Saturday, 21 July 2018

Information and commentary for the small business banking industry

Business plans – a blueprint for success

14 Sep

A successful business is one that’s built around a solid business plan. It’s the architecture a business is based on, and a tool that’s always in use to make sure it stays on track. You wouldn’t build a house without a building plan, and it’s the same for a business.

A business plan is also something that’s required by banks and other financial institutions. For them to lend money, they’re going to want to see that the business owner has a clear vision, goals and objectives.

The first and most fundamental thing to do is to have a clear business strategy in place. In other words, what does the business owner hope to achieve? What are their goals? What’s the purpose of their business?

Everything contained in the business plan will revolve around and support that strategy. Once they’re clear, they then need to outline the business’s purpose and its goals, setting the tone for the business plan that follows.

A brief overview describing how the business solves a unique need in the marketplace is the other essential task. Investors look here first, making it crucial to capture their attention so they’ll continue reading.

« »