Friday, 23 March 2018

Information and commentary for the small business banking industry

Why banks need to include business plan templates in their SME content

21 Dec

Lending money isn’t the only thing that banks do these days. More and more, they’re being seen by their small business customers as sources of advice and guidance, which is why increasingly you’ll see a small busines section included on a bank’s website, dedicated to providing help and resources for their small business customers.

And one of the most essential components to include in a section like this is a template and a guide for a small business plan.

All too often, business plans are overlooked by entrepreneurs when first starting out, and this is a mistake. A business plan outlines their strategies. They’ll need it for finance applications, for presenting to potential investors, and as a road map for the growth of their business. It’ll give them a clear sense of direction, as well as providing a benchmark so they can measure their business progress.

Show them how to keep their plan short and sweet. If they overload it with detail or make it too long, it’ll become cumbersome and difficult to follow – thus defeating the purpose. Give them the tools so that the process of writing their plan will help them focus, crystallise their ideas and identify priorities, saving both time and effort.

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