first year of ops is imp time

work diligently so that plans -> reality

revenues may be less than forecasted amounts and company may have just enuf money to support a few months of operations.

if revenues grow too mcch u may have difficulty controlling things ( e.g. inventories).
u may be profitable only on paper/ due to accounting standards....
u sold $million worth stuff to enron a day beofre it went bankrupt

cash in the bank is what u shud focus on not on other things

must do a lot of detail planning for first year

op and financial surprises can doom u.
dont wait till end of first qurter to ascertain state of business..depends osmewhat on type of company ( automobile dealership vs restaurant)

kinds of budgets u wanna write

• marketing /sales budget
• production budget
• purchases budget
• personnel budget
• overhead budget
• operating income budget
• cash flow budget
• cash balance budget
• financing budget
• may be some of these arent needed
• maybe u need some more types too