To operate a successful business, you will need to create a strong business plan. You may already be aware of the importance of doing this to experience success. If you are just starting a business, however, you may not yet realize that you will likely be required to provide a solid business plan to potential lenders. Use the following tips to write a plan that may inspire lenders to help you with financing.
When you are working on your business plan, it’s wise to observe a few basic guidelines:
Remember to remain practical. As a budding business owner, you should be as optimistic as possible, but lenders want to see facts instead of dreams. However, you should also avoid using terms that are too technical for industry outsiders.
The executive summary portion of your plan is vital, so make sure that you give this proper attention. Once your plan and summary have been devised, proofread them several times (and don’t hesitate to use proofreading software during this phase).
What to Include
A professional business plan should include several key components:
First, you will need to provide a cover page, a table of contents, and an executive summary. The cover page contains the name of your business as well as its logo, and it should also contain your contact information. The table of contents will help to convey a sense of organization to your plan. The next step is the executive summary, which will outline the function and mission statement of your company. A page with a company description should follow your executive summary.
Next, you will offer pages that describe the market analysis you have implemented. You can follow that with a page depicting your business goals.
You should also offer information that addresses the management and organizational structure of your business. A breakdown of your company’s legal structure is also appropriate.
As you move forward with your plan, be sure to include the goals you have set forth for your business. Include a marketing and sales plan, as well as a formal funding request to meet those objectives.
Finally, a lender will want to see your financial projections for the future. After that, remember to provide an appendix at the end of your plan.
If you seek financing for your business, creating a good business plan is a must. Contact Grecco Capital today, so we can help you discover the best funding strategies for your company.