3:I[5613,[],""] 5:I[1778,[],""] 4:["slug","checklist-for-new-business","d"] 0:["rnBdUNPWTD1c-_x1hScPE",[[["",{"children":["resources",{"children":["business-plans",{"children":[["slug","checklist-for-new-business","d"],{"children":["__PAGE__?{\"slug\":\"checklist-for-new-business\"}",{}]}]}]}]},"$undefined","$undefined",true],["",{"children":["resources",{"children":["business-plans",{"children":[["slug","checklist-for-new-business","d"],{"children":["__PAGE__",{},["$L1","$L2",null]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children","business-plans","children","$4","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":[["$","link","0",{"rel":"stylesheet","href":"/_next/static/css/b29c6c1d4813d5b8.css","precedence":"next","crossOrigin":""}]]}]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children","business-plans","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":null}]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":null}]]},[null,["$","html",null,{"lang":"en","children":[["$","head",null,{"children":[["$","meta",null,{"name":"robots","content":"index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1"}],["$","link",null,{"rel":"icon","href":"/images/website-icon.svg"}]]}],["$","body",null,{"itemScope":true,"itemType":"https://schema.org/SoftwareApplication","className":"a1","children":[["$","meta",null,{"itemProp":"applicationCategory","content":"Business Planning Service"}],["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$L6","notFoundStyles":[],"styles":null}]]}]]}],null]],[[["$","link","0",{"rel":"stylesheet","href":"/_next/static/css/080fc4158a8a5598.css","precedence":"next","crossOrigin":""}]],"$L7"]]]] 6:E{"digest":"NEXT_REDIRECT;replace;/;307;"} 8:I[4699,["6081","static/chunks/6081-024259f4f6c69551.js?v1744903395630","3842","static/chunks/3842-43e6e4a5599f06c7.js?v1744903395630","6142","static/chunks/6142-d53122bf85c101bf.js?v1744903395630","995","static/chunks/app/resources/business-plans/%5Bslug%5D/page-d07cc0355ed69241.js?v1744903395630"],""] 9:T71b0,{"id":"cG9zdDoyMjA5","title":"Checklist for Starting a New Business: Avoid Common Pitfalls","content":"\n
Starting a new business is an exciting endeavor, but without the right preparation, it can quickly become overwhelming. A well-crafted checklist for starting a new business ensures you navigate this landscape effectively, avoiding common pitfalls that might slow down your progress. This guide provides a detailed roadmap, covering every critical step from initial concept validation to operational launch, to help you establish a robust foundation for your new venture.
\n\n\n\nBefore investing time and resources, validate your business idea to ensure it addresses a real need in the market. Develop a minimal viable product (MVP) and engage potential customers through surveys, focus groups, or pilot testing. This feedback is invaluable for refining your product or service to meet customer expectations and market demands better. To learn more about how to validate your business idea, read our article “Do You Have a Profitable Business Idea? Here’s How to Find Out”.
\n\n\n\nUnderstanding your market is crucial for any new business. Deep dive into market research to understand your potential customers, competitors, and market dynamics. This crucial step informs your business strategy, helping you to position your product effectively and identify unique selling propositions that set you apart from the competition. Utilize both primary and secondary research to gather comprehensive insights that guide your decision-making process. We discuss the value of market research and its strategies in our article “Why Is Market Research Important & What Are Its Key Methods?”.
\n\n\n\nYour business plan is the blueprint for your startup’s success, detailing every aspect of your business strategy. It should include market analysis, organizational structure, a detailed description of your products or services, marketing strategies, financial projections, and an operational plan. This document serves as an internal roadmap and a tool to communicate with potential investors and partners. Discover how to write a business plan in our article “Business Plan: Write one like a Pro”.
\n\n\n\nSelecting the appropriate legal structure for your business impacts everything from your liability to how you file your taxes. Options include sole proprietorship, partnership, LLC, and corporation. Each structure offers different benefits and legal protections, so choose one that aligns with your business goals and personal liability preferences.
\n\n\n\nMake your business official by registering it with the appropriate federal and state agencies. Choose a unique business name, register it, and obtain all necessary licenses and permits to operate legally in your locality and industry. This foundational step prevents legal issues and ensures compliance with local, state, and federal regulations.
\n\n\n\nEstablish a separate business bank account to manage finances effectively and transparently. Implement a reliable accounting system to keep track of expenses, profits, and financial planning. Setting up robust financial practices early on is crucial for managing budgets, preparing for taxes, and facilitating future business growth.
\n\n\n\nDevelop a strong, consistent brand identity that communicates your business values and appeals to your target audience. This involves choosing a suitable name, designing a professional logo, and applying a consistent color scheme and typography across all marketing materials and digital platforms. A compelling brand identity enhances recognition and builds trust with potential customers. Your brand is your business’s first impression—make it count.
\n\n\n\nDevelop comprehensive operational and marketing strategies to ensure smooth daily operations and effective customer engagement. Define your business operations, from production to delivery, and craft a marketing plan that leverages both digital and traditional media to build your customer base and enhance your market presence. Learn how to market your startup effectively in our article, “Marketing Strategies for Startups: Tactics for Business Growth”.
\n\n\n\nAs you navigate the complexities of starting a new business, Modeliks offers the tools and guidance to streamline your process. From crafting investor-ready pitch decks to detailed financial forecasts, our software ensures you are equipped to make informed decisions and attract funding. With Modeliks, you can transform your entrepreneurial vision into a viable, thriving business.
\n\n\n\nArmed with a thorough checklist for starting a new business, you are ready to turn your entrepreneurial dreams into reality. Each step prepares you for a successful launch and sustainable business operations. Remember, thorough preparation and strategic planning are key to successfully navigating the complex startup ecosystem.
\n\n\n\nReady to turn your business idea into reality? Discover how Modeliks can simplify the creation of business plans and financial models, helping you to secure funding and make informed decisions. Start your free trial with Modeliks today, and take the first step toward a successful business launch.
\n","slug":"checklist-for-new-business","date":"2024-05-07T07:48:32","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxMg==","name":"Pitch Decks"}]},"mainCategory":{"mainCategory":["business-plans"],"videoHeader":null},"tags":{"nodes":[{"name":"business planning"},{"name":"small business"}]},"featuredImage":{"node":{"id":"cG9zdDoyMjEw","sourceUrl":"/images/cms/Checklist-for-Starting-a-New-Business-Avoid-Common-Pitfalls.jpg","altText":"Modeliks guide on essential checklist for starting a new business, covering validation to operational launch."}},"seo":{"metaDesc":"Master the essentials with our checklist for starting a new business. From market research to operational setup, ensure a solid start. Learn More!"},"modified":"2024-05-07T07:48:32","related":[{"id":"cG9zdDoxMDQyMA==","title":"Modeliks 2.0 is Live!","content":"\nToday we released a massive new update of Modeliks. A multidimensional Modeliks 2.0. I am both happy and sad to see Modeliks grow up. I liked baby Modeliks. He was cute and a little clumsy. Now, we created a beast.
\n\n\n\nWe listened to your feedback and made Modeliks by far the best financial planning and reporting tool for SMEs. Alright, I might be a bit subjective, but here is what’s new:
\n\n\n\nAnd there is a lot more to come in the next few months. Stay tuned for new features, and in the mean-time, plan, manage and grow your business with Modeliks 2.0.
\n\n\n\nLet’s recap. Now you can:
\n\n\n\nEnjoy Modeliks 2.0! We know we are!
\n\n\n\nAuthor:
Modeliks Team
A variance report is a financial document that compares actual performance against planned or budgeted figures. It highlights differences (variances) between expected and actual results, helping businesses identify areas where they are overperforming or underperforming. These reports are commonly used in financial management, project management, and operational planning.
\n\n\n\nVariances in a report can be classified into:
\n\n\n\nA variance report is a crucial tool for analyzing financial performance, improving budgeting accuracy, and making strategic decisions.
\n\n\n\nVariance reports allow businesses to track deviations from their budget, helping them stay on top of their financial plans and prevent overspending.
\n\n\n\nBy analyzing variances, businesses can make informed adjustments to their financial strategies, resource allocations, and operational processes.
\n\n\n\nSignificant variances can signal inefficiencies in production, procurement, or sales, prompting businesses to investigate and optimize their operations.
\n\n\n\nHistorical variance reports help businesses refine their financial projections and make more accurate forecasts.
\n\n\n\nBusinesses can identify cost overruns and take corrective action to control expenses and enhance profitability.
\n\n\n\nBy comparing actual results to expected outcomes, variance reports hold departments and individuals accountable for their financial and operational performance.
\n\n\n\nUnderstanding financial and operational variances allows businesses to identify potential risks and implement preventive measures before they escalate.
\n\n\n\nA variance report provides a clear picture of a company’s financial health by comparing budgeted vs. actual results.
\n\n\n\nIt highlights unexpected expenses and cost overruns, allowing businesses to take corrective measures.
\n\n\n\nBy tracking sales variances, businesses can determine if revenue is growing as expected or if adjustments are needed.
\n\n\n\nVariance reports provide valuable data for future business planning and strategy adjustments.
\n\n\n\nDepartments and employees can be held accountable for meeting financial and operational targets.
\n\n\n\nReal-time variance analysis helps managers make quick, data-driven decisions to optimize performance.
\n\n\n\nUnforeseen variances can indicate changes in market trends, economic conditions, or customer behavior, allowing businesses to adapt accordingly.
\n\n\n\nVariance reports are essential tools for financial analysis, cost control, and strategic decision-making. By regularly monitoring variances, businesses can improve their financial accuracy, enhance operational efficiency, and ensure sustainable growth. Whether used for budgeting, forecasting, or performance evaluation, variance reports help businesses stay competitive and financially stable.
\n\n\n\nMake confident decisions with Modeliks. Plan, manage, fundraise and grow your business.
\n\n\n\nAuthor:
Modeliks Team
A Certified Management Accountant (CMA) is a professional designation awarded to individuals who have demonstrated expertise in financial management, strategic decision-making, and performance management. The CMA certification is issued by the Institute of Management Accountants (IMA) and is recognized globally as a mark of excellence in management accounting.
\n\n\n\nCMAs possess in-depth knowledge of financial planning, analysis, risk management, internal controls, and corporate finance. Unlike Certified Public Accountants (CPAs), who focus primarily on financial reporting and compliance, CMAs specialize in using financial data to guide business strategy and improve overall organizational performance.
\n\n\n\nTo earn the CMA designation, candidates must meet specific educational and experience requirements, pass a rigorous two-part exam covering financial planning and analysis, and adhere to ethical standards set by the IMA. CMAs play a crucial role in helping businesses optimize financial operations and achieve long-term success.
\n\n\n\nCMAs provide valuable financial insights that help businesses make informed strategic decisions, ensuring sustainable growth and profitability.
\n\n\n\nWith expertise in cost control and budgeting, CMAs help organizations optimize resource allocation, minimize waste, and improve operational efficiency.
\n\n\n\nCMAs play a critical role in identifying financial risks, implementing internal controls, and ensuring compliance with financial regulations, reducing the likelihood of fraud or financial mismanagement.
\n\n\n\nBy analyzing financial data and key performance indicators (KPIs), CMAs assist businesses in setting realistic goals, measuring progress, and improving overall performance.
\n\n\n\nBusinesses considering mergers, acquisitions, or major investments rely on CMAs to conduct financial analysis, assess risks, and ensure informed decision-making.
\n\n\n\nCMAs develop and maintain financial forecasts, ensuring businesses have a clear roadmap for future growth and financial stability.
\n\n\n\nCMAs ensure that businesses adhere to financial regulations, ethical standards, and corporate governance best practices, fostering transparency and accountability.
\n\n\n\nCMAs prepare financial forecasts, conduct variance analysis, and provide insights into business trends, helping organizations plan effectively for the future.
\n\n\n\nThey assess production costs, overhead expenses, and pricing strategies to maximize profitability while maintaining cost efficiency.
\n\n\n\nCMAs assist executives and business owners in making data-driven decisions, evaluating investment opportunities, and formulating growth strategies.
\n\n\n\nBy implementing robust risk management practices and internal controls, CMAs help businesses safeguard assets and prevent financial fraud.
\n\n\n\nThey develop budgets, financial models, and projections to ensure businesses have a clear financial direction and avoid unexpected cash flow issues.
\n\n\n\nCMAs track financial performance through KPIs and suggest improvements to enhance efficiency, productivity, and profitability.
\n\n\n\nThey ensure that businesses comply with accounting standards, tax laws, and ethical guidelines, reducing the risk of legal and financial penalties.
\n\n\n\nWith the increasing reliance on digital tools and analytics, CMAs leverage financial software and data analytics to enhance decision-making and streamline financial operations.
\n\n\n\nA Certified Management Accountant (CMA) is an essential asset for any business seeking financial stability, strategic growth, and operational efficiency. With expertise in financial planning, cost management, risk assessment, and strategic decision-making, CMAs help organizations optimize financial performance and achieve long-term success. Whether you’re a small business owner or part of a large corporation, having a CMA on your team can provide the financial leadership needed to navigate today’s dynamic business landscape.
\n\n\n\nMake confident decisions with Modeliks. Plan, manage, fundraise and grow your business.
\n\n\n\nAuthor:
Modeliks Team