By Peppin Lafontaine at October 28 2018 05:06:00
Financial Plan - What is the anticipated income? What are the cash flow projections? What is the anticipated budget over the next 3 years? What is the break even point? When is it anticipated to be met? What funding is needed and where will it come from? What funding is currently available? What collateral is available? What is the net worth of the principals, if applicable? Possible Data Sources: accountant; accounting software; Small Business Administration; Small Business Development Center; SCORE; banks; venture capitalists.
Small business consultants are very much on top of their game. They compile industry reports relating to the business, conduct feasibility studies, as well as studies relating to potential customers.
Risk Assessment - What weaknesses are inherent in this venture? What vulnerabilities face this type of venture? What impact will these have? What new technologies may affect this venture over the next 1 to 3 years? What contingency plans are in place? What level of liability insurance is required? What does it cost? Who is the carrier? Possible Data Sources: trade associations; trade journals; Service Corps of Retired Executives (SCORE); industry salespeople; customers; focus groups.
This may be nothing more than arranging training for employees or setting a timeline for goals to be met. It is not unusual, however, to find them becoming a temporary presence in different office activities.