It will pay more in the long run to spend time on proper planning. Successful businesses almost always start with a comprehensive business plan with special attention to accounting and finance. To be successful, entrepreneurs usually need the help of professionals to complete the large amount of paperwork and planning involved. If the venture is going to need outside capital, either as a startup or later for expansion, good financial statements and projections are essential. An investment brochure, professionally made and distributed, is often the only difference between a well-funded project and one that fails, simply because sufficient operating capital was not available.
Venture capital is money that is risked.
Those who risk money to entrepreneurs want to know that every important consideration of a business has been made and documented properly. Entrepreneurs must plan to have an adequate amount of money to fund their business. Startups usually require more cash than anticipated by even the most conservative expectations. It is well-established fact that most businesses start off under funded. A new business requires sufficient capital to endure unexpected hardships.