Assignment $7$ combines three $(3)$ important small business topics...the Business Plan, Financing the Small Business, and Cash Flow. Review the content and attachments for each of the topical areas below and please prepare a single document that addresses$/$discusses the information identified within the body of each topic. I look forward to reading your thoughts related to each area.

The Business Plan

What a business plan should consist of is often times dependent upon who you are talking to$.$ Some say they want "short and to the point", others say that the document needs to be comprehensive and thorough, while many successful entrepreneurs will say they started their business without ANYTHING on paper. Whomever you talk with, they will normally tell you that a business plan serves a couple of purposes....to serve as a ROADMAP for a business and to use to OBTAIN FUNDING.

My experience working with small business clients early in my professional career found that those successful entrepreneurs who had nothing on paper had EVERYTHING in their heads! There were instances where they needed to get it out of their head and on to paper, especially when then needed to pursue additional capital or were getting ready to sell the business.

Attached is a comprehensive article which discusses how to prepare a "great" business plan $($yes$...$it has some age on it but good historical perspective$)$ as well as a link to the SBA Learning Center's video on business plans. For this topic, peruse this article, the textbook chapter related to business plans, watch the video link, and prepare a one $(1)$ page narrative which discusses the business planning process. In the narrative, integrate the content and comprehensively discuss the all elements of a business plan, discussing their importance $($or lack of in your opinion$),$ and why the business planning process is important. Conclude your narrative discussing why having the information $"$on paper" could help with entrepreneurial successes.

Attachments

MGMT $3304$ Article How to Write a Great Business Plan.pdf

https:$//$www$.$sba.gov$/$course$/$how$-$write$-$business$-$plan$/$Links to an external site.

Financing the Small Business

Once the business plan is in place, the next step for many entrepreneurs is to take that completed "roadmap" on the "road" to find possible sources for capital. For some entrepreneurs, hitting the "folks they know"...family and friends...is step #$1.$ I have posed this question numerous times over the years to students who took this course in a face to face format and am forever amazed at the comments received....which ranged from "I might consider", "you bet my family would give it to me without a doubt", to "ain't no way I$\text{'}$d ask any of my friends of family". For many business owners many is not a viable option for numerous reasons and pursuit of other opportunities are necessary.

Attached is an article which discusses borrowing from other people as well as a BRIEF listing of potential sources of funding. Review the article and pdf then I would encourage you to research various sites such as INC., Entrepreneur, the Small Business Administration website $($video links are available to discuss the topic through the SBA website$),$ and other relevant resources and discuss your findings in one $(1)$ page. Discuss the viability of these opportunities for the typical entrepreneur. Which do you believe are good possibilities and which do you think are "long shots". Be comprehensive with your discussion.

Attachments:

MGMT $3304$ Articles The Peoples Bank $($Borrowing from People$).$pdf

MGMT $3304$ Financing Options.pdf

Is Cash Flow King?

Understanding "where" a small businesses money $"$is$"$ is obviously an important piece of overall success. Understanding cash flow $($the money coming in and going out of the business$)$ and its many facets is imperative. I have vivid memories of talking with small business owners who had great things going on in their operation...sales were strong, traffic in the location was good, but they could not seem to get a handle on where the money was...they only knew where it wasn't which was often in their bank account. Each case was often different, but in many of the rural towns and areas the business were still extending "onsite" credit $($store credit$)$ and in many instances, saying $"$no$"$ was difficult when a local customer came in and needed to "charge" until the end of the month. It was often difficult discussions, but getting entrepreneurs to realize that collections were part of their issue and, more important, needing to find alternatives to this approach was something that had to be undertaken.

Below are articles related to the topic of Cash Flow as well as a video clip from YouTube that discusses the topic of Cash Flow. Please review the attachments and prepare a one $(1)$ page document that fully discusses this important accounting$/$business success topic. As always, please end the paper with your comments related to the topic and any experience$($s$)$