Prepare a Business Plan

Prepare a Business Plan

Even if you’re not approaching a bank for finance it’s wise to have a Plan in place which summarises your thought process.

A bank will need a Business Plan so they can better understand your business and your future vision. Your Plan does not have to be the size of War and Peace! A good Plan for a bank doesn’t need to be more than 10 to 15 pages (if you need more than that then you’re over complicating it!).

There are plenty of resources available on writing Business Plans but here is a simple four step framework:

  1.  Where you have come from – your background and how you set up the business
  2.  Where you are now – how the business looks today in terms of what you sell, your clients and marketing strategy
  3.  Where you want to be – an outline of what your growth plan is
  4.  How you are going to get there – what you need from the bank and the actions you are going to take