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Writing the Business Plan: The Financial Plan The Balance Sheet The Balance Sheet is the last of the financial statements that you need to include in the Financial Plan section of the business plan. The Balance Sheet presents a picture of your business' net worth at a particular point in time. It summarizes all the financial data about your business, breaking that data into 3 categories; assets, liabilities, and equity. Some definitions first: Assets are tangible objects of financial value that are owned by the company. A liability is a debt owed to a creditor of the company. Equity is the net difference when the total liabilities are subtracted from the total assets. Retained earnings are earnings kept by the company for expansion, i.e. not paid out as dividends. Current earnings are earnings for the fiscal year up to the balance sheet date (income - cost of sales and expenses). All accounts in your General Ledger are categorized as an asset, a liability or equity. The relationship between them is expressed in this equation: Assets = Liabilities + Equity. For the purposes of your business plan, you'll be creating a pro forma Balance Sheet intended to summarize the information in the Income Statement and Cash Flow Projections. Normally a business prepares a Balance Sheet once a year. Here is a template for a Balance Sheet that you can use for your business plan (or later on when your business is up and running): YOUR COMPANY NAME BALANCE SHEET As At __________ (Date) ASSETS $ LIABILITIES $ Current Assets Current Liabilities Cash in Bank Accounts Payable Petty Cash Vacation Payable Net Cash Income Tax Payable Inventory Customs Fees Accounts Receivable Pension Payable Prepaid Insurance Union Dues Payable Total Current Assets Medical Payable Workers Compensation Payable State/Provincial Tax Payable Fixed Assets: Total Current Liabilities Land Buildings Long-Term Liabilities Less Depreciation Long-Term Loans Net Land & Buildings Mortgage Total Long-Term Liabilities Equipment Less Depreciation TOTAL LIABILITIES Net Equipment EQUITY EARNINGS Owner's Equity - Capital Owner - Draws Retained Earnings Current Earnings Total Earnings TOTAL EQUITY TOTAL ASSETS LIABILITIES AND EQUITY Once again, this template is an example of the different categories of assets and liabilities that may apply to your business. The Balance Sheet will reproduce the accounts you have set up in your General Ledger. You may need to modify the categories in the Balance Sheet template above to suit your own business. Once you have your Balance Sheet completed, you're ready to write a brief analysis of each of the three financial statements. When you're writing these analysis paragraphs, you want to keep them short and cover the highlights, rather than writing an in-depth analysis. The financial statements themselves (the Income Statement, Cash Flow Projections, and Balance Sheet) will be placed in your business plan's Appendices.