Back-Up Your Ideas & Business Opportunities With Numbers
Many people have great ideas but often fail to quantify their business opportunity with financial data that backs up their claims. More than providing a good product or service, a business must make money. For that reason, every company should have a budget and financial statements that are continuously monitored. It is important to understand a business idea based on actual data versus guesswork is usually much more likely to be successful in gaining consensus and financial support.
Essentially, to create a viable business you must first convey to your investors, bankers, or team members that your idea is worthwhile and will provide a return on investment. This is why every startup business should have a detailed budget and proforma or key financial data to show the result of expected performance.
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