Creating a business plan can be an extremely long and arduous process. However, if your company is looking to secure some kind of financing this could be an extremely important part of the process. The purpose of this article, is to discuss some of things which we can do to make this process a lot easier.
First, before you start on the business plan, start by identifying what is the objective of completing the business plan. Try to find several objectives. So, for example, these may include, receiving finance, completing the application for finance, completing an overview of the business etc.
Next, you need to identify a free business plan template which you can base your business plan upon. There are many different providers who can assist with this, please find the details included below for our free business plan template. free business plan
Using a business plan template, will provide you with a clear sense of direction throughout the process, and provide you with some ideas and suggestions for the various topics which should be included within the plan. These topics will normally include:
Review of Businesses Performance
Porters Five Forces
Using a structure of this nature will definitely help your business plan, and provide you with a sense of direction.
Remember that you need to think about what the other party is looking for as part of the presentation of the business plan. So for example if you are looking for additional financing, try to think about the types of things which a bank or investor will be looking for.
Completing a business plan, can be an extremely worthwhile exercise for a number of different reasons. Make sure that you complete your business plan to the highest possible standards, to present the most professional image and assist with securing your investment.
Next you need to think about any issues which may be raised with the businesses performance. For example, if you look at your numbers, the most common analysis which will be conducted by lenders will include:
– Break even turnover – If your business is to hit a downturn, what is the point where you start to make money.
– Debt to equity – How much debt do you currently have on your businesses balance sheet.
– CFADS – How much cash is available to service the proposed additional debt.
– Client exposure – Does the business provide goods or services to more than one client. If so, what impact would it have on their business if that client were to stop using their servces/products. Is there a backup plan in place.
Each of these areas will provide you with some insight into the types of things which a financial institution will be looking for when considering an application for funding. When completing your business plan, make sure that you cover the areas as a bare minimum.
Remember that there are plenty of free business plans available online, make sure that you get one to help you completing the process now. free business plan templates
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