What is a Business Plan
A written document describing the nature of the business, the sales and marketing strategy, financial background, and containing a projected profit & loss statement.
A business plan is also a road map that provides directions to a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate and keeping it up-to-date is an investment that pays big dividends in the long term.
Raising capital is an essential part of running a successful business. Banks require a thorough business plan to understand the objectives of the business as well as to determine if the requested capital is reasonable. Banks also want to make sure the ability of the business to pay back the loan.
What is included in a Business Plan:
- Executive Summary:that summarizes the company's value proposition.
- Company Overview :that describes the business history, leadership team, and locations.
- Market Analysis:that describes the industry and how the company stands out from competitors.
- Business Organization:explains the company’s legal structure as well as the introduction of its key executives.
- Products and Services:to understand the product or services including their pricing.
- Marketing and Sales Plan:that highlights how company plan to acquire and retain customers.
- Financial Plan and Projections:that include at least three years of financial projections.
- Appendix:which may include additional information including a resume.
Other information needed in the Business Plan:
- Credit History - Business and Personal credit history
- Loan Proposal
- Loan amount
- Use of the loan amount
- How business will repay the loan amount
- What will happen if business is unable to repay the loan
- Personal Financial Statements
- Business Financial Statements
- Equity Investments
- Financial Projections
- Other Items, that may include: Lease (or copies of proposals), Franchise Agreement, Purchase Agreement, Articles of Incorporation, Partnership Agreements, Copies of Business Licenses and Registration required to operate Business, and Any other contracts business may have with any third parties.
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