Identify three critical ratios that are important to review

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Project Homework

Textbook: Principles of Managerial Finance 16th edition by Chad J. Zutter; Scott Smart

Creating a Business Plan Project

A business plan provides a business with a vision for the future and a clear strategy for expanding the business. Understanding the components of a business plan can help identify the needed resources, timeline, and steps to achieve the business's goals, grow the business, track the growth and help to forecast and plan for potential risks, and help investors see the viability of a company.

For your course project that you will finish in Unit VII, you will create a basic business plan for a fictional start-up health care company. This unit III homework will be the first part of your business plan project.

Complete the following for your homework that is due in this unit:

I. Research

Feel free to research an organization similar to the one you would like to complete the project on as a guide for creating the business plan.

In this homework include:

1. the executive summary,
2. the business description,
3. a short explanation of the importance of the time value of money, and
4. the four basic financial statements.

II. Executive Summary

The executive summary is the first and one of the most critical parts of a business plan. It provides an overview of what the business plan will cover. You can always go back and update this section in Unit VII before posting the final course project.

Include the following in your executive summary:

1. mission statement,
2. products or services you offer, and
3. why you started the business.

III. Business Description

The business description should include the following:

1. type of entity (e.g., a sole proprietorship, or an LLC) and name of the company;
2. information regarding the industry your company will serve;
3. your team experience in the industry;
4. business goals (two long-term and two short-term plans);
5. product or services;
6. target customer;
7. trends and major competitors; and
8. what will set your company apart from the competition.

IV. Time Value of Money

1. Briefly explain the importance of the time value of money and how you would use it to maximize profit for your company.

V. Financial Tools

1. Create the four key financial statements, and explain the importance of each for your company. Refer to the examples in your text, and research similar companies online. Remember this is a start-up company and may not have a lot of resources. The main consideration is adding the right information for each of the financial statements.

2. Identify three critical ratios that are important to review.

Reference no: EM133531674

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