Running a business, even a fairly small one is a complex task. It is all too easy to get bogged down and lose your way. Putting together a good business plan can help you to avoid getting into this situation.
It also comes in handy should you need to seek funding. Most lenders still ask for one as part of the application process. Putting together a good one can really help you to get the cash you need to grow your business.
Provide proof that what you are saying is true
If you make a statement in your business plan, it is wise to include a citation that shows the person reading it that it is a fact rather than supposition on your part. The free tool you can find here makes it easy to create professional standard APA citations. So, if you state that studies show that demand for a particular product or service, that you sell, is set to rise by 15% over the next five years, use a citation. That way the person considering your application can easily go to the source. They can check the facts for themselves.
Demonstrate that you understand your market
You need to explain why you want the money. Always include some facts and figures that demonstrate that you understand your market. It shows that you have thought things through and that you know how to differentiate yourself from your competitors.
Link everything back to your core objectives
Every business decision you make should move you closer towards achieving your core objectives. Demonstrating how the project you want the money for will do this can make it more likely that you will secure the loan. Potential lenders will be able that you have clear business goals and, more importantly, that you are actively working towards achieving them.
Include all of the information that has been asked for
When you apply for a loan, your potential lender will ask you to include certain details. Make sure that you provide everything that is asked for. Not doing so makes it look like you’ve got something to hide.
Always follow the instructions they have given you. Formatting matters, if they ask for a graph, provide one, don´t just use a table.
Get started fast using a template business plan
If you have never written a business plan before, it can be a daunting task. It can be hard to know where to start. You can get around this issue by downloading and using a template, like the one you can find here.
But, don´t simply fill in the blanks. Go back over it and see how you can improve things. Those applicants that go the extra mile to make sure that everything is well presented are the ones that get approved.
The person who is lending to you needs to be confident that you care about your business and customers. An application that is full of mistakes has the opposite effect and greatly increases the chances of potential lenders saying no to your request for cash.