Common business planning mistake #2 and exercise to solve it

Lesson Details:

Video Transcription: In this video I want to talk about another business plan a mistake and that's putting off the financial section of the business planning I know it's confusing and it can be very hard to approach it's kind of a weird business planning space totally separate from the rest of strategy but we must plan finance and financial mistakes can be really hard to overcome if you make errors so to get started in an easy way I just want to suggest to you to start with a simple cash flow statement I cover it in other parts of the course but just to summarize all it is without overcomplicating things it's an itemized list of expenses and revenues and you would make two of these one for the time before you start it's a monthly list and one for the time period for after you start it's just arithmetic just a list it's super simple and it's not intimidating just make that list on a piece of paper come up with expenses if you don't know what the expenses are on how perfect that's something to research and then put it together and eventually have all the costs that you're going to incur if the costs are too much you're gonna have to think about well how do I cut the cost do I have to change business strategy so now you will be incorporating the finances into your overall plan and this is probably the easiest way to get into it.