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How will you repay that debt based on your financial projections (your lender can help with this based on the type and term of the loan)?A repayment plan will also indicate that you’re serious about your business and understand the responsibilities of financial management.
Cap it all off with an executive summary (best written once everything else is on paper).
The summary should set the stage for your plan, tease the reader as to its contents, and succinctly touch on key targets (business and financial), and your plans to achieve them.
“Therefore, an analysis of strong performers should reveal the causes behind such a successful track record. Outline the milestones you want to hit both short-term and long-term. Include your current financial information, how much external funding you need to grow your company and where that money will be invested.
This analysis, in conjunction with an examination of unsuccessful companies and the reasons behind their failure, should provide a good idea of just what key assets and skills are needed to be successful within a given industry and market segment.” Customer Analysis. Show your projected revenues and profits over the next few years.
Instead approach the exercise in manageable chunks.
Here are some tips for preparing a business plan that your banker will love. “You’ll end up spotting connections you otherwise would have missed.” A business plan has two purposes: to outline your company’s roadmap to success and to demonstrate your potential to lenders. If so, you may need help coming up with the capital to support your big new project. “Writing out your business plan forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan and staffing plan,” Steve Robbins, a nationally recognized venture coach, writes.“The simple act of writing down your idea and outlining how the business will operate can be helpful to ensure that you communicate your vision and that everyone is on the same page,” Forbes columnist Patrick Hull writes.A key requirement for any business loan application is a business plan.Your business plan should include: Executive Summary.Quickly clarify your vision and clearly outline your goals. Include market trends, new products and potential opportunities.Some time with your accountant can be invaluable at this stage.The SBA loan application can be a complex process; the good news is that your SBA-approved lender is there to guide you through the process.The Internet is awash with free online business plan templates.SCORE, for example, offers two templates: one for start-ups and one for established businesses. This interactive online tool guides you through the process of creating a plan step-by-step.