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A Business Plan Essay

667 words - 3 pages

A Business PlanExplain why Kyle and Chad need a business plan.Without a business plan a company can run blindly, missing crucial opportunities. Most importantly, without a business plan you have no means to attract investors or lenders. A business plan is the companies resume. It is your plan for the present and future. It identifies the strategies of the business and the goals for the future. It is what guides the company through good times and bad, to help make good business decisions. It will demonstrate how the company is organized and how it will continue to meet its current financial needs and the possibility of proposed financial needs.Prepare an outline of the elements you would recommend these two young entrepreneurs include in their business plan.The United States Small Business ...view middle of the document...

Pro-forma cash flowIII. Supporting DocumentsTax returns of principals for last three years Personal financialstatement (all banks have these forms)For franchised businesses, a copy of franchise contract and allsupporting documents provided by the franchisorCopy of proposed lease or purchase agreement for building spaceCopy of licenses and other legal documentsCopy of resumes of all principalsCopies of letters of intent from suppliers, etc. 1What do bankers, other lenders, or investors want to see in a business plan?Lenders and investors want to know why they should give you their money. What makes your business worthy? They are looking for a sound realistic plan that is well written and is easy to read. It should clearly describe how and why the business will be successful. The plan should be realistic and thoughtful. It should demonstrate careful planning and solid management ability. The lender or investor wants to feel like the benefits far out way the risk. Lenders and investors are also interested in the character and credit worthiness of the owners along with what kind of collateral is available.What advice would you offer Kyle and Chad when they are ready to present their business plan to a banker?When the time comes to present the business plan, try to be enthusiastic and confident while at the same time sounding matter of fact. It is important to not seem desperate or needy. Present you business plan as if a loan would help get the business to really grow but is not necessary for the business to remain successful.Show that you really know your business and that you run your business well. Don't leave any question in the bankers head about your management ability and your plans for the future.References:1 United States Small Business Administration, http://www.sba.gov/starting_business/planning/writingplan.html Accessed March 5, 2005.

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