Do I need to do a profit and loss forecast for my business account business plan?

If you are applying for borrowing or to make an investment you will need a profit and loss forecast for your business account business plan. However, you should also have forecasts for your own purposes.

A profit and loss forecast will predict what income and expenditure you expect over the coming year or the time frame of the forecast.

Having this information will help you understand what profit you’ll make and also help you plan better for any expenditure you may have.