The one most important fact of a business, for which there are no exceptions, is "Cash is King".
Even if you think your new organisation you're starting up will be subbed by the Department of Health or some other contract - the same statement holds. You can't pay staff, your telephone bill, you rail-fare etc, unless you have cash in the bank.
Cash is not a promise of work - there are plenty of those that don't deliver/
Cash is not an invoice - though if you're desperate, you can ask the bank to give you a loan against it.
Cash is when the money is in the bank account.
Business planning is essential if you're planning to go on your own. You'll find that the plans have more meaning than any plan you've done for an organisation You need an in year plan and at least a 3 - 5 year plan that sets out your strategies and goes down to the level of cash - in the bank.
To help you, I've complied a list of free templates you can use for your business planning processes:
- There are 5 excellent plans, check-lists, budget summaries etc available from Invoiceberry. As with all plans you'll need to edit and customise to make them your own, but the details are covered in these.
- Microsoft Office has a number of templates for download.. They have a SWOT, 5 yr plan, business plan, balanced scorecard and an excellent waterfall forecasting model which analyse profit and loss, and balance statement each month (remember, cash is king).
- Bplans has templates for different types of businesses - in case you are feeling like opening up a restaurant or a bicycle repair shop.
- Teneric has a comprehensive suite of tmeplates, including a free course on how to write a business plan