Land | 0 | 0 | 0 | 0 | 0 |
Building & Improvements | 0 | 0 | 0 | 0 | 0 |
Furniture & Equipment | 0 | 75,000 | 75,000 | 75,000 | 75,000 |
Total Fixed Assets | 0 | 75,000 | 75,000 | 75,000 | 75,000 |
Less Accum. Depreciation | 0 | 1,875 | 3,750 | 5,625 | 7,500 |
Net Fixed Assets | 0 | 73,125 | 71,250 | 69,375 | 67,500 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 |
Less Amortization | 0 | 0 | 0 | 0 | 0 |
Net Intangible Assets | 0 | 0 | 0 | 0 | 0 |
Other Assets | 0 | 0 | 0 | 0 | 0 |
Total Assets | 30,000 | 141,543 | 116,120 | 179,134 | 185,614 |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 |
Accounts Payable | 0 | 12,721 | 10,543 | 17,077 | 17,077 |
Dividends Payable | 0 | 0 | 0 | 0 | 0 |
Income Taxes Payable | 0 | (1,031) | (2,867) | (2,355) | (1,843) |
Accured Compensation | 0 | 1,867 | 1,867 | 1,867 | 1,867 |
Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 0 | 13,557 | 9,543 | 16,589 | 17,101 |
Long-Term Debt | 0 | 110,000 | 110,000 | 160,000 | 160,000 |
Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 0 | 123,557 | 119,543 | 176,589 | 177,101 |
Common Stock | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
Retained Earnings | 0 | (12,014) | (33,423) | (27,455) | (21,487) |
Shareholders' Equity | 30,000 | 17,986 | (3,423) | 2,545 | 8,513 |
Total Liabilities & Shareholders' Equity | 30,000 | 141,543 | 116,120 | 179,134 | 185,614 |
Total Sales | 0 | 60,000 | 40,000 | 100,000 | 100,000 | 300,000 |
Goods/Services | 0 | 21,600 | 14,400 | 36,000 | 36,000 | 108,000 |
Gross Profit | 0 | 38,400 | 25,600 | 64,000 | 64,000 | 192,000 |
Operating Expenses | 0 | 47,645 | 45,045 | 52,845 | 52,845 | 198,380 |
Fixed Expenses | ||||||
Interest | 0 | 1,925 | 1,925 | 2,800 | 2,800 | 9,450 |
Depreciation | 0 | 1,875 | 1,875 | 1,875 | 1,875 | 7,500 |
Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
Total Fixed Expenses | 0 | 3,800 | 3,800 | 4,675 | 4,675 | 16,950 |
Operating Profit (Loss) | 0 | (13,045) | (23,245) | 6,480 | 6,480 | (23,330) |
Other Income (Expense) | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
Earnings (Loss) Before Taxes | 0 | (13,045) | (23,245) | 6,480 | 6,480 | (23,330) |
Income Taxes | 0 | (1,031) | (1,836) | 512 | 512 | (1,843) |
Net Earnings | 0 | (12,014) | (21,409) | 5,968 | 5,968 | (21,487) |
Retained Earnings, Beginning | 0 | 0 | (12,014) | (33,423) | (27,455) | 0 |
Less Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings, Ending | 0 | (12,014) | (33,423) | (27,455) | (21,487) | (21,487) |
Net Earnings (Loss) | 0 | (12,014) | (21,409) | 5,968 | 5,968 | (21,487) |
Depreciation & Amortization | 0 | 1,875 | 1,875 | 1,875 | 1,875 | 7,500 |
Cash Provided by Operations | 0 | (10,139) | (19,534) | 7,834 | 7,834 | (13,987) |
Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 0 | (20,000) | 6,667 | (20,000) | 0 | (33,333) |
Inventory | 0 | (48,000) | 16,000 | (48,000) | 0 | (80,000) |
Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Payable | 0 | 12, | 721 | (2,178) | 65,340 | 17,077 |
Income Taxes | 0 | (1,031) | (1,836) | 512 | 512 | (1,843) |
Accrued Compensation | 0 | 1,867 | 0 | 0 | 0 | 1,867 |
Dividends Payable | 0 | 0 | 0 | 0 | 0 | 0 |
Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assests | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided by (Used For) Operating Activities | 0 | (54,443) | 18,653 | (60,954) | 512 | (96,233) |
Furniture & Equipment | 0 | (75,000) | 0 | 0 | 0 | (75,000) |
Land | 0 | 0 | 0 | 0 | 0 | 0 |
Building & Improvements | 0 | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash From Investment Transactions | 0 | (75,000) | 0 | 0 | 0 | (75,000) |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
Long-Term Debt | 0 | 110,000 | 0 | 50,000 | 0 | 160,000 |
Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Common Stock | 30,000 | 0 | 0 | 0 | 0 | 0 |
Net Cash from Financing Transactions | 30,000 | 110,000 | 0 | 50,000 | 0 | 160,000 |
Net Increase (Decrease) in Cash | 30,000 | (29,582) | (881) | (3,111) | 8,355 | (25,219) |
Cash-Beginning of Period | 0 | 30,000 | 418 | (463) | (3,574) | 30,000 |
Cash-End of Period | 30,000 | 418 | (463) | (3,574) | 4,781 | 4,781 |
Overall Performance | |||||
Return on Equity | 0.00 | (66.80) | 625.45 | 234.50 | 70.10 |
Return on Total Assets | 0.00 | (8.49) | (18.44) | 3.33 | 3.22 |
Operating Return | 0.00 | (9.22) | (20.02) | 3.62 | 3.49 |
Profitability Measures | |||||
Gross Profit Percent | 0.00 | 64.00 | 64.00 | 64.00 | 64.00 |
Profit Margin (AIT) | 0.00 | (20.02) | (53.32) | 5.97 | 5.97 |
Operating Income per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Test of Investment Utilization | |||||
Asset Turnover | 0.00 | 0.42 | 0.34 | 0.56 | 0.54 |
Equity Turnover | 0.00 | 3.34 | (11.69) | 39.29 | 11.75 |
Fixed Asset Turnover | 0.00 | 0.82 | 0.56 | 1.44 | 1.48 |
Average Collection Period | 0.00 | 30.00 | 30.00 | 30.00 | 30.00 |
Days Inventory | 0.00 | 200.00 | 200.00 | 200.00 | 200.00 |
Inventory Turnover | 0.00 | 0.45 | 0.45 | 0.45 | 0.45 |
Working Capital Turns | 0.00 | 1.09 | 1.13 | 1.07 | 0.99 |
Test of Financial Condition | |||||
Current Ratio | 0.00 | 5.05 | 4.70 | 6.62 | 6.91 |
Quick Ratio | 0.00 | 1.51 | 1.35 | 1.79 | 2.23 |
Working Capital Ratio | 1.00 | 0.43 | 0.33 | 0.57 | 0.60 |
Dividend Payout | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial Leverage | |||||
Total Assets | 1.00 | 7.87 | (33.92) | 70.39 | 21.80 |
Debt/Equity | 0.00 | 6.87 | (34.92) | 69.39 | 20.80 |
Debt to Total Assets | 0.00 | 0.87 | 1.03 | 0.99 | 0.95 |
Year-End Equity History | |||||
Shares Outstanding | 0 | 0 | 0 | 0 | 0 |
Market Price per Share (@20x's earnings) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book Value per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Analysis Ratio | |||||
1.2x(1) | 1.20 | 0.47 | 0.37 | 0.62 | 0.65 |
1.4x(2) | 0.00 | (0.12) | (0.40) | (0.21) | (0.16) |
3.3x(3) | 0.00 | (0.35) | (0.72) | 0.07 | 0.07 |
0.6x(4) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
1.0x(5) | 0.00 | 0.42 | 0.34 | 0.56 | 0.54 |
ZValue | 1.20 | .042 | (.041) | 1.04 | 1.10 |
Sales | ||||||||
Dollars Sales Forecasted | ||||||||
Product 1 | 0 | 60,000 | 40,000 | 100,000 | 100,000 | 300,000 | ||
Product 2 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Product 3 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Product 4 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Product 5 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Product 6 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total Sales | 0 | 60,000 | 40,000 | 100,000 | 100,000 | 300,000 | ||
Cost of Sales | ||||||||
Dollar Cost Forecasted | ||||||||
Product 1 | 0 | 21,600 | 14,400 | 36,000 | 36,000 | 108,000 | 36.00% | 0 |
Product 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Product 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Product 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Product 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Product 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Total Cost of Sales | 0 | 21,600 | 14,400 | 36,000 | 36,000 | 108,000 | ||
Operating Expenses | ||||||||
Payroll | 0 | 12,000 | 12,000 | 12,000 | 12,000 | 48,000 | 0.00% | 12,000 |
Paroll Taxes | 0 | 950 | 950 | 950 | 950 | 3,800 | 0.00% | 950 |
Advertising | 0 | 4,800 | 3,200 | 8,000 | 8,000 | 24,000 | 8.00% | 0 |
Automobile Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Bad Debts | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Commissions | 0 | 3,000 | 2,000 | 5,000 | 5,000 | 15,000 | 5.00% | 0 |
Computer Rental | 0 | 1,200 | 1,200 | 1,200 | 1,200 | 4,800 | 0.00% | 1,200 |
Computer Supplies | 0 | 220 | 220 | 220 | 220 | 880 | 0.00% | 220 |
Computer Maintenance | 0 | 100 | 100 | 100 | 100 | 400 | 0.00% | 100 |
Dealer Training | 0 | 1,000 | 1,000 | 1,000 | 1,000 | 4,000 | 0.00% | 1,000 |
Electricity | 0 | 3,000 | 3,000 | 3,000 | 3,000 | 12,000 | 0.00% | 3,000 |
Employment Ads and Fees | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Entertainment: Business | 0 | 1,500 | 1,500 | 1,500 | 1,500 | 6,000 | 0.00% | 1,500 |
General Insurance | 0 | 800 | 800 | 800 | 800 | 32,000 | 0.00% | 800 |
Health & W/C Insurance | 0 | 0 | 0 | 0 | 0 | 0 | .00% | 0 |
Interest-LT Debt | 0 | 2,500 | 2,500 | 2,500 | 2,500 | 10,000 | 0.00% | 2,500 |
Legal & Accounting | 0 | 1,500 | 1,500 | 1,500 | 1,500 | 6,000 | 0.00% | 1,500 |
Maintenance & Repairs | 0 | 460 | 460 | 460 | 460 | 1,840 | 0.00% | 460 |
Office Supplies | 0 | 270 | 270 | 270 | 270 | 1,080 | 0.00% | 270 |
Postage | 0 | 85 | 85 | 85 | 85 | 340 | 0.00% | 85 |
Prof. Development | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Professional Fees | 0 | 1,000 | 1,000 | 1,000 | 1,000 | 4,000 | 0.00% | 1,000 |
Rent | 0 | 8,000 | 8,000 | 8,000 | 8,0003 | 2,000 | 0.00% | 8,000 |
Shows & Conferences | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Subscriptions & Dues | 0 | 285 | 285 | 285 | 285 | 1,140 | 0.00% | 285 |
Telephone | 0 | 1,025 | 1,225 | 1,225 | 1,225 | 4,900 | 0.00% | 1,225 |
Temporary Employees | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Travel Expenses | 0 | 750 | 750 | 750 | 750 | 3,000 | 0.00% | 750 |
Utilities | 0 | 3,000 | 3,000 | 3,000 | 3,000 | 12,000 | 0.00% | 3,000 |
Research & Devlopment. | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Royalties | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Other 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Other 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Other 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 |
Total Operating Expenses | 0 | 47,645 | 45,045 | 52,845 | 52,845 | 198,380 | ||
Percent of Sales | 0.00 | 79.41 | 112.61 | 52.85 | 52.85 | 66.13 |
Comment about this article, ask questions, or add new information about this topic:.
This is a free, printable business plan outlining the necessary services, organization and market strategies for hardware store owners and those working in the retail sector.
Sample text from Hardware Store Business Plan:
1.0 Executive Summary
[COMPANY NAME] will be a sole proprietorship owned by [NAME]. The Company is a start-up as [NAME] will purchase the rights to the existing location for $75,000. Upon purchase of the rights, the Company will demolish the existing structure and build a new State of the Art hardware store.
[COMPANY NAME] will be a standard general hardware store that offers the parts, material, and advice to tackle any home repair, as well as lawn care. The primary focus will be to satisfy the seasonal needs of the area's customers.
The Company will service the hardware and repair needs of the [COUNTY], [COUNTY], [COUNTY] and [COUNTY] County households. The Company would like to increase sales in all market segments above with a concentration of growth in sales to homeowners who do their own repairs.
The focus of this business plan is to put forth objectives to launch operations, work efficiently and effectively, and expand internal operations giving the Company the opportunity to grow with sales growth in the surrounding County areas. [COMPANY NAME] is ready to elevate to the next step. The Company is seeking grant funding in the amount of $600,000. The grant funding will be used to launch operations including purchasing the existing land & business, construction of a new Building and purchasing equipment and displays for the store. Additionally, the Company will purchase the opening inventory, develop a website and launch an advertising campaign.
1.1 Objectives
[COMPANY NAME] has the following objectives.
1. Obtain Grant funding to purchase an existing hardware store and rebuild the retail space.
2. Customer Service - Give our customers the highest quality product and service at a fair competitive price.
3. To create a safe environment for people in the community to come for their hardware store needs.
4. To provide jobs within the community.
5. To successfully manage a hardware store.
1.2 Mission
The mission of [COMPANY NAME] is to offer quality hardware products in a customer-friendly shopping environment. Our customers will get assistance quickly and will leave the store prepared to get the job done right the first time. [COMPANY NAME] will also focus on anticipating the seasonal needs of its customers and providing the best products at competitive prices.
1.3 Keys to Success
The keys to success for [COMPANY NAME] are:
1. Location: [COMPANY NAME] will be assuming ownership of an existing hardware store. The Company plans to demolish the existing building and build a new State of the Art hardware store. We will have an existing base of customers.
2. Seasonal Products: Each season has it own unique demand on a homeowner. [COMPANY NAME] will focus on this pattern and bring in local customers by marketing these items at competitive prices.
3. Repair/Project Resource Area: The first section customers will find when they enter is a repair/project resource area that they can use to plan repairs or projects. There will be a repair/project resource person to answer questions and direct them to the section of store where the needed products are.
4. In-Store Expertise: Store employees will be knowledgeable in home repairs/projects. In addition, the repair/project resource area will be used to conduct short trainings and demonstrations in home repair and home projects.
People who printed this template also printed...
DISCLAIMER: The business plans, templates, and articles contained on BusinessPlanTemplate.net are not to be considered as legal advice. All content is for informational purposes, and Savetz Publishing makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.
Copyright © 2011-2024 by Savetz Publishing , Inc. Contact us . Privacy Policy .
Subscribe to the Free Printable newsletter. (No spam, ever!) Subscribe (Free!)
This template is easy to download and print. Each business plan template is available in Microsoft Word (DOC) format, and many of the Business Plan Forms are available in Excel (XLS) format as well. Just choose a business plan template and download it. Open it in Word or Excel (or another program that can display the DOC or XLS format), edit it, and print your personalized business plan.
Collections of business forms are now available as convenient all-in-one downloads. There's a Start-Up collection that’s ideal for new businesses, or choose from: Budget , Theater , Restaurant , Sales , Inventory , Human Resources , Agriculture , Church , Auto , or Real Estate . Each collection is just $27.
Business Plan Forms
General Business Plans
Business Plans for Specific Industries
Business Plan Articles
Business Form Theme Packs
Newest Additions
Search All Business Plan Templates
Search all templates for:
Thank you for your suggestion.
We're always adding new printables, and would love to hear your suggestions. What are we missing?
Submit Suggestion Close
July 23, 2024
Recent technology outages and cybersecurity incidents affected various industries, underscoring the importance of a solid business continuity plan — particularly for organizations that rely heavily on technology and vendors for critical services.
Help protect your institutional and customer information and maintain customer trust by reviewing your vendor management, incident response, disaster recovery, and patch management programs.
Regularly update these programs to help your organization be prepared to form a quick and efficient response to incidents and potentially reduce the impact on your organization and customers.
The July 18 widespread technology outage and recent cybersecurity incidents, such as the CDK breach , impacted various industries. It’s a good time to highlight the importance of your business continuity plan, including vendor management, incident response , disaster recovery , and patch management programs.
Some industries have a higher cybersecurity risk profile because of the service they provide or the information they possess. Those that play critical roles in infrastructure and finance are often targeted by bad actors through cyberattacks — however, any organization can become a victim. Companies that depend on technology and other “online” services also can be downstream victims of these and non-cyber related scenarios.
Financial institutions often targets of cyberattacks.
Banks and credit unions increasingly depend on external vendors beyond their core providers and loan origination systems to provide critical services to their customers and communities.
To protect institutional and customer information, there’s a heavy reliance on specialty vendors for critical functions to maintain the expected privacy and necessary compliance. When everything works, it’s great, but when issues arise and root cause analysis is conducted, the “blame game” can start.
When systems go down or are inaccessible, there’s often an assumption of a cybersecurity breach, leading to questions like “Was my personal data compromised?” Being able to answer this is crucial for maintaining customer trust. While the CrowdStrike outage incident was not cyber related, the impact was similar.
Your customers and members don’t care who’s at fault or if you’ve averaged a historical 99% uptime — they care about when you’ll be back up. Answering these questions effectively requires practice, hoping you’ll never need it. Verifying you are doing what you say, and saying what you do, is critical.
Your institution must be ready before the next incident. Review your processes to look for opportunities to improve — practices that apply to organizations across all industries.
One area you might not relate to an outage is around supply chain management risk. With its significant complexity, review steps you can take to identify, assess, and navigate supply chain risks using a comprehensive and systematic approach.
Your data estate plays a crucial role in enhancing your analytics capabilities — but it can be difficult to know which type of repository is the best fit. And while some organizations have the resources and knowledge to handle data management internally, others may benefit from leaning on experienced providers.
CLA’s digital team can help you take the next steps in your digital transformation journey. Our data analytics and insights professionals can help you understand how to automate tasks, centralize data, and develop an enterprise vision with analytics to better align with your strategic goals.
Digital Growth Director
// $formatted_date_time
Cla named one of bob scott’s top 100 value-added resellers for 2024, a readiness assessment is the first step to digital transformation success, experience the cla promise.
Sign up to receive custom information and insights delivered straight to your inbox.
Types of pos systems, factors influencing pos system costs, average cost of pos systems, how to choose the right pos system for your business, price of the most popular pos systems, how much does a pos transaction cost, is there a pos system for small businesses without monthly fees, what are the hidden costs associated with pos systems, how can i manage the cost of my pos system if i have a seasonal business, the bottom line.
The total cost can include software, hardware, payment processing fees, and other fees
Getty Images / miniseries
A point of sale (POS) system comprises the hardware and software that processes retail transactions. For business owners, a POS system is a crucial piece of technology that not only facilitates sales, but also streamlines the collection of important business data.
If you are considering introducing a POS system to your business, it’s important to understand the costs associated with both the initial implementation and maintaining the system over time. Costs tend to vary by business size, application, and industry, so in evaluating different POS systems, business owners should consider both their operational needs and their budget constraints. For example, a small to medium retail business could pay about $39 to $89 a month for software, up to $1,500 for hardware and installation, and roughly 2.7% per transaction in payment processing fees.
In a retail business, a POS system facilitates customer payment transactions. It can encompass both hardware and software, including things like a cash register, barcode scanner, card payment terminal, receipt printer, or web-based checkout.
Aside from streamlining the payment process, a POS system can provide valuable data to business owners, tracking things like inventory, sales , employee sales performance, and tax calculations. It also provides more flexibility and payment options, enabling businesses to sell online as well as at locations like fairs, trade shows, and farmers’ markets.
Different types of POS systems have been developed as new technology emerges. Traditional POS systems might be as basic as a cash register and drawer, but also might include add-ons like a card reading terminal, barcode scanner, receipt printer, computer or tablet screen, and software system.
POS systems are often differentiated by the way they store data. For example, a POS system whose data is stored in a fixed server location is referred to as an on-premise POS system, whereas technological innovations have added cloud-based software to POS systems to store, manage, and integrate business data across different locations and systems. A hybrid POS system connects to a local server within a fixed location but can also take advantage of cloud-based data storage.
Many POS systems have also developed wireless hardware and tablet or mobile phone integrations so that payments no longer have to be taken from a fixed location. For example, restaurant customers might find it more convenient to pay the bill at their table as opposed to having to line up to pay at the end of their meal.
Recently, companies and industry groups have been anticipating how AI might factor into aspects of POS software, such as the ability to forecast sales or inventory or make operational decisions based on past ordering data.
POS systems are made up of software and hardware, and the cost of running one may also include one-off or recurring fees. Here are some factors to consider in understanding how much a POS system will cost overall.
Depending on the provider and intended purpose, there can be a range of hardware associated with a POS system, including:
The cost of POS hardware will depend on the number of units and accessories purchased, as well as the type of software it can run. For example, some systems are WiFi-enabled and equipped with an “offline mode” in the event of a power or internet outage. Other systems are designed to withstand the demands of environments like a kitchen, with “spill-proof”–rated restaurant-grade materials.
POS software is typically offered in monthly subscription packages with features that differ according to the use case of the retailer. For example, Shopify and Square offer a range of packages at a fixed monthly rate, plus transaction fees for card payments. Typically, the plan increases in cost as more complexity or customization is required, such as having multiple locations or needing a certain number of user accounts. Some companies also charge setup fees or offer add-ons at additional cost.
Many POS companies offer other software that works in tandem with the POS system, for purposes like appointment booking, restaurant ordering, or inventory management, or their software is designed to integrate with other industry software. Some POS systems are also compatible with apps that unlock additional retailer capabilities, offering things like discounts, loyalty programs, marketing communications, ticket sales, and staff management.
Most POS providers charge a payment processing fee per transaction at a fixed percentage rate, and sometimes an additional fixed fee will apply. For example, Square charges from 2.6% + 10¢ per transaction.
Additional costs associated with a POS system might include installation or setup fees, data conversion fees, team training, and tech or customer support. However, these costs are sometimes factored into the monthly subscription fee.
Usually, adding complexity or customization to a POS system will incur further costs. For example, setting up a POS system across multiple locations, having a larger number of user accounts, adding software applications, or scaling the system to increase its speed and capacity can all increase the price of a POS system.
Different Types of POS Systems and Their Associated Costs | |||
---|---|---|---|
SmartPOS | Square | Toast | |
Vary depending on units and accessories required | Starting at $10 | Starting at $0 | |
One-time payment | None | Starting at $0 per month | |
None | None | Vary depending on installation needs | |
Pricing information available upon requesting a quote | Payment processing fees start at 2.6% + 10¢ per transaction | Customer care included in software subscription; variable payment processing fees | |
SmartPOS | Square | Toast |
The cost of a POS system will vary depending on the needs of the business and generally increases with the complexity of the system, number of user accounts required, and number of retail locations.
A small to medium retail business should expect to factor in around $39 to $89 per month for software, up to $500 for hardware, up to $1000 for installation, and around 2.7% per transaction in payment processing fees.
Software costs for a larger, more complex business can be in the range of anywhere from $399 per month or higher, although payment processing rates tend to be more competitive (starting around 2.4% per transaction) due to the higher volume of transactions associated with a larger business. Installation fees and hardware costs can also be much higher due to the complexity of the system being installed.
POS systems can be designed for a variety of retail applications, but they can also vary greatly by industry due to the features required by particular types of retailers. For example, making a payment at a hotel can be quite different from the payment process at a grocery store.
Certain sectors may face higher expenses due to the level of specificity required to design for their niche application. An all-purpose POS system such as Square is designed to appeal to a wide range of small businesses and has no monthly fee, whereas systems such as ITRetail that are designed for grocery stores can cost up to $149 per month.
Sample Costs of POS Systems by Industry | ||||||
---|---|---|---|---|---|---|
Retail | Shopify | None | Vary depending on units and accessories required | $5 per month to $399 per month | From 2.4% + 10¢ to 2.9% + 30¢ per transaction | Shopify, Shopify POS |
Restaurant | Toast | Vary depending on installation needs | Starting at $0 | Starting at $0 per month | Custom-built rates depending on the business | Toast |
Grocery | ITRetail | Available upon requesting a quote | Included | $69 to $149 per month | Included | ITRetail |
Liquor | POS Nation | Available upon requesting a quote | Vary depending on units and accessories required | $69 to $149 per month | Available upon requesting a quote | POS Nation (Pricing), POS Nation (Hardware) |
Choosing the right POS system is a matter of assessing business needs against costs, features, and other requirements. Here’s what to consider in selecting a POS system for your business.
Consider the number of locations where you need to have a POS system as well as the number of users who will need to have an account on the system. You’ll also have to determine the amount of hardware you’ll need, such as card payment terminals, scanners, registers, and printers. Access to a fast and stable internet connection is another consideration in deciding between an on-premise vs. a cloud or a hybrid system.
In comparing POS system providers, it’s important to consider cost, features, and scalability. You’ll want to minimize cost while ensuring that your POS system has all the capabilities your business requires, both in the short term and as your business grows or changes over time. Most POS system providers offer quotes or demos that are tailored to the specific needs of your business, so it’s a good idea to take advantage of this to ensure you have an accurate understanding of projected costs.
When picking a POS system, try to anticipate both long-term costs and benefits, such as the reliability of a POS system and the level of customer support offered by the provider. Payment processing fees are something that can add up very quickly, so if your business processes a high annual sales value, it can be a strategic move to choose a POS system provider that offers a better rate over a certain threshold.
Some POS systems, such as Toast and Square, offer mobile hardware or hardware that is compatible with mobile devices.
Here is a breakdown of the costs associated with some popular POS systems.
Shopify offers multichannel selling (both online and in-person) with a variety of software plans aimed at different sized retailers; these range from $5 per month to $399 per month. Hardware costs vary depending on the units and accessories required, but a card reader starts at $49, a mobile POS device at $299, and a countertop kit at $459.
There are no setup fees with Shopify and their payment processing fees range from 2.4% + 10¢ to 2.9% + 30¢ per transaction.
Square provides ecommerce and in-person POS systems for retail, food and beverage, professional services, and beauty companies, as well as scalable solutions for large businesses.
Their hardware starts at $10 for a mobile card reader, with no installation fees or monthly software costs. The only recurring cost is for payment processing, starting at 2.6% + 10¢ per transaction.
Toast is a POS system for restaurants that offers payment solutions for in-person and online customers. Software and hardware start at $0 per month, and installation costs vary depending on the specific equipment required.
Payment processing fees for Toast are set at a custom rate that is “specific to the characteristics of your restaurant.”
A cloud-based POS system, TouchBistro is specifically aimed at helping different types of restaurants sell online and in-person. Their POS software plan starts at $69 per month and hardware costs are available upon requesting a quote. They do not specify whether they charge installation fees, only that “hardware and additional fees may apply.”
TouchBistro’s payment processing services are available as an add-on, referred to as TouchBistro Payments; pricing is available upon requesting a quote.
Lightspeed offers online and in-person POS solutions for retail, restaurants, and golf businesses. Their restaurant plan starts at $69, while their retail plan starts at $89.
Hardware costs depend on the exact equipment purchased, but a credit card reader starts at $79, a countertop terminal at $199, and a mobile terminal at $299.
Lightspeed doesn't specify whether installation fees are included, and they charge 2.6% + 10¢ per transaction for payment processing fees.
Pricing for Lightspeed Golf is available upon requesting a quote, but the business promises “fixed rates” for payment processing, “flexible payment options,” and “no long-term contract.”
Popular POS System Brands, Their Components, and Costs | |||||
---|---|---|---|---|---|
Online and in-person | Online and in-person | Online and in-person | Online and in-person | Online and in-person | |
Starting at $10 | Vary depending on units and accessories required | Starting at $0 | Available upon requesting a quote | Vary depending on units and accessories required | |
None | $5 per month to $399 per month | Starting at $0 per month | Starting at $69 per month | Starting at $69 per month for restaurants and $89 per month for retail | |
None | None | Vary depending on installation needs | Unspecified | Unspecified | |
From 2.6% + 10¢ per transaction | From 2.4% + 10¢ to 2.9% + 30¢ per transaction | Variable | Available upon booking a demo | 2.6% + 10¢ per transaction | |
Square Pricing, Hardware, and POS Features | Shopify, Shopify POS | Toast, Toast Payment Processing | TouchBistro Pricing, Payments, and Hardware | Lightspeed, Lightspeed for Retail and Restaurants |
Payment transaction fees vary depending on the POS system provider, but POS transaction rates can range from 2.4% to 3.5% for credit card transactions.
Square is a POS system provider that does not charge monthly fees. They charge for hardware, starting from $10, as well as card payment processing fees (from 2.6% + 10¢ per transaction).
The cost of a POS system can vary greatly depending on the amount of hardware required and the amount of transactions processed. In addition to monthly software fees, POS system providers may charge for installation, data conversion, training, or customer support.
Owners of seasonal businesses may find it helpful to choose a POS system provider that has no or low monthly fees or offers a month-to-month subscription plan with no cancellation fees.
When selecting a POS system, it’s important to carefully consider the needs of the business when it comes to processing payments. The cost of implementing and running a POS system can quickly escalate depending on the amount of hardware needed to furnish a retail location and the number of transactions processed. Business owners might look to industry-specific POS systems for solutions that are tailored to their application, such as omnichannel sales, specialized retailers like grocery or liquor, or low-volume in-person selling.
U.S. Small Business Administration. " What Is a POS and Why Does Your Business Need One? "
National Retail Federation. " How Artificial Intelligence Will Change Retail ."
Square. " Hardware Accessories ."
Toast. " Point of Sale Software ."
Square. " Pricing ."
Shopify. " POS System Pricing ."
Shopify. " Shopify App Store ."
Square. " Square Payments Fee Calculator ."
SmartPOS Software. " On Premise POS Software ."
Square. " Pricing for Square POS System ."
Toast. " Payment Processing Fees ."
Toast. " POS Pricing ."
Shopify. " How Much Does a POS System Cost? (Price Guide) ."
ITRetail. " Pricing ."
Shopify. " Pricing ."
Shopify. " POS Hardware for Business ."
IT Retail. " IT Retail Point of Sale ."
POS Nation. " Point of Sale (POS) Systems ."
POS Nation. " Hardware ."
Square. " POS Systems ."
Square. " Square Reader for Magstripe ."
Square Support. " Learn About Square Fees ."
TouchBistro. " Hardware Requirements ."
TouchBistro. " POS Pricing. "
TouchBistro. " Restaurant Credit Card Processing Made Easy With TouchBistro Payments ."
Lightspeed. " POS System Price for Retail ."
Lightspeed. " Restaurant POS Systems Pricing ."
Lightspeed. " Products ."
Lightspeed. " Credit Card Readers ."
Lightspeed. " Lightspeed Golf Pricing ."
Square. " Point of Sale Features ."
TouchBistro. " Get to Know TouchBistro’s Restaurant POS System ."
Lightspeed. " Home ."
You are using an outdated browser. Upgrade your browser today or install Google Chrome Frame to better experience this site.
Explore our selection of awards
We are Terryberry. The recognition company that creates engaged, purpose-led organizations.
Interested in joining us to create recognition solutions? Let’s talk.
+40,000 engaged organizations worldwide have partnered with Terryberry
See what Terryberry clients have to say
Learn how Terryberry has partnered with organizations
Can we help you access your program information?
Can we help you with your recognition questions?
Can we help you find the status of your order?
Welcome to Terryberry where we transform employee engagement with one powerful platform. Get started today!
July 31, 2024
You've probably heard the infamous quote from NFL coach Vince Lombardi, " Leaders aren't born, they are made . And they are made just like anything else, through hard work ."
At this point it may be a bit of a cliche, but it's a true cliche.
One of the most effective ways to guarantee that you have good leaders helping to guide your organization to success is by making those leaders yourself.
Enter the often overlooked leadership development plan.
We're getting into the nitty gritty of what makes a successful leadership development plan and how you can use the framework to transform some of your most valuable employees into leaders whose leadership styles align with your company's mission and drive growth.
A leadership development plan is a framework designed to enhance an employee's leadership skills, competencies, and abilities. The structured plan typically includes specific goals, strategies, and activities aimed at fostering growth in leadership capabilities.
A leadership development program is an invaluable tool that benefits everyone involved. Companies who dedicate the time and resources to creating and supporting these programs see their investment returned to them tenfold. Here are a few common benefits of building a program designed to help improve leadership skills.
Every leadership style is not suited to every company culture. With leadership training, you can nurture leadership skills that will be most effective within your organization and align with your overall business strategy.
Employees are more likely to stay with a company that invests in their professional development. A successful leadership development plan can enhance job satisfaction and reduce turnover rates.
Moreover, putting in the work to build an effective leadership team benefits those who aren't on track to become a manager. 75% of people agree that the most stressful aspect of their job is their immediate boss. If you take away that relational strain by curating a team of ridiculously efficient and likable leaders, you'll see an increase in employee retention rates.
Employees who see a clear path for career advancement and development within the company are more engaged and motivated to contribute to your organization's success.
Again, the effort you put into developing great managers isn't just helpful for those going into a leadership position. Those strong leaders will be the ones helping to keep employees engaged and productive over the long haul. (We love a good win-win.)
Ongoing leadership development fosters a positive and inclusive company culture where employees feel supported in their professional growth.
And again, creating great leaders is good for everyone who is impacted by the company culture.
(Are you seeing a theme? When you create a leadership development program you are building a better company for every single employee .)
As leadership positions become available, you won't waste precious time or resources trying to fill them. You'll have a steady stream of effective leaders who are available and ready to step into a management role. This is incredible for business continuity and overall organizational performance.
Companies known for their strong leadership development programs may have a better reputation in their industry. This helps them attract top talent who are looking to work in organizations that will invest in their leadership development journey.
Creating and following through on a leadership development plan is a significant investment that may deter some companies from going down that route. Outside of costs like seminars, learning materials, and leadership courses, there are hidden costs associated with a dip in productivity as employees spend less time on their direct tasks and more time on long-term skill development.
However, viewing leadership development as too expensive to implement is a short-sighted outlook that can do more harm than good.
Ultimately, the initial investment in internal leadership development training can be more cost-effective than hiring external candidates. External hires cost an average of 18% more than internal hires.
They're also 21% more likely to leave your company within the first year and may even do some damage to your company culture during their short tenure.
A good leadership development plan doesn't actually start with a plan. Before you jump into scheduling online training and one-on-one mentoring, you need to assess how to invest in leadership development in order to meet your organization's long-term goals.
Let's break down how to build a successful program, step-by-step.
Conduct an assessment to identify leadership needs and gaps within the company using surveys, interviews, and performance data. Current employees are key in this first step; given the chance, many will be able to pinpoint where leadership skills are lacking and could be improved upon.
Setting leadership development goals provides a clear direction and focus for what you want your leadership program to achieve. Goals can be used to measure progress and keep each leadership development plan in line with your overall organizational objectives.
Because you've already determined where your organization is and where you want it to be, you can set goals that move the needle toward that future vision.
Leadership competencies are skills, traits, and behaviors that make someone an effective leader.
There isn't one concrete list of key leadership competencies that applies to every business and industry. What Company A needs from people in leadership roles will be different from what Company B needs. Therefore, it's up to your organization to determine what makes a great leader.
Here are some common competencies you may determine are necessary:
You don't just need a framework for your leadership training, you also need a framework to select people who will participate in your leadership training. Not every employee has leadership potential, and not all potential leaders are interested in career growth that involves moving into management and leadership roles.
You can use metrics such as performance evaluations and feedback from supervisors to identify high-performing employees who may succeed as future leaders. You may also allow managers and supervisors to nominate employees who they believe have strong leadership potential.
Employee recognition software may be helpful in identifying which people on your team are consistently being recognized for their stellar performance. For example, with Terryberry, managers are able to see who receives the most recognition on their team, the last time each team member was recognized, and which categories of recognition are being used.
Leadership qualities can't be the only determining factor of who is suited for your leadership program. Speak with potential employees to discuss what career vision they have for themselves. Individuals whose goals align with your program's objectives will be more motivated to engage fully.
Once you have a list of candidates, assess each one based on the key leadership competencies you determined in step 3. A rubric can be used to evaluate employees subjectively.
Every participant in your leadership program needs an individual leadership development plan that targets the key competencies and leadership skills you think they need to further develop.
This is best accomplished with the support of a trusted mentor or coach who can help identify areas for improvement and suggest activities and goals that would truly be beneficial, based on their years of experience.
Key components of an effective leadership development plan include:
Adjust your plans
A leadership development plan isn't written in stone. As they complete their training, participants may find that certain activities aren't helping them develop the leadership skills they are striving to target. They may need to adjust their timeline.
Some mentee/mentor relationships may harm instead of help, necessitating a rematch. You can't be afraid to pivot in order to maximize the impact of each leadership development plan.
Adjust your program
The only way to improve is to constantly consider what works and what needs adjusting. Solicit feedback from current employees who are participating in the program about what they've found beneficial and what they would change for future leaders who will go through the program.
If you don't already have a leadership program, then you probably have a defined date in mind as to when you want to launch, but there shouldn't be an end date for the program. Leadership development is an ongoing process, and as employees graduate from the program, you need to choose new participants if you want to support the long-term goals and vision of your company.
Below is a sample leadership development plan template that includes all of the components we covered above. Tweak it as needed in order to create leadership development plans that you can implement with your employees.
Department:
Key strengths:
Areas for improvement:
Short term goals (next 6-12 months)
Long term goals (next 1-3 years)
Description
Resourced needed
Contact information:
Training program
Published resources (books/articles/websites)
Milestone 1:
Milestone 2:
Milestone 3:
Evaluation criteria 1:
Evaluation criteria 2:
Evaluation criteria 3:
Quarterly review
Annual review
HR Representative
No successful initiative comes without a few bumps in the road. Here are some issues you might have to contend with and suggestions for an easy resolution.
There is a delicate balance between consistency and addressing specific needs. You have to find it.
Solution : Create a flexible and personal leadership development plan that can be adapted to different contexts while maintaining core principles.
Implementing a leadership development program isn't possible without support from senior leadership. If you're not part of the C-suite, you may dread having a conversation about the need for a leadership program.
Solution : Focus on the data. Point out how the program will support your company's mission and vision. Include evidence from other successful leadership programs and highlight the cost of inaction.
Without specific metrics that evaluate the effectiveness of your leadership program, it's easy to fall into the trap of subjectively looking at it based on how you feel about the program.
Solution : Set concrete criteria to assess the effectiveness of your program and make informed decisions about its next steps. You can use a mix of quantitative and qualitative metrics, such as pre- and post-assessments, participant feedback, performance improvements, and retention rates.
It may be challenging for participants to balance their daily work tasks with the activities they need to complete as part of their leadership development plan.
Solution : Offer flexible learning opportunities such as online modules or part-time workshops. Communicate the importance of the program to managers and ensure they support their employees' participation.
A positive company culture can mean anything, but in most organizations, it includes a culture of recognition . You can simplify and streamline employee recognition using recognition software, allowing employees to celebrate each other with ease, and allowing you to evaluate patterns and identify future leaders in your organization.
Ready to learn how Terryberry can transform your culture? We're ready to tell you all about it .
Free Download
Download this free hardware retail franchise business plan template, with pre-filled examples, to create your own plan..
Or plan with professional support in LivePlan. Save 50% today
Available formats:
A complete business plan.
Text and financials are already filled out and ready for you to update.
Your plan is formatted the way lenders and investors expect.
Download as a Word document and edit your business plan right away.
Features clear and simple instructions from expert business plan writers.
All 100% free. We're here to help you succeed in business, no strings attached.
Follow these tips to quickly develop a working business plan from this sample.
We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.
Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.
Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.
Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.
To create a plan that fits your needs , you need to know what you intend to do with it.
Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.
But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.
More business planning resources
How to Create a Business Plan Presentation
Industry Business Planning Guides
How to Write a Business Plan
How to Start a Business With No Money
10 Qualities of a Good Business Plan
How to Write a Business Plan for Investors
Simple Business Plan Outline
Business Plan Template
Need to validate your idea, secure funding, or grow your business this template is for you..
We care about your privacy. See our privacy policy .
Not ready to download right now? We'll email you the link so you can download it whenever you're ready.
Download as Docx
Download as PDF
Step-by-step guidance and world-class support from the #1 business planning software
Fill-in-the-blanks and automatic financials make it easy.
No thanks, I prefer writing 40-page documents.
Discover the world’s #1 plan building software
IMAGES
VIDEO
COMMENTS
Here are a few tips for writing the market analysis section of your hardware shop business plan: Conduct market research, industry reports, and surveys to gather data. Provide specific and detailed information whenever possible. Illustrate your points with charts and graphs. Write your business plan keeping your target audience in mind. 4.
Clara's Hardware's competitive edge is: Location : Clara's Hardware is located in South Gate Plaza. The foot traffic in the plaza is very strong. The closest hardware store to the South Gate area is a twenty minute drive. Seasonal Products: Each season has it own unique demand on a homeowner.
A business plan sample, like a Computer Software Business Plan, can also demonstrate the financial viability of the shop and attract funding and support from various stakeholders. A business plan sample is a vital document for any hardware shop owner who wants to start or grow their business. Here is an example of a retail hardware store ...
A Sample Hardware Store Business Plan Template 1. Industry Overview. Stores in the Hardware Stores industry primarily retail a broad range of home renovation equipment and related supplies. Products such as hardware, plumbing, electrical and paint-related tools et al are the most commonly stocked goods you will likely find in a hardware store. ...
Get the most out of your business plan example. Follow these tips to quickly develop a working business plan from this sample. 1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from ...
The hardware business plan should include provisions of salaries for all your workforce. The major causes of failure of hardware stores include poor financial management resulting in losses. No wonder financial accounting must be thoroughly done when running this business. It's also encouraged that you conduct stock takes regularly, an ...
Hector's resume, as Confidential and Proprietary information, has been omitted from this sample business plan. 2.4 Company Locations and Facilities. When Hisarlik Hardware began this project the key component was the location. Hector Priamson/Troy Enterprises and Building Blocks felt several criteria were crucial to making this venture a ...
1. Describe the Purpose of Your Hardware Business. The first step to writing your business plan is to describe the purpose of your hardware business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers' problems.
Here's a method to spot your competition: Determine local hardware stores in your area. Analyze their product range, prices, and services. Check customer reviews for strengths and weaknesses. Look at their marketing and online presence. With this intelligence, your business plan advances from good to great.
A Sample Electrical Hardware Business Plan Template 1. Industry Overview. The Electrical Equipment Industry is made up of companies that manufacture and sell a range of products to a diverse customer base. Although this sector is fragmented, there are a few members that strive to claim a sizable portion of sales.
Oshkosh Hardware, Inc.'s retail outlet will be located at 1524 Frontage Road, which is in a newly developed retail center of Oshkosh. Our location helps facilitate accessibility from all parts of town and reduces our delivery costs. The store will occupy 7500 square feet of space. The major equipment involved in our business is counters and ...
Sample text from Hardware Store Business Plan: 1.0 Executive Summary [COMPANY NAME] will be a sole proprietorship owned by [NAME]. The Company is a start-up as [NAME] will purchase the rights to the existing location for $75,000. Upon purchase of the rights, the Company will demolish the existing structure and build a new State of the Art ...
The July 18 widespread technology outage and recent cybersecurity incidents, such as the CDK breach, impacted various industries.It's a good time to highlight the importance of your business continuity plan, including vendor management, incident response, disaster recovery, and patch management programs. Some industries have a higher cybersecurity risk profile because of the service they ...
Connected Workplace is a fully managed, nationwide fixed wireless Business Internet solution with our leading 5G network at its core. As a managed service with end-to-end support, your team can focus on what's most important for your business—rather than cumbersome, day-to-day connectivity management activities.
For example, a small to medium retail business could pay about $39 to $89 a month for software, up to $1,500 for hardware and installation, and roughly 2.7% per transaction in payment processing fees.
Customer Service Business Plan Sample; Customer Service Business Plan Sample. 556 Words 3 Pages. The Executive Summary In the following business plan we want to introduce you to the future beverage delivery service. Shopping for liquor, wine and beer is an event and process that takes place when celebrations, holidays and special occasions ...
an action plan that includes a timeline and small milestones to track progress; a list of resources needed to complete the development plan such as time, budget, training materials, and mentorship support; criteria and methods for evaluating progress toward the goal, which could include feedback sessions, performance reviews, and self ...
Trends Shisha Bar Business Plan Student's Name: Institutional Affiliation: Table of Contents Business Description i Mission Statement i Business Overview ii Products and Services ii Market Analysis ii Market Characteristics iii Target Customer Profile iv Competitor Assessment iv Market Share iv Relationship with the Customer v Advertising Plan v Price Market Characteristics v Target Customer ...
Starting a business can be tricky because of all the details you need to keep track of. These sample business plans for machinery and hardware supplies businesses will help you make sure you get your business plan right, and will set the stage for the future success of your business. Explore our library of Machinery & Hardware Business Plan ...
Follow these tips to quickly develop a working business plan from this sample. 1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from any example or template you come across.
A financial plan is not something you set and forget. Life events such as a job change, marriage, or the birth of a child mean you might need to adjust things, as will changes in the market or economic conditions. You'll want to regularly review your five-year financial plan to ensure it remains relevant.
The company's strategy to set prices low for Echo speakers and other smart devices, expecting them to generate income elsewhere in the tech giant, hasn't paid off.