business financial recovery plan template

University of Houston Small Business Development Center

Step-by-Step Guide: How to Build a Business Recovery Plan

By Tatyana Parham

In the midst of the coronavirus (COVID-19) pandemic, small businesses around the world are experiencing severe operational and economic challenges. In order to embrace small business recovery in such difficult times, business owners must proactively take the steps necessary to develop resilience in the face of a disaster. By creating a detailed business recovery plan geared towards the impacts of the pandemic, leaders are better equipped to respond efficiently and protect their employees, customers, and operations.

What is included in a small business disaster recovery plan? A business recovery plan is a strategic guide that details processes created to prepare, respond, and recover in the event of an emergency. As the COVID-19 pandemic has a unique set of challenges, as compared to other natural disasters such as floods and hurricanes, it calls for a nuanced plan-of-action that will mitigate risks and allow for an expedient recovery.

An effective business recovery plan clearly outlines policies and procedures that highlight key information such as disaster risk and impact, critical stakeholders and operations, communication models, and strategy for business continuity .

Here are some key concepts to consider when creating a disaster recovery plan for your small business:

Prioritize employee health and safety The health, safety, and wellbeing of your employees and customers should always be your top priority. Address any immediate needs and concerns first, including creating guidelines that support sick employees or those with sick family members. Consider expanding flexibility for typical work arrangements, and verify that you have the capacity to support a remote workforce. If telecommuting isn’t possible, ensure you have measures established that align with the current governmental health policies and support a safe working environment.

Identify COVID-19 risks and impact on your business Conduct a risk assessment:  Small business recovery begins with awareness of the potential risks that can adversely affect your business. A part of this may be to consider how operations will change in a worst-case scenario of 35 - 40% of your workforce being out sick, or how to reallocate your budget and preemptively avoid layoffs.

Other risks may include lack of access to public transport for employee commute, additional costs of establishing a remote workforce, national shutdowns prohibiting in-person contact, slowdown in sales, issues in supply chain and manufacturing, and even your business being forced to temporarily close. Prioritize critical business functions that are the most vulnerable, such as employee payroll inventory management, and outline how you can protect them. Once top risks are identified, you can assess which risks will generate the most substantial impact, so you can determine the most efficient use of your resources.

Analyze the impact:  Understand how the identified risks can affect critical business functions, and map out potential impacts this can have on your business. For example, if you have to temporarily stop operations for six weeks, how will that affect your quarterly and yearly financial statements, and how can you minimize financial loss through alternative sources of income? Identify the gaps in your current processes that prevent your business from operating sustainably. This process is called a business impact analysis.

Designate a recovery team After identifying your business’s prime vulnerabilities, designate a team of stakeholders that will be directly involved in recovery efforts. This team of key players should understand the business’s core competencies, and have the ability to consistently make choices that reflect the best outcome for the needs of the business. Be realistic about expectations for each individual, and ensure that you are a top leader throughout recovery in order to maintain employee confidence levels.

Establish transparent communication Consistently focus on transparent and timely communication with all relevant stakeholders to ensure regular support throughout the pandemic, including employees, clients or customers, suppliers, landlords, and investors. Create an employee communication plan specifically intended for the event of a disaster, and consistently provide updates based on CDC guidelines and organizational priorities. Regularly inform customers of any impact on products, services, and delivery, and maintain steady contact with suppliers regarding their continued capability to provide essential materials.

Revise business strategy for continuity As the pandemic progresses, significant shifts in consumer behavior will demand a different approach to sustaining your business. Proactively strategize how to minimize downtime and disruptions to daily operations. Perform a complete audit of your business and marketing plans to pinpoint what’s working, what’s not working, and what will best support your business in a worst-case scenario.

Creatively decide on a plan-of-action that will provide practical cost-effective strategies that reduce the impact of identified risks. Brainstorm how to protect cash flow and monitor utilization of resources, ensuring that you have more than enough to cover future expenses.

Continue to monitor external vulnerabilities that can impact the flow of business as well, including pressures on customers, partners, and suppliers. Devise multiple plans for multiple scenarios of varying intensity, to ensure full preparation for what’s ahead. Assess your wins and losses throughout the recovery process, and devise contingency plans that will enable your business to thrive moving forward. Although crises may have considerable impacts to the detriment of your business, they reveal opportunities for your business to generally improve in value, organization, or efficiency.

Maximize the use of alternative funding and support To support business recovery, stay up to date with available local and federal assistance programs that offer disaster relief. Visit our online hub for COVID-19 resources here .

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Small Business Recovery

When a disaster occurs, businesses must take care of their employees’ needs, communicate the impact, address financial matters (e.g., insurance, disaster assistance), restore operations, and organize recovery. Below are resources to help reopen your business and make progress through long-term recovery. 

Top 10 Tips for Recovery

• Implement your disaster plan. Assess damage and consider if a backup location is needed.
• Shift your team and leadership from preparedness to recovery.
• Implement a communications strategy to ensure that the facts go directly to employees, suppliers, customers, and the media.
• Encourage employees to take appropriate actions and communicate.
• Document damage, file insurance claims, and track recovery.
• Cultivate partnerships in the community with businesses, government, and nonprofits.
• Provide employee support and assistance.
• Connect with chambers of commerce, economic development, and other community support organizations.
• Document lessons learned and update your plan.
• Contact the Disaster Help Desk for support at 1-888-MY-BIZ-HELP (1-888-692-4943).

Checklists and Additional Tips

• Responding to Disaster: Tips from the Frontline  – Helpful info-graphic of key items to consider
• A  checklist  for reopening your business after a disaster
• Or, if you want more details, use the original checklist in this ‘ Recovery Toolkit ’, which includes additional checklists 
• Recovery Resources
• The  U.S. Small Business Administration (SBA)  offers low-interest loans and other resources to assist small businesses post disaster. 
• The  Federal Emergency Management Agency (FEMA)  provides updates on current disaster events and assistance for employees who have damage at their homes.
• When Disaster Hits Home: A Story of Resilience and Recovery  – How a business responded both in their community and with their employees.

Below is a list of categories for available recovery resources:

Immediate needs, emergency response & recovery, recovery guidance.

• Financial Assistance / Funding / Taxes
• IT Disaster Recovery

Mental Health

Individual, families, employees and community recovery.

• Google Person Finder  – This app helps people connect with family and employees after a disaster.
• Safe and Well   - Register or search the Red Cross’ Safe and Well listing here.
• Google Public Alerts  – This service allows you to go online to search for the latest information during an emergency, and will disseminate relevant emergency alerts to you when/where you need them.
• Disaster Help Desk for Business  – Provides assistance to businesses struck by disasters across the country. Dial 1-888-MY-BIZ-HELP or 1-888-692-4943 to get help navigating the disaster assistance realm.
• FEMA Text Messages is a service that allows you to use your cell phone’s text messaging capability to receive text updates from FEMA (standard message and data rates apply).To sign up for monthly preparedness tips: text PREPARE to 43362 (4FEMA).
• The Federal Emergency Management Agency (FEMA)  – Provides updates on current disaster events
• Ready.gov/business (FEMA)  – Has many business-focused tips and resources on what to do during different types of disasters.
• Disaster Recovery and Continuity Guide  – This guide provides worksheets and question matrices on all things recovery. Starts with basic planning tips, hazard assessment, etc., but the bulk of this guide is in recovery, with useful worksheets.
• Tax Relief in Disaster Situations  – Links to disasters across the US and the resources, information, and tools for each region.
• Hurricane Preparedness for Business: What to do Before, During and After a Disaster  – Use the Recovery Checklist “After the Storm” ( pages 3-5 ) for bullet points of different ideas and issues to consider.
• Helping Families Recovery After Disaster: The Family Financial Toolkit  – As small businesses owners need to also take care of disaster impacts at home, this toolkit provides resources  lessons learned, case examples, etc.
• Business Continuity and Disaster Recovery Checklist for Small Business Owners  – Eleven simple, great tips for recovery.
• Disaster Cleanup  – Tips and resources from the SBA that includes fact sheets and info from CDC, EPA, FEMA, OSHA.
• Business Continuity Plan: Components and Sequencing Description  – A Recovery Plan template with tables, checklists, Yes/No questions, etc.

Federal Financial Assistance / Funding / Taxes

• SBA online loan application  – You are encouraged to apply BEFORE the deadline. There is no obligation to accept the funds, but keeps your options open if needed. 
• SBA Customer Service Center - Call 1-800-827-5722
• DisasterAssistance.gov  – This FEMA site provides disaster survivors with information and services during times of disaster. Programs to assist individuals and homeowners may be useful to your employees. You can register for assistance even if you are not sure you need or want it.
• Disaster Resource Guide for Individuals and Businesses  – Guide to understanding IRS resources available after a disaster, such as claim unreimbursed casualty losses on damaged property; includes forms and numbers.
• Preparing for a Disaster (Taxpayers and Businesses)  – Encourages planning, tips for safeguarding documents, and tracking valuable IRS resources such as completing the  Loss Workbook  after a disaster. 
• Tax Relief for Disaster Situations  (IRS) – After your area is declared a disaster, this page provides tax relief information from the IRS.
• Disaster Assistance for Business  – Overview of all Federal Assistance and resources (ignore Nevada-specific info).
• Disaster Assistance  – Resources available from SBA to businesses, individuals, and families.
• Federal Emergency Management Agency (FEMA)  – FEMA’s main site has information on what to do before, during, and after disaster.
• IRS Videos on Disaster Subjects  – Informative videos to help businesses that have been affected by disasters.
• US Department of Agriculture (USDA)  – Provides disaster assistance information for farmers and ranchers
• Disaster Recovery Small Business Loan or Grant Program  –How to create opportunities for loans or grants for area businesses.

This is a topic no one wants to discuss; yet it is critical to recovery. There are resources to help minor to severe trauma by allowing people to express their experiences. By ignoring the problem, it may only get worse, and your business may lose key people at critical recovery times. It is better to address issues or needs up front and allow staff to debrief.

• Disaster Distress Helpline  - To reach out for free 24/7 counseling or support, contact the Disaster Distress Helpline at 1-800-985-5990 or text “TalkWithUs’ to 66746. TTY for Deaf/Hearing Impaired: 1-800-846-8517. To see the Red Cross page for this resource click  here .
• American Psychological Association  – Works with the Red Cross on crisis counseling.
• Federal Emergency Management Agency (FEMA)  – FEMA’s main site has information on what to do before, during, and after disaster. To register for assistance, visit  www.DisasterAssistance.gov
• The American Red Cross  – Assists with finding shelter,  loved ones, or other services.

“Keep detailed records of business activity and the extra expenses of keeping your business operating in a temporary location during the interruption period. If you are forced to close down, include expenses that continue during the time that the business is closed, such as advertising and the cost of utilities” -- The Insurance Information Institute

Insurance Help

• Document damage by taking photos or videos. Review your policy, contact your insurance company to file a claim, and document cleanup or repairs with receipts and photos. Get two or more quotes for repairs, check contractor licenses, and document expenses and losses that can be compared with pre-disaster numbers.
• Per the Insurance Information Institute (iii), “Keep detailed records of business activity and the extra expenses of keeping your business operating in a temporary location during the interruption period. If you are forced to close down, include expenses that continue during the time that the business is closed, such as advertising and the cost of utilities.
• 11 tips  on how to work with the insurance company, file a claim, and other items. 
• How to document and calculate loss.  http://bit.ly/1EVGng1
• In the Wake of the Storm: Five Reminders about Your Insurance Coverage  – Great tips post-Hurricane Sandy on filing different types of claims, potential issues.
• Speak UP: How to communicate with your insurance company  – Simple tips on how to work with your insurance company after a disaster.
• National Flood Insurance Program (NFIP) Summary of Coverage for Commercial Property  – General information about flood insurance coverage, options, and understanding terms.
• Property Insurance and Disaster Recovery  – An interesting article covering insurance coverage, as well as other things to be aware of during recovery.
• Missouri Small Business & Technology Centers: Insurance Claims  – Great information and tips, step-by-step guide for filing claims, available disaster assistance, etc. (ignore Missouri-specific phone numbers).
• Maximizing Insurance Recovery for Loss Resulting from Tornados and Other Natural Disasters  – Helps insurance policy holders or those seeking insurance to navigate potential issues.
• The Basics of Business Interruption Insurance  – Provides a basic understanding of filing a business interruption insurance claim, document preparation, etc.
• Procedures for Filing Major Loss Property Insurance Claims  – Assistance with filing a claim (ignore Hawaii-specific numbers).
• Flood Insurance Claims Handbook  (FEMA) – Assistance with filing a claim on National Flood Insurance Program (NFIP) coverage.

Employee Assistance

• If you don’t have an Employee Assistance Program (EAP), consider starting one.  An EAP will help your business and your employees cope with the aftermath of a disaster.
• An EAP can further aid employees who have experienced trauma from a disaster and any associated losses. This includes helping executives and other company leadership who may have a difficult time focusing during recovery.
• After a disaster employees may experience increased fear, grief, stress, sadness, and anxiety, often continuing for weeks or months. Point employees to your EAP or crisis counselors for assistance. Address all employees by holding a disaster debrief to discuss what happened and what resources are available to them.
• To alleviate stress and minimize confusion, your leadership should communicate with employees about how the company is addressing recovery and what resources exist for employees.
• Continue to update employees on the business’ ongoing recovery.
• Consider ways that your company can help employees’ and their families access medical care, food, housing, and other essentials.                                                                                                                                                                                                                                                                                                                                                                     
• Those hit hardest may not have working phones or the ability to call area resources to find new housing, childcare, animal care facilities, a rental car, or other services necessary to restoring their daily lives. Find or connect employees to needed resources, then share with other employees, customers, and the public.
• Use the human resources (HR) department’s employee hotline, or create one, to take calls regarding employees’ disaster needs. Make sure to keep needs confidential.
• Un-impacted employees are often willing to help fellow employees with caring for pets, carpooling, housing a family, loaning lost equipment like computers or cell phones, and organizing fundraisers to replace lost items.
• Disaster Distress Helpline —To reach out for free 24/7 counseling or support, contact the Disaster Distress Helpline at 1-800-985-5990 or text “TalkWithUs’ to 66746. TTY for Deaf/Hearing Impaired:  1-800-846-8517. Visit  http://rdcrss.org/1hsTafJ .
• A Manager’s Handbook: Handling Traumatic Events  – Discusses Employee Assistance Programs following disaster.  
• IRS: Help During Disasters  – Comprehensive list of resources for employers or employees facing the effects of disaster.

Documentation and Administrative Recovery

• Use photos and videos to document damage to property, inventory, equipment, and other losses. Document all repairs (e.g., boarding up broken windows, holes in a roof). Document the repair and restoration process until normal operation is resumed.
• Make a list of damaged or lost items and, if possible, include date of purchase, value, and receipts.
• Document all extra expenses you incur in the process of resuming operations, including renting equipment (until yours is repaired or replaced), temporarily leasing another location, marketing, and moving expenses.
• File a claim with your insurance company as soon as possible, if needed.
• Ask your insurance agent to review your business to determine what needs to be covered (e.g., loss of net income, operating expenses that need to be paid while closed, or extra expenses incurred afterward) so that you can begin addressing how you will cover it. “How” includes insurance policies, loans, and credit.
• Keep all important documents in one place, backed up, and stored off-site where they are accessible. This will save precious time. Add security (e.g., encrypting) to protect key financial data, bank accounts, etc.
• Copies of documents or information you should have available may vary depending on the type of business, but can include: insurance policies, leases, recent income tax forms, historical sales records, inventory, employees’ computer equipment and software inventory, contracts especially Service-Level Agreements (SLA). You may need to produce copies of some of these documents as part of the recovery. Make sure you do not lose your only hard copies in the process.
• Disaster Relief for Individuals and Small Businesses  – Created after Hurricane Sandy, it provides five steps on how to apply for federal assistance.

Connect with Local Chambers of Commerce

• Your local chamber is a great resource and conduit during a recovery process. Because chambers speak for busiesses, they can advocate for additional outside resources that the community might need. Chambers channel resources and funds that can be of great assistance to impacted businesses. They need to hear about your business’s needs.
• Many chambers have relationships or share space with Small Business Development Centers (SBDC). SBDCs offer free business counseling including guidance after disasters.
• The Disaster Help Desk is a resource available to your business. If this is the first time you are thinking about disaster recovery, reach out for help to ask the questions of what you need to think about, do first, who to call, things to consider, etc. Contact the Disaster Help Desk at 1-888-MY BIZ HELP (1-888-692-4943).
• Local chambers have connections within the local community, in the region, and across the country. These connections can be especially useful in providing help after a disaster.

“Monitor progress on your program and find ways to improve it. Reinforce employees’ participation in, and responsibility for, the overall recovery effort.” -- The Hartford

Celebrate Milestones

• The business recovery process is immense, stressful, and labor intensive. When people are already busy and potentially burdened by recovery efforts, celebrating milestones may seem frivolous. But do not overlook the need to address  employees’ mental health and to remind them that their hard work has purpose, progress is being made, and light exists at the end of the tunnel.
• By reopening your doors, it can encourage other businesses and organizations to recover faster, thereby helping the community as a whole.
• Recovery requires interconnectivity between public, private, non-profit, faith-based, and community organizations at all levels. Celebrate and promote recovery events that provide assistance to individuals, families, businesses, and other organizations in a “together we recover” type of approach. It is a great opportunity to keep the focus on recovery over the longer-term, bring resources to those who need it, and put your businesses in a position of information-sharing that will be remembered by your employees and the community for years.
• Celebrate your reopening and highlight your goods and services as an opportunity to market to potential new customers, especially those waiting on other businesses to reopen. Once you have these new customers, they will likely stay.
• Recovering from a disaster is hard work. Praise, recognize, and reward efforts throughout all levels of the business.
• Handling the recovery well and acknowledging employees’ roles increase company loyalty.
• Highlighting the re-openings of hospitals, schools, iconic community locations like restaurants considered “institutions”, civic spots, memorials, businesses or areas that have prevailed in spite of adverse odds, are all opportunities to tell the story of the community working together and building back better and stronger. This is a way to bring visitors into a recovering community.
• Your human resources department is typically the one that recognizes milestones within the company and can play an important role in recovery by being attentive to the needs of employees by celebrating recovery milestones. The events may be organized in a fun and inviting way and can incorporate employees with non-essential recovery roles so they can participate in the restoration of the business.
• Recognize that there may be employees who are still experiencing difficulties, a personal loss, or need help. You can use milestones to also highlight whichever areas still need assistance.

“Also, as the recovery continues, remember that many staff are either displaced themselves or are sharing their space with the staff who are displaced, making working conditions far less than ideal. Stress levels will be unusually high; therefore, setting a positive tone, recognizing staff accomplishments, and celebrating milestones are more important than ever.” -- Comprehensive Guide to Emergency Preparedness and Disaster Recovery

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Business Continuity Planning

Organize a business continuity team and compile a  business continuity plan  to manage a business disruption. Learn more about how to put together and test a business continuity plan with the videos below. Please note the Business Continuity Plan Generator is no longer available.

Business Continuity Plan Supporting Resources

• Business Continuity Plan Situation Manual
• Business Continuity Plan Test Exercise Planner Instructions
• Business Continuity Plan Test Facilitator and Evaluator Handbook

Business Continuity Training Videos

Business Continuity Training Introduction

An overview of the concepts detailed within this training. Also, included is a humorous, short video that introduces viewers to the concept of business continuity planning and highlights the benefits of having a plan. Two men in an elevator experience a spectrum of disasters from a loss of power, to rain, fire, and a human threat. One man is prepared for each disaster and the other is not.

View on YouTube

Business Continuity Training Part 1: What is Business Continuity Planning?

An explanation of what business continuity planning means and what it entails to create a business continuity plan. This segment also incorporates an interview with a company that has successfully implemented a business continuity plan and includes a discussion about what business continuity planning means to them.

Business Continuity Training Part 2: Why is Business Continuity Planning Important?

An examination of the value a business continuity plan can bring to an organization. This segment also incorporates an interview with a company that has successfully implemented a business continuity plan and includes a discussion about how business continuity planning has been valuable to them.

Business Continuity Training Part 3: What's the Business Continuity Planning Process?

An overview of the business continuity planning process. This segment also incorporates an interview with a company about its process of successfully implementing a business continuity plan.

Business Continuity Training Part 3: Planning Process Step 1

The first of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “prepare” to create a business continuity plan.

Business Continuity Training Part 3: Planning Process Step 2

The second of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “define” their business continuity plan objectives.

Business Continuity Training Part 3: Planning Process Step 3

The third of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “identify” and prioritize potential risks and impacts.

Business Continuity Training Part 3: Planning Process Step 4

The fourth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “develop” business continuity strategies.

Business Continuity Training Part 3: Planning Process Step 5

The fifth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should define their “teams” and tasks.

Business Continuity Training Part 3: Planning Process Step 6

The sixth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “test” their business continuity plans.

Last Updated: 09/29/2023

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Free Financial Templates for a Business Plan

By Andy Marker | July 29, 2020

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In this article, we’ve rounded up expert-tested financial templates for your business plan, all of which are free to download in Excel, Google Sheets, and PDF formats.

Included on this page, you’ll find the essential financial statement templates, including income statement templates , cash flow statement templates , and balance sheet templates . Plus, we cover the key elements of the financial section of a business plan .

Financial Plan Templates

Download and prepare these financial plan templates to include in your business plan. Use historical data and future projections to produce an overview of the financial health of your organization to support your business plan and gain buy-in from stakeholders

Business Financial Plan Template

Use this financial plan template to organize and prepare the financial section of your business plan. This customizable template has room to provide a financial overview, any important assumptions, key financial indicators and ratios, a break-even analysis, and pro forma financial statements to share key financial data with potential investors.

Download Financial Plan Template

Word | PDF | Smartsheet

Financial Plan Projections Template for Startups

This financial plan projections template comes as a set of pro forma templates designed to help startups. The template set includes a 12-month profit and loss statement, a balance sheet, and a cash flow statement for you to detail the current and projected financial position of a business.

‌ Download Startup Financial Projections Template

Excel | Smartsheet

Income Statement Templates for Business Plan

Also called profit and loss statements , these income statement templates will empower you to make critical business decisions by providing insight into your company, as well as illustrating the projected profitability associated with business activities. The numbers prepared in your income statement directly influence the cash flow and balance sheet forecasts.

Pro Forma Income Statement/Profit and Loss Sample

Use this pro forma income statement template to project income and expenses over a three-year time period. Pro forma income statements consider historical or market analysis data to calculate the estimated sales, cost of sales, profits, and more.

‌ Download Pro Forma Income Statement Sample - Excel

Small Business Profit and Loss Statement

Small businesses can use this simple profit and loss statement template to project income and expenses for a specific time period. Enter expected income, cost of goods sold, and business expenses, and the built-in formulas will automatically calculate the net income.

‌ Download Small Business Profit and Loss Template - Excel

3-Year Income Statement Template

Use this income statement template to calculate and assess the profit and loss generated by your business over three years. This template provides room to enter revenue and expenses associated with operating your business and allows you to track performance over time.

Download 3-Year Income Statement Template

For additional resources, including how to use profit and loss statements, visit “ Download Free Profit and Loss Templates .”

Cash Flow Statement Templates for Business Plan

Use these free cash flow statement templates to convey how efficiently your company manages the inflow and outflow of money. Use a cash flow statement to analyze the availability of liquid assets and your company’s ability to grow and sustain itself long term.

Simple Cash Flow Template

Use this basic cash flow template to compare your business cash flows against different time periods. Enter the beginning balance of cash on hand, and then detail itemized cash receipts, payments, costs of goods sold, and expenses. Once you enter those values, the built-in formulas will calculate total cash payments, net cash change, and the month ending cash position.

Download Simple Cash Flow Template

12-Month Cash Flow Forecast Template

Use this cash flow forecast template, also called a pro forma cash flow template, to track and compare expected and actual cash flow outcomes on a monthly and yearly basis. Enter the cash on hand at the beginning of each month, and then add the cash receipts (from customers, issuance of stock, and other operations). Finally, add the cash paid out (purchases made, wage expenses, and other cash outflow). Once you enter those values, the built-in formulas will calculate your cash position for each month with.

‌ Download 12-Month Cash Flow Forecast

3-Year Cash Flow Statement Template Set

Use this cash flow statement template set to analyze the amount of cash your company has compared to its expenses and liabilities. This template set contains a tab to create a monthly cash flow statement, a yearly cash flow statement, and a three-year cash flow statement to track cash flow for the operating, investing, and financing activities of your business.

Download 3-Year Cash Flow Statement Template

For additional information on managing your cash flow, including how to create a cash flow forecast, visit “ Free Cash Flow Statement Templates .”

Balance Sheet Templates for a Business Plan

Use these free balance sheet templates to convey the financial position of your business during a specific time period to potential investors and stakeholders.

Small Business Pro Forma Balance Sheet

Small businesses can use this pro forma balance sheet template to project account balances for assets, liabilities, and equity for a designated period. Established businesses can use this template (and its built-in formulas) to calculate key financial ratios, including working capital.

Download Pro Forma Balance Sheet Template

Monthly and Quarterly Balance Sheet Template

Use this balance sheet template to evaluate your company’s financial health on a monthly, quarterly, and annual basis. You can also use this template to project your financial position for a specified time in the future. Once you complete the balance sheet, you can compare and analyze your assets, liabilities, and equity on a quarter-over-quarter or year-over-year basis.

Download Monthly/Quarterly Balance Sheet Template - Excel

Yearly Balance Sheet Template

Use this balance sheet template to compare your company’s short and long-term assets, liabilities, and equity year-over-year. This template also provides calculations for common financial ratios with built-in formulas, so you can use it to evaluate account balances annually.

Download Yearly Balance Sheet Template - Excel

For more downloadable resources for a wide range of organizations, visit “ Free Balance Sheet Templates .”

Sales Forecast Templates for Business Plan

Sales projections are a fundamental part of a business plan, and should support all other components of your plan, including your market analysis, product offerings, and marketing plan . Use these sales forecast templates to estimate future sales, and ensure the numbers align with the sales numbers provided in your income statement.

Basic Sales Forecast Sample Template

Use this basic forecast template to project the sales of a specific product. Gather historical and industry sales data to generate monthly and yearly estimates of the number of units sold and the price per unit. Then, the pre-built formulas will calculate percentages automatically. You’ll also find details about which months provide the highest sales percentage, and the percentage change in sales month-over-month. 

Download Basic Sales Forecast Sample Template

12-Month Sales Forecast Template for Multiple Products

Use this sales forecast template to project the future sales of a business across multiple products or services over the course of a year. Enter your estimated monthly sales, and the built-in formulas will calculate annual totals. There is also space to record and track year-over-year sales, so you can pinpoint sales trends.

Download 12-Month Sales Forecasting Template for Multiple Products

3-Year Sales Forecast Template for Multiple Products

Use this sales forecast template to estimate the monthly and yearly sales for multiple products over a three-year period. Enter the monthly units sold, unit costs, and unit price. Once you enter those values, built-in formulas will automatically calculate revenue, margin per unit, and gross profit. This template also provides bar charts and line graphs to visually display sales and gross profit year over year.

Download 3-Year Sales Forecast Template - Excel

For a wider selection of resources to project your sales, visit “ Free Sales Forecasting Templates .”

Break-Even Analysis Template for Business Plan

A break-even analysis will help you ascertain the point at which a business, product, or service will become profitable. This analysis uses a calculation to pinpoint the number of service or unit sales you need to make to cover costs and make a profit.

Break-Even Analysis Template

Use this break-even analysis template to calculate the number of sales needed to become profitable. Enter the product's selling price at the top of the template, and then add the fixed and variable costs. Once you enter those values, the built-in formulas will calculate the total variable cost, the contribution margin, and break-even units and sales values.

Download Break-Even Analysis Template

For additional resources, visit, “ Free Financial Planning Templates .”

Business Budget Templates for Business Plan

These business budget templates will help you track costs (e.g., fixed and variable) and expenses (e.g., one-time and recurring) associated with starting and running a business. Having a detailed budget enables you to make sound strategic decisions, and should align with the expense values listed on your income statement.

Startup Budget Template

Use this startup budget template to track estimated and actual costs and expenses for various business categories, including administrative, marketing, labor, and other office costs. There is also room to provide funding estimates from investors, banks, and other sources to get a detailed view of the resources you need to start and operate your business.

Download Startup Budget Template

Small Business Budget Template

This business budget template is ideal for small businesses that want to record estimated revenue and expenditures on a monthly and yearly basis. This customizable template comes with a tab to list income, expenses, and a cash flow recording to track cash transactions and balances.

Download Small Business Budget Template

Professional Business Budget Template

Established organizations will appreciate this customizable business budget template, which  contains a separate tab to track projected business expenses, actual business expenses, variances, and an expense analysis. Once you enter projected and actual expenses, the built-in formulas will automatically calculate expense variances and populate the included visual charts. 

‌ Download Professional Business Budget Template

For additional resources to plan and track your business costs and expenses, visit “ Free Business Budget Templates for Any Company .”

Other Financial Templates for Business Plan

In this section, you’ll find additional financial templates that you may want to include as part of your larger business plan.

Startup Funding Requirements Template

This simple startup funding requirements template is useful for startups and small businesses that require funding to get business off the ground. The numbers generated in this template should align with those in your financial projections, and should detail the allocation of acquired capital to various startup expenses.

Download Startup Funding Requirements Template - Excel

Personnel Plan Template

Use this customizable personnel plan template to map out the current and future staff needed to get — and keep — the business running. This information belongs in the personnel section of a business plan, and details the job title, amount of pay, and hiring timeline for each position. This template calculates the monthly and yearly expenses associated with each role using built-in formulas. Additionally, you can add an organizational chart to provide a visual overview of the company’s structure. 

Download Personnel Plan Template - Excel

Elements of the Financial Section of a Business Plan

Whether your organization is a startup, a small business, or an enterprise, the financial plan is the cornerstone of any business plan. The financial section should demonstrate the feasibility and profitability of your idea and should support all other aspects of the business plan. 

Below, you’ll find a quick overview of the components of a solid financial plan.

• Financial Overview: This section provides a brief summary of the financial section, and includes key takeaways of the financial statements. If you prefer, you can also add a brief description of each statement in the respective statement’s section.
• Key Assumptions: This component details the basis for your financial projections, including tax and interest rates, economic climate, and other critical, underlying factors.
• Break-Even Analysis: This calculation helps establish the selling price of a product or service, and determines when a product or service should become profitable.
• Pro Forma Income Statement: Also known as a profit and loss statement, this section details the sales, cost of sales, profitability, and other vital financial information to stakeholders.
• Pro Forma Cash Flow Statement: This area outlines the projected cash inflows and outflows the business expects to generate from operating, financing, and investing activities during a specific timeframe.
• Pro Forma Balance Sheet: This document conveys how your business plans to manage assets, including receivables and inventory.
• Key Financial Indicators and Ratios: In this section, highlight key financial indicators and ratios extracted from financial statements that bankers, analysts, and investors can use to evaluate the financial health and position of your business.

Need help putting together the rest of your business plan? Check out our free simple business plan templates to get started. You can learn how to write a successful simple business plan  here . 

Visit this  free non-profit business plan template roundup  or download a  fill-in-the-blank business plan template  to make things easy. If you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  startup business plan templates  or  free 30-60-90-day business plan templates  to find more tailored options.

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Create a business recovery plan

A recovery plan will help you respond effectively if an incident or crisis affects your business. It aims to shorten your recovery time and minimise losses.

Definition of business recovery

Business recovery is the return to operations following an incident, crisis, disaster, or significant event.

A business recovery plan is a pre-designed plan that includes:

• setting timelines to restore critical functions
• strategies to trade at pre-incident levels as soon as possible

Your recovery plan is part of your business continuity plan that outlines practical strategies to help you manage and stage a recovery from a crisis.

Download the business continuity plan template

This template includes a Recovery section.

Use this page to consider how your business can recover from a crisis, then complete the recovery section of the template.

Download the business continuity planning template .

Business recovery planning

In some cases, such as a pandemic, there may be several steps and stages of recovery. For example, a lockdown may occur several times and the business will need to recover operations as quickly as possible after each event.

Unlike an incident response plan, the business recovery plan has a longer-term view.

The business recovery plan covers:

• strategies to recover from a range of incidents
• objectives around time-frames to fully recover all business functions
• a description of key resources, equipment, and staff required
• checklists to ensure all actions have been done.

The best method to help define recovery times is to conduct a business impact analysis and identify critical business activities. Find out more about identifying and managing risk .

Analyse how long it will take to bring each activity back online or make operational again, for example, restoring backups of critical IT systems on your computers or replacing lost stock. Capture this in the recovery section of your business continuity plan.

Strategies from the small business disaster hub

Natural disasters :

• cyclone and storm surge
• severe storm

Major health event :

• localised outbreaks
• food poisoning and contamination

Emergency :

• biosecurity threats (pest and animal disease outbreaks)
• workplace accidents or deaths
• dangerous material spills, leaks, or explosions
• loss of power or infrastructure
• major transport disasters
• terrorist or major criminal incidents
• climate change risks

Information technology (IT) threat

• cyber-attack or data hacking

Reputation incident :

• highly negative media or social media coverage
• rumour-driven crisis
• inappropriate workplace behaviour (e.g. bullying, harassment)
• organisational misdeeds and legal action (e.g. fraud, theft)

Designate a recovery team

As with the incident response plan , consider a team to manage business recovery.

Your team may be internal, such as the leader with clear objectives for all critical business functions, or external with advice and support from your accountant, legal representative, or business mentor.

As part of the planning, your team should receive training or advice on incident recovery and any designated tasks. This training could include skills to run the recovery remotely and the use of your emergency kits.

Clarification about who is needed for the recovery team, team training and practice drills are important parts of your preparation.

Past disasters and other incidents show that small businesses:

• often need and look for external help to aid internal staff with full recovery (e.g. emergency services, banking and finance operators, council, and government assistance)
• recover in different ways and at different speeds (e.g. external mental health services may form part of your recovery plan)
• can struggle to make important decisions for many months (i.e. being without a clear recovery plan with achievable actions will slow down progress).

Your team should know about employment requirements and obligations before, during and after an incident or event.

Learn more about employment entitlements during natural disasters and emergencies from the Fair Work Ombudsman.

Communicating during the recovery

The recovery team should communicate as soon as possible with all staff and key stakeholders usually within the first 24–48 hours of the incident.

As the recovery commences and well after the event, it is important to communicate regularly with suppliers, customers, and internal staff. You should provide the current state of progress and any changes that you've implemented to restore operations (e.g. establishing contracts with alternative suppliers or changes to opening hours).

Stages of recovery

Business recovery after an incident may occur in stages.

Initial stage

Activities in the initial stage include:

• returning to your business site only when safe
• protecting yourself and your staff when returning to the site
• staying alert to dangers if the emergency event is not yet resolved
• monitoring emergency updates and broadcasts
• working with insurance companies to assist in recovery
• securing the business site if necessary and safe to do so.

Early stage

Activities in the early stage include:

• working with professional advisers (e.g. accountant, business mentors to design financial recovery and approach banking or other financial support to maintain cash flow whilst recovering)
• forecasting cash flow over a prolonged period (e.g. 3–36 months)
• insurance rectifications to premises and equipment
• relocation or 'building back better'.

Long-term stage

Activities in the long-term stage include:

• re-negotiating loans
• reviewing emergency plans and kits
• new products and services
• thanking customers, community and celebrating overcoming the incident with staff.

Learn how to monitor the recovery process using a checklist .

Also consider...

• Learn how to write a business continuity plan .
• Read more about preparing an incident response plan .
• Develop a recovery checklist .
• Last reviewed: 24 Nov 2022
• Last updated: 28 Feb 2023

The 11 Best Free Business Continuity Plan Templates Online

• Best Practices ,

The editors at Solutions Review have compiled this list of the best free business continuity plan templates available online.

With cyber-attacks and natural disasters threatening your data at every turn, being prepared with a business continuity plan is your best defense. Having a plan can prevent debilitating data and financial loss and give you peace of mind while running your business. Creating a business continuity plan from scratch is a daunting task. Luckily, there are free examples of these plans online. Instead of having to search for one that works for you, the editors at Solutions Review have put together a record of the best free business continuity plan templates online, listed below in no particular order.

Best Free Business Continuity Plan Templates

Search disaster recovery.

OUR TAKE:   Search Disaster Recovery offers a few different kinds of recovery plans, spanning business impact analysis, pandemic recovery, and business continuity. However, their IT disaster recovery plan offers a comprehensive step-by-step guide to prepare for the worst. In addition to step-by-step instructions, this template also helps practitioners to create their own table of contents for their disaster recovery plan, allowing them to easily identify key issues to address.

OUR TAKE:   IBM separates its plan into 13 sections of what is necessary for disaster recovery. If you feel confident in some areas, but less so in others, you can pick and choose which sections would be the most useful for you. IBM also offers examples of each section, enabling disaster recovery professionals to easily understand the best way to approach their recovery strategies. The 13 sections that make up this template include, major goals of a DR plan, personnel, application profile, disaster recovery procedures, and recovery plan for mobile sites, among others.

OUR TAKE:   Ontrack, a tech blog, posted their own disaster recovery plan template. It allows you to personalize your plan by filling out the template, while also offering tips in the headings of the subsections. With its template, Ontrack aims to help small businesses become comfortable with the building blocks of a disaster recovery plan and to think realistically about what it would take to resume normal business operations after a severe IT disaster.

Adams State College

OUR TAKE:  Adams State College has made its plan public online. While it applies to the college specifically, the plan is so extensive that anyone looking to create their own recovery plan could glean from it as an example. Though this template has not been updated for some time, it is still a comprehensive outline useful as a starting point for anyone beginning to develop a DR strategy

Disaster Recovery Plan Template

OUR TAKE:   Disaster Recovery Plan Template offers, as one would expect, disaster recovery plan templates. Their basic recovery plan provides templates to make the plan specific to your needs, as well as step-by-step instructions that apply to all businesses. The template was created through extensive research on disaster recovery planning and emergency management of records and information programs.

The Council on Foundations

OUR TAKE:   The Council on Foundations provides a template that is completely comprehensive; assigning disaster roles to employees based on their job, outlining business impact analysis, and building evacuation procedures. Additionally, the Council on Foundations also offers individual templates to use in conjunction with its full Disaster Preparedness and Recovery Plan.

SANS Institute

OUR TAKE:   SANS Institute has a plan that provides an outline of what should happen in a disaster situation. If you need light structure or something to fall back on when creating your own plan, this one would be helpful. The SANS Institute’s plan also provides a discussion of the culture and employee education surrounding disaster recovery and risk avoidance.

OUR TAKE: Evolve IP designed this template to help Disaster Recovery as a Service (DRaaS) practitioners with the process of capturing and organizing the critical information needed to ensure that IT operations are in a position to survive when a disruption occurs. This template is meant as a guide only. Users should review it carefully to determine whether it appropriately fits their specific needs.

Disaster Recovery Plan Templates

OUR TAKE: In addition to offering a basic disaster recovery plan, Disaster Recovery Plan Templates also offers a recovery plan specific to IT. This provides an outline of what should occur in IT should a disaster strike. The plan is divided up into 13 sections, which include determining the scope of your plan, definitions of disaster, framework design, administrative processes, and testing processes, among others.

Southern Oregon University

OUR TAKE: Like Adams State College, Southern Oregon University has a public disaster recovery plan . While again, this plan is specific to the university, it offers guidelines on how to handle disaster recovery. The university places emphasis on testing its plan, stating that it is reviewed and updated every year by IT staff, and then those updates are approved by the organization’s chief information officer.

DisasterRecovery.org

OUR TAKE:   DisasterRecovery.org offers a free disaster recovery plan template, as well as a business continuity plan template . Additionally, the site offers emergency management, incident management, and threat plans, as well as a look at a cloud-based disaster recovery solution. This makes it a perfect place for organizations in their nascent stages to start to prepare for a disaster.

Being prepared with a disaster recovery plan is one of the best ways to maintain business continuity and protect your data, so why not get a jump start on it for free? If you find a plan from this list, consult our Disaster Recovery as a Service Buyer’s Guide, Backup and Disaster Recovery Buyer’s Guide, or our Data Protection Vendor Map for more information on disaster recovery planning.

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This article was written by Tim King on July 26, 2022

Tim is Solutions Review's Executive Editor and leads coverage on data management and analytics. A 2017 and 2018 Most Influential Business Journalist and 2021 "Who's Who" in Data Management, Tim is a recognized industry thought leader and changemaker. Story? Reach him via email at tking@solutionsreview dot com.

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Your 10-Step Financial Recovery Plan

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Getting back on top

Perhaps you’ve filed for bankruptcy, or recently paid off credit card debt (or are trying to do so). Climbing back from the financial bottom is never easy, but the journey is worth the financial freedom at the end of it. Here are 10 steps to making a full financial recovery.

1. Identify your big goals.

Focusing on your substantial goals, whether it’s traveling around the world or buying a house, can help keep you motivated. Write them down and display them prominently so when you feel tempted to indulge with an unnecessary outfit or restaurant meal, you can resist.

2. Do some introspection.

What caused your financial troubles in the first place? If it’s a spending addiction or propensity to overuse credit cards, commit to changing those habits before they get you into a bind again. Budgeting websites like Mint.com can help by sending alerts when you approach your spending limit.

3. Keep tabs on your credit score.

Credit histories often contain inaccuracies, which unnecessarily lower your score. The website annualcreditreport.com makes it easy to obtain a free credit report once a year. Combing through it and fixing any errors will keep your score from being weighed down unnecessarily as you work to improve your history.

4. Boost your credit score slowly.

The surest way to improve your credit score is to pay off all of your credit accounts every month. After one year of steady payments, the score will start to improve, and within seven to 10 years, any prior damage from a bankruptcy filing will start to disappear.

5. Skip potentially fraudulent services.

Companies promising to quickly repair your credit score or find you access to credit even with a low score should be treated with suspicion. That’s because fraudsters often target people who are struggling financially with promises that sound too good to be true (because they often are).

6. Get help.

Everyone needs a support system, especially when they’re trying to break a bad habit like overspending. Find a solid group of friends or family members who you can count on to keep temptation in check by helping you plan fun and inexpensive activities and serving as a sounding board on tough days.

7. Schedule a weekly check-up.

Either on your own or with your partner, sit down at least once a week to review spending patterns and recent purchases. That way, you can identify any potential problems before they snowball. Try to make it fun by talking money over your favorite beverage or snack.

(iStockphoto)

8. Create a ‘look book’ for yourself.

A photo montage of the goals you identified for yourself can help serve as a visual reminder of where you’re going. It’s something you can turn to when feeling frustrated or down about your progress to keep your motivation up.

9. Give yourself an allowance.

A super-strict budget with no room for indulgences will quickly feel restrictive. Instead, give yourself an allowance, even a small one, to allow for some “fun” purchases, whether it’s the occasional high-end coffee or dinner out.

10. Stay on track.

Along with revisiting your goals and weekly spending check-ins, it’s important to re-evaluate your whole approach on a regular basis, like once a quarter. That way, if any bad habits have re-emerged, or if you need to make more significant changes, you can consider them. It’s also a good way to coordinate with your partner or family members who are impacted by your money as well.

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Financial Plan Template – 15+ Word, Excel, PDF Documents Download!

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Data Recovery Business Plan

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Electronic Detectives

Financial plan investor-ready personnel plan .">.

Our financial plan anticipates two years of negative profits as we gain sales volume. We have budgeted enough investment to cover these losses and have an additional credit line of $60,000 available if sales do not match predictions.

7.1 Important Assumptions

We are assuming approximately 75% sales on credit and average interest rates of 10%. These are considered to be conservative in case our predictions are erroneous.

7.2 Break-even Analysis

Our break-even analysis is based on the assumptions that our gross margin is 100%. In other words, we will have insignificant direct cost of sales. Since each project will be of different scope, length, and complexity, it is difficult to assign and average per unit revenue figure. However, it is conservatively believed that during the first three years, average profitability will be about $5,000. This is because we will be dealing with smaller companies at first that have smaller projects. We expect that about six projects per month will guarantee a break-even point.

7.3 Projected Profit and Loss

The following table itemizes our revenues and associated costs. We expect to be paying higher costs in marketing and advertising than other companies as we attempt to build sales volume. As the reader can see, we expect monthly profits to begin in November 2003 and yearly profits to occur in 2005.

7.4 Projected Cash Flow

The following is our cash flow chart and diagram. We do not expect to have any short-term cash flow problems even though we will be operating at a loss for the first two years. Our short-term SBA loan of $50,000 will be repaid in two equal payments in 2004-2005. Our $120,000 long-term loan will be paid off in ten years.

7.5 Projected Balance Sheet

The following is the projected balance sheet for Electronic Detectives.

7.6 Business Ratios

We have included industry standard ratios from the detective agency industry to compare with ours. As this is a new sub market of the overall industry, we expect some significant differences especially in sales growth, financing ratios, long-term asset investments and net worth. However, our projections indicate a healthy company that will be able to obtain and retain long-term profitability.

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