For any entrepreneur starting a business, there are many necessary activities and documents to prepare to maximize success. A well-written and detailed business plan is one of the most important documents for a business owner. It will give you guidance on where you’re going and how to get there. According to Investopedia, “A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals….
Financial statements are critical to a business owner. They provide much-needed information on the financial status of the business and provide input into wise and timely decision-making. Financial reports are usually prepared at the end of each quarter and fiscal year. These financial statements are used by management, stakeholders, investors, creditors, and debtors to gain insight into the financial status of your company. They are the basis for making decisions on purchases, loans, and other activities related to the growth…