While I still recommend the business planning process, I caution you to realize that a beautifully crafted document does not always equal business success. I've worked with many entrepreneurs who successfully launched without a plan, and some with beautifully written plans that never materialized. You and your business idea are unique. Your planning process will be unique as well. Be wary of one_size_fits_all advice or pronouncements from experts about how you should proceed.
Projected Financial Statements: These statements are usually helpful, but not necessary. You will develop and describe your strategies for the business throughout your Business Plan. In the financial section, you will need to estimate the financial impact of those strategies by developing projected Income Statements, Balance Sheets, and Cash Flow Statements. It is usually recommended that these projected statements be on a monthly basis for at least the first twelve months or until the business is projected to be profitable and stable. Activity displayed beyond the monthly detail may be in summary form (such as quarterly or annually). The forecast period for most business plans is two to four years.