Business plans are an essential tool for any small business owner. It’s the blueprint around how a business is launched and then run. You wouldn’t build a house without an architectural plan – and the same goes for a small business. From the earliest start-up stages to exiting/selling, a properly thought out and well-constructed business plan will keep a business on track with its goals and objectives. It’s important for business owners to show their business plan to key employees, so that they’re aware of the business’s goals, and keeps them working on the same trajectory.
A business plan is almost always required by financial lenders and investors when small business owners are seeking capital so what you, as a bank, can do to help your small business customers is provide them with guidance on how to write one. You’ll be able to lend insight on what you’re looking for in a plan, before you’ll lend money. That’s why it’s really helpful to have a guide and business plan template in place ready to give to your small business customers, something that helps them to understand all the components, how to write one, and the importance of reviewing and updating it on a regular basis.
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