In this edited excerpt, the authors offer tips on creating a business plan you can use when seeking financing for your business. A business plan is almost essential for entrepreneurs who are seeking to raise money to help fund their companies. In fact, business plans are so closely tied to fundraising that many entrepreneurs look at them as suited only for presenting to investors and overlook the management benefits of planning. But for those entrepreneurs who are seeking funding, a business plan accomplishes several things. First, it helps convince potential sources of funding that the entrepreneur has thought the idea through.
6 Strategies for Presenting Your Business Plan
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Did you know? Proposal Packs are designed for writing business plan funding proposals with pre-written templates, samples, graphic design options and automation software. You have a great idea for starting a new business or expanding your current one. You've thought through all the issues and created a roadmap for success. Now all you need is the funding to put your dreams into action.
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These guidelines will help you prepare a funding request to present to a potential lender alongside your loan application. You can also follow the guidelines below to prepare a stand-alone proposal to present to a potential lender with your application. If the purpose of your business plan is NOT to get funding, feel free to skip this section.
Having spent a number of years as a commercial banker with a global bank and now working in specialised finance, I thought I would write a short article on 5 things you should consider when applying for business funding to a bank. Remember it is a person reading your business plan : There are many resources available online and via consultants on how to generate a business plan, but what these resources do not take into consideration is that someone has to actually read and understand what the proposal is. Imagine that a bank manager gets hundreds of proposals every year across their desk and they will be under pressures such as time constraints to read and understand what you have written. This is not to say that you should make it informal or lacking in detail, but ensure that you remember that even though it makes perfect sense to you, the banker will never have seen your proposal before so keep it clear. Always arrange a meeting.