glossary to letter escroll the glossary to letter fscroll the glossary to letter gscroll the glossary to letter hscroll the glossary to letter iscroll the glossary to letter jscroll the glossary to letter kscroll the glossary to letter lscroll the glossary to letter mscroll the glossary to letter nscroll the glossary to letter oscroll the glossary to letter pscroll the glossary to letter qscroll the glossary to letter rscroll the glossary to letter sscroll the glossary to letter tscroll the glossary to letter uscroll the glossary to letter vscroll the glossary to letter wscroll the glossary to letter xscroll the glossary to letter yscroll the glossary to letter ts payable are the total amounts your business owes its suppliers for goods ts receivable are the total amounts customers owe your business for goods es sold to d liabilities arise when you have received a service, but haven’t paid for it instance, if an employee has worked 20 hours this week, but you haven’t paid , his salary is an accrued ces are mutually beneficial relationships your business has with other businesses duals who have agreed to complement their products or services with yours, or zation is an accounting practice that allows you to spread costs associated ible assets with a limited life over their estimated useful are things of value your business d statements are financial statements that have been verified by an sional accountant who determines whether the statements comply with ed accounting debts are the value of accounts receivable that you believe your business may debt is the value of short-term loans you have outstanding to your bank, balance on your operating line of credit or credit e sheet is a financial statement showing your business’ assets, liabilities, (net worth) on a given is the total amount your business has in its bank accounts, tills, and petty cash date of your balance disbursements (money out) are the total amounts your business paid flow is the amount of money on hand available for running your flow projections are financial statements that forecast when and how much business will collect and pay out over a specified period of time, usually one year,And help budget money coming in against money going receipts (money in) are the total amounts of money coming in to your sales are the amounts paid by customers immediately at the time of sale. It e payments made by cash, cheque, credit card or debit itive advantage is what makes your business unique and difficult itors to of goods sold is the cost to your business directly related to purchasing cturing the products you sell. 30 days), and sometimes include a discount for a certain period of t assets are things your business owns that can readily be turned into cash, you expect to turn into cash as part of the normal course of business during t liabilities are debts you need to pay off in the next 12 t ratio is calculated as current assets divided by current liabilities. It is a your business’ liquidity, or the availability of cash or assets that can be to cash to run the business and meet short-term to equity ratio compares the level of financing provided by creditors to that owners have invested in the business, by dividing total liabilities by owner’ shareholder’s iation is an accounting practice that allows you to reflect that fixed assets or become obsolete over time, by spreading out the cost of buying a fixed asset asset’s useful costs are amounts paid to suppliers for products or services that you intend to your customers. For example, a contractor would include all amounts paid tractors for job-related work during the nds or owner’s draw is the amount taken out of a business’ retained earnings . In orated business, where the money is distributed among shareholders, it is inventory is the amount your business has in inventory at the end of the d by your income ent are fixed assets, including vehicles, that your business owns. It includes money or shareholders have contributed to the business and profits that have sted in it. Contributions / capital stock represents the amount of money (equity) owners,Partners, or shareholders have invested in the business, excluding owner’s – older’s – loans. Assets, also called capital assets, are long-term assets that you expect will still g your business make money beyond the next twelve months, like land, buildings,Equipment, and other items you use in your business operations. With the exception , which is always listed at its cost, all fixed assets are subject to l partnership is a legal structure of a business, where two or more people ies pool talents and resources, and share ownership of all assets and liability debts of the profit is the difference between sales and cost of goods sold. It’ percentage of every dollar in sales you have left over after paying direct costs cturing or acquiring goods sold, to cover all remaining expenses and statement is a financial statement that presents your business’ revenues ( sales), expenses, and net income over a specified period of time, usually one orated company is a legal structure for a business, where the liability of owners,Who are called “shareholders”, is limited to the amount of their financial investment ible assets / goodwill are things your business owns that have value, but that ’t touch or feel – like licences, copyrights, trademarks, patents, proprietary , service contracts, goodwill and st expense reflects the cost of borrowing money. It is the amount you pay st on your business borrowings during a specified period, and may include your operating line of credit, term loans, credit card balances, and loans from ies and other ory is the raw materials, partially completed products, and finished goods business is currently holding to sell to your ments that are listed as current assets on your balance sheet include stocks that can be readily sold for and buildings are long-term, fixed assets on the balance sheet. For es, land is listed at the cost you paid to acquire it, while buildings are subject name is the name of your business that appears on official a sole proprietorship, it may be the legal name of the owner or a ss name. A partnership, it may be either the legal names of the partners or a an incorporated business, it is the registered business name, shown on orating documents, which ends with words such as “incorporated”, “inc. Are what your business owes to creditors, suppliers, and d partnership is a business structure, where there are two kinds of partners:General partners who manage the business and are personally liable for debts, and rs whose participation in the business is limited to investing money, and ity is consequently limited to their investment in the ity is your business’ ability to meet current obligations using assets that can y turned into proceeds include any money you receive from new loans to your -term debt is the total amount you owe on long-term loans, including amount due in the next 12 months, called the current portion of long-term debt, as a current liability on your balance sheet. The portion not due to be repaid in 12 months is listed as a long-term -term investments include investments that have a term longer than one year, as loans extended by your business that you don’t expect to collect in the next -term liabilities are debts that will not be repaid within the next 12 share is the relative size of one business’ portion of the market. In , it is one business’ sales of a particular product or service divided by the total that product or service in the fixed assets are the amounts you paid for your business’ fixed assets, income, also called net profit or loss, is equal to total sales (revenue) minus ss expenses, including income profit margin is the percentage of each dollar of sales that remains after es have been g inventory is the amount your business has in inventory at the start of ting period your income statement ing line of credit is a short-term loan to cover day-to-day operating expenses of. It allows a borrower to continuously borrow and repay a loan up to an ’s draw or dividends is the amount taken out of a business’ retained earnings .
In orated business, where the money is distributed among shareholders, it is ’s equity contributions include all monies that owners, partners, or into your business, excluding owner’s/shareholder’s ’s/shareholder’s loans are the amounts owed to you, your partners, or olders for loans made to your business, which are expected to be repaid. Expenses are items your business has paid for, but hasn’t yet received forma statements are financial statements that show the projected financial a business, assuming certain events will take se of materials or stock includes amounts paid to purchase raw materials,Partially finished goods, and finished goods for later ses are costs paid to suppliers for raw materials used to produce the goods or finished goods which you intend to resell to your ed earnings are the accumulation of all profits (after tax) that have not d from your business. If your business shows a loss, its retained earnings will on equity ratio measures the return your business generates for owners engagement statements are financial statements that have been reviewed by ndent accountant who determines whether they are plausible within the generally accepted accounting principles. A review engagement is similar to an audit,Except that no opinion is expressed on the , also called revenues, are the amounts you billed customers for products es they -term debt is the amount your business owes on loans that are due to be one year, including the balances outstanding on your company’s operating line and credit proprietorship is a legal structure of a business, where the business is by one person, called the sole proprietor. The business owner and the business separate legal entities, which means the sole proprietor personally owns the business’. And is liable for all business ent of net worth is a personal financial statement that shows your , liabilities, and net worth on a given payable are amounts your business owes in taxes, but hasn’t paid rate is the percentage of your net profit before tax that you’ll be required to pay . Only incorporated businesses show and subtract income tax on their financing describes loans, usually taken out to make a specific purchase, be repaid according to a fixed schedule, by a certain name is the name your business “goes by,” which can be different from its . The total will be transfered to your main name of item 1enter number for item name of item 2enter number for item 3enter name of item 3 enter number for item 4enter name of item 4 enter number for item 5enter name of item 5enter number for item ts receivable are the total amounts customers owe your business on the date of your balance sheet. When recording them on your balance sheet, be sure to subtract out “bad debts” – receivables you believe will never be ory is the raw materials, partially completed products, and finished goods that your business is currently holding to sell to your customers. If, however, your inventory’s current market value is below the price you paid for it – because, say, prices have fallen or items have become outdated or damaged – you should list it at its current market d expenses arise when your business pays for something "up front. For instance:If you own the only hardware store in your area, your location may be your greatest competitive advantage, since it makes you a more convenient option than your you run a marketing consultancy out of your basement, your low overhead might be a competitive advantage, since it allows you to charge lower prices than your you are a dentist, your special training in cosmetic dental surgery might be your competitive advantage, since your competitors can't easily offer the same the way you offer or deliver your product or service is unique and adds value for your customers, be sure to discuss it as part of your competitive objectives should move you closer to your personal goals and business vision. A long-term objective might be to hit specific sales goals two years from you've completed your business plan, consider returning to business objectives. You may want to change or add new objectives as a result of the plan-writing aphic factors and refer to the basic characteristics your customers tend to have in common, like age, income level, geography or gender. If the number of elderly people in the general population is growing rapidly, it's a good sign for your business. If you sell desktop calendars, the fact that electronic business organizers are sweeping the nation is an important social ic factors and indicate the state of the economy, on both a local and national level. If you're an auto mechanic, for instance, a national economic downturn might be good for business, since customers may prefer to have their old cars repaired rather than buy new ones. Others, like farmers or tourism businesses, can be especially dependent on the right weather conditions. And some businesses - from allergists to trucking companies - work with potentially hazardous materials that they must take special care to administer and dispose of, which can have a significant impact on their costs. Are there any trends, like a call for environmentally-friendly products, that may affect the way your business operates? Multiplying the two numbers will give you an idea of the provincial market for fying you're unsure about who your business competes with:Start by scanning the yellow pages and searching you run an established business, ask your customers who they think your competitors trade magazines and local magazines to learn more about competitors who may enter your market in the future. Try visiting their business - in person, over the phone, or on their web site - to find out what they offer and for how much, or have an unbiased friend do this sort of research for you. Also, pay attention to advertisements, which contain lots of information about how your competitors perceive their own strengths and are some examples of customer segmentation:If you run a swimming pool cleaning service, home pool owners, high schools with pools, apartment buildings with pools, and sports clubs are different customer you're a dj, event planners and nightclubs are different customer you own a greenhouse, landscapers and home gardeners are different customer you're targeting individual consumers, think in terms of defining characteristics like age, gender, income level, culture and lifestyle. If you're targeting other businesses, think in terms of the size of those businesses, and how and by whom buying decisions are made within you're starting up, pay special attention to what you discovered in the competition section when choosing your target customer. For instance, if your largest competitor's greatest strength is its lower prices, think twice before you go after customers whose purchase decisions are based primarily on you run an established business, be sure to ask your customers what's important to them, how they make decisions, and why they choose you over the competition. If, for instance, you've stopped attracting new customers or you've become overly dependent on one or two accounts, you may need to take , consider your business' strengths and competitive advantage. Your competitive advantage describes what makes your business special from the inside, your positioning states what makes it special from the outside - from the customer's perspective. Different positioning attracts different you run an established business, be sure to ask your customers what qualities they associate with your product or service. Setting prices, remember:Your prices must cover the cost of providing your products or services and running your business. You'll have a chance to test whether or not they do when you complete the financial information section later in the business planning prices should be consistent with your positioning. Customer service can include ongoing technical support, loyalty programs, and even calling existing customers each month to see if they have any needs you can help deciding what sort of advisors your business might need, start by examining the profiles of your team. Business/personal advisors are unpaid individuals whose experiences and advice you and your business benefit from. A personal advisor may be a friend or family member, who offers guidance both in managing your business and in working towards the right work-life balance for you. By inviting such people to be advisors, you'll gain a valuable sounding board for your ideas and plans, and you may lend greater credibility to your business. Professional services advisors are paid professionals who are qualified to help you and your business in certain areas, like tax, legal, and ers include any business whose products or services you need to provide your offering to customers. If you run an established business, consider how your suppliers do this and if any improvements could be right credit terms can be especially critical when working with suppliers. Also, you may be able to save money by taking advantage of supplier discounts for paying within a certain period of you're starting up, speaking with other businesses in your industry can be a great way to identify potential suppliers. The yellow pages are also a good place to considering possible alliances, look for businesses that are a logical fit with your own. That way, the copywriter can offer design services to her clients, and the design firm can offer copywriting services to s' businesses are required by law to carry workers' compensation insurance coverage. This protects you and your business against employee lawsuits related to work injuries and illnesses and provides benefits to injured employees. To learn more, visit the website of your provincial workers' compensation board or ted income you are starting up, base your revenue and expense projections on what you've learned about your target customers, your competition, and your industry by writing your business sales projections should be reasonable. Of goods sold (for non-service businesses) should incorporate what you know about suppliers, their prices, and potential changes in es should be based on your plan and your educated understanding of what things cost. What about rent for the office space you intend to move in to, or the cost of phone service associated with your planned telemarketing campaign? In any year can be very roughly estimated by dividing the amount spent on furniture, fixtures, equipment, and vehicles to start your business by the average number of years you expect your business will use such assets before replacing them. As for amortization, you may assume that it's zero to be conservative, unless you've purchased your business and assigned a value to intangible assets as part of the purchase incorporated businesses, the tax rate will be based on the business' net profit before tax.
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If you choose to use an estimate based on taxes paid in past years or your accountant's recommendation, it's a good idea to indicate you have done so in your you're an established business, use your past income statements as a guide in creating your projected income of goods sold (for non-service businesses) and expenses tend to rise and fall in the same proportion as sales. For floating rate loans - loans where the interest you pay varies based on changing short-term interest rates - you may want to take into consideration educated expectations about whether rates will rise or incorporated businesses, the tax rate will be based on your business' net profit before tax. It's also acceptable to leave the line blank, ending your projected income statement with net profit before you've established basic projected income statements based on these rules of thumb, adjust them to reflect your business plan. Have you increased rent expenses to reflect the fact that you plan to move to a bigger office? If your business only sells services, like aerobics class instruction, then you can skip the cost of goods sold section of the income statement. Different types of businesses include different costs in cost of goods sold:A retailer would include the amount paid to wholesalers, as well as items like freight and customs duties. Manufacturer would include the cost of raw materials, the salaries of workers that assemble its products, and the overall costs of running its production er consulting your accountant or bookkeeper for more guidance on appropriately calculating cost of goods sold for your include the cost of providing additional health and disability insurance, rrsp matching, car allowance or other special benefits you offer your can include employee salaries, hourly wages, commissions or the cost of providing additional benefits such as health insurance, a car allowance or the cost of any other benefits you offer your bile and bile and travel expenses include gas, insurance, and maintenance for vehicles used by your business, and the cost of plane tickets and accommodations for business tax rate is the percentage of your net profit before tax that you'll be required to pay in taxes. In doing so, you may find it helpful to refer back to the planned changes section of your plan. Whether you're starting up or you run an established business, how much cash you take in and pay out is based on the sales and expenses projections you made in your projected income statement. For instance, a bricklayer might do the majority of his business during the summer months. If you run an established business, remember to reflect the fact that you expect to collect accounts receivable related to recent sales - not just sales projected on your projected income you have finished your business plan or would like to produce a hard copy of your business plan, you can use one of the two options below. By selecting "copy to text file" you will have copied all of the business plan into your memory or clipboard. Next portion of writing your business plan involves creating some detailed financial statements including a balance sheet, cash flow statement and income statement. Inside, you'll find a wealth of information about my business, a thorough assessment of opportunities in the marketplace, and a detailed plan for seizing them. I look forward to the possibility of working with you to make ###data_business-legal-name### a success in the coming months and years. Us at t acontact asmall business the closestfind the closestscotiabank in to scotia onlineto scotia a main site al bankingbusinessabout to page navigation skip to main scotiabank scotiabank sites menu opened. Ways to bank" menu access your of "ways to bank", the scotia bank are in:expertise & insightside page ng level g a business planindustry factors & trendscompetitiontools & resources level ss plan guidebusiness overviewproduct overviewpersonal goalsbusiness objectivesbusiness visioncustomerssalesmarketingthe teamsuppliers & alliancesplanned changescontingency plansbusiness financespersonal ial steps for creating an effective business plan. Your plan should cover these five main topics:Describe the past, present and future of your business:Put your business between your competitors and your customers:Industry factors and your marketing mix and impact sales:Smooth succession to your team and suppliers when change happens:Suppliers & the numbers of your personal and business finances:Agriculture g packages business t us1. On rly resultsour q3 results have been & information to help your business a small business anywhere, our business plan a plan? Try our business plan in the future of your business by taking the time to create or update your business plan using this free er to access our e-newsletter and be in a chance to win $10,000 for your business. Your in the future of your business by taking the time to create or update your business plan using this free template. This resource can help you to prepare a solid strategy for importance of your business s the most important document for any new business is a business plan. That lack of focus results in wasted dollars, energies and resources as the company zigzags along instead of following a well-planned straight line to its g a business plan can seem a daunting task. Many entrepreneurs simply don’t have the time, inclination or the proper ss planning bank has developed a template that makes creating your business plan easy. Template guides you through all of the steps required to complete a proper business plan. You have a business plan, complete with cover page, contact information, financial tables, product descriptions and marketing details. You can save and print the plan, or send it electronically to your plan to move your business forward with confidence, to motive your team, or to present to investors or ing on how much research and preparation you’ve already completed, creating your plan won’t consume much time at all. While it’s very easy, don’t worry if you get stuck because help is available throughout the your plan to the you’ve completed your business plan, you may take it to a scotiabank small business advisor. The advisor can review your plan, supply feedback, and, if requested, help you to explore your financing feedback on your people to review your plan will make it stronger because you’ll receive valuable feedback. Share it with your accountant, lawyer, financial advisor and trusted businesspeople so they can offer their suggestions to improve your plan. If you are really worried about someone reading your secrets, consider attaching a non-disclosure agreement (nda) to the plan – it’s a legal document that prevents others from sharing your information with unauthorized ad the template. To be an entrant, you must be the named recipient of this notification, a legal resident of canada and the age of majority, but not an employee, agent or representative of scotiabank, its affiliates or subsidiaries, or a member of the household or immediate family of above parties. Click here for full contest a main site al bankingbusinessabout to page navigation skip to main scotiabank scotiabank sites menu opened. Skip to scotia bank global vincent & the banking & growing for wealth transaction of more scotiabank sites are in:expertise & insightside page your business level sh flow forecastingcreating a business plangetting business advice and help market feasibilitystarting a business in canadastartgrowtools & resources level growing for businesswriting a business plansuccession ’s important to have a road map for your business that shows where you want to go and how you’re going to get there. A clear business plan will allow you to focus on your goals and take opportunities as they present , we cover the basics of what your business plan should encompass. Keep our plan writer for business tool handy as you read through this a business plan is crucial to the greatest thinkers need to write their ideas down to get the most out of them. It’s no different when planning to start a business – by committing your plans to writing, you’ll help identify your priorities and measure your progress towards achieving your business plan should have three main purposes:To determine the feasibility of your document a strategy and direction for your share with external parties who have an interest in your business, such as your business plan should can tailor your business plan to your vision and include creativity if you wish, however there are some key elements that every plan should possess. Description of your first section of your business plan needs to let the reader know what your business is, what it stands for, and what you want it to achieve. Include:An overview – general information about your business, such as its name, physical address, website, and its vision – brief statement that lets readers know what your business believes in and where it’s and objectives – the aspirations you have for your business, and the objectives that will allow you to measure success along the journey. Specifically mention:The industry – discuss the industry your business is entering, the estimated size of the market you’re targeting, and any trends that could affect your competition – identify those direct and indirect competitors already trading in the market. Translate their strengths and weaknesses into opportunities for your ers – detail the type of customers you’ll be targeting and why they’ll choose your products or services over that of the itive about what will set your business apart from your potential rivals. Use your business plan to record in detail how you plan to market your offerings and which channels you plan to sell marketing plan should talk about your strategies on pricing, promotions and product or service positioning. Also make a note of the types of marketing tools you intend to use, like social media, television, and print business’s sales strategy needs to detail where you plan to sell your products or services, the sales process you intend to implement, and any after-sales service you’ll offer your providing your planned marketing and sales strategies, you’ll reassure your financial backers while also having a guide in writing for your marketing and sales down how your business will actually operate – for example, the type of staff you’ll need and the way management will be set up. Write up a brief biography of yourself and what you bring to the table, any business partners you intend working with, and the profiles of your key staff al relationships – list the relationships that are vital to your business’s success, such as alliances, suppliers and d changes – note any changes that may come about after you start up.
For example, rapid growth may mean you’ll have to lease or purchase larger gency plans – detail the challenges your business might face and the plans you have in place to deal with nt the financial resources you have available to begin your business. These should include:Personal resources – what you personally own and owe, what resources you plan to invest in your business, and how you’ll support your business ss finances – while in the planning stages of your business, forecast your predicted cash flows and list the assets and liabilities you expect to have during start lture g packages business t us1.