METRO Xcel (Accelerator) alumni, tsenso test their solution with METRO
tsenso tests their solution in METRO CC in Dussledorf
In our two part series, Yvonne Urbach from Businessplan-Wettbewerb Berlin-Brandenburg (Business Plan Competition Berlin Brandenburg) gives us her best advice for business plans. In the first part she explains how you can present your startup, your plan and your team on the scene to the best effect.
Part 2 deals with financial planning and important organizational factors that need to be thought out thoroughly from the get-go.
Good planning from the beginning helps any startup company to structure and anchor its business departments and the related scope of activities. A hallmark of successful startups is to clear define the different roles the players take on: the visionary advances the product and is its ambassador to the world. The engineer makes sure that it works. The numbers person looks after financial and legal issues. One person can obviously take on various roles – the important thing is that it be absolutely clear who is responsible for what. This kind of organization can integrate external resources early on, making it possible, especially in the beginning phases, to act with speed and flexibility.
One important aspect that should be well-considered at the outset is the legal form you choose for your company. This covers the influence and control that investors can have as well as tax issues.
Apart from that, selecting your location is also an essential criterion. Consider thoroughly what factors are important for your company: e.g. is it accessible to customers, what area is it located in, especially in regards to transportation, technical equipment and rent?
A good set-up also includes milestones. Investors are interested in the development of your company, they want to know which milestones you have met by which times and what short and long term goals you realistically see in the coming months.
The next step is a detailed look at the financial, earnings and net assets position of your company: the expected profits and losses, the amount of needed capital, profit margins, planned financing, basis for yield estimation, liquidity planning, interest and repayment planning, previous investments as well as interest and amortisation planning should all be presented. One tip: since binding forecasts about business development can not generally be met in the founding phase, we recommend you consider various scenarios which identify opportunities and risks along with their effects on liquidity planning and profitability forecast.
A good business plan has no loose ends. That’s why we advise all founders to include in attachment their CVs, important contracts, certificates, market figures, reports and other such documents that can support their overall business plan.
Yvonne Urbach has been working at IBB Business Team since 2015 and is here responsible for the Businessplan-Wettbewerb Berlin-Brandenburg (Business Plan Competition Berlin Brandenburg).
Businessplan-Wettbewerb Berlin-Brandenburg (BPW) supports startups in creating a business plan free of charge, offering consultations, seminars, mentoring and feedback. For a more detailed step towards the perfect business plan, look online at Handbuch des BPW.