You cant do both you can do one or the other you

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Unformatted text preview: l plan relates the budgets to the Milestones table, discussed in Chapter 19: Make it Real. The Milestones table takes all the important activities included in a business plan and assigns them to specific managers, with specific dates and budgets. It also tracks completion of the milestones and actual results compared to planned results. THE MILESTONES TABLE These are the milestones, the heart and core of the business plan. Using the Milestones table will assign responsibility and authority to the expense budget plans. Summary Regardless of which budget style you choose, you make very important choices as you plan your profit and loss. This is where you plan your expenses. You are estimating expenditures across the business, from rent and overhead to marketing expenses such as advertising, sales commissions, and public relations. Decisions you make here are as important as the mathematics are simple. Your sum of expenses ultimately determines your company’s profitability. This is the business plan equivalent to budgeting, as you set your sights on the levels of expenditures you expect your company will need. CHAPTER 14: ABOUT BUSINESS NUMBERS A business plan depends on both words and numbers. You can’t describe a business in words alone, and the numbers don’t work without the words. In this chapter, we go through the basics of how the numbers come together. Words and Numbers Make a Complete Plan Allow me to tell a personal story about words and numbers, and why you need both to make a complete plan. In 1974, I switched from general journalism, writing for United Press International from Mexico City, to business journalism, writing for Business International and McGraw-Hill World News. With the switch, I found myself covering business and economics instead of general news, writing for (among others) Business Week and Business Latin America. Because I thought it would be nice to have some idea what I was writing about, I went to the local graduate school at night for courses in general economics, accounting, finance, and marketing. As I...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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