Business YouTuber Has 4 Tips For Writing a Successful Business Plan
1. The type of business plan depends on what the financial institution tells you to submit.
A traditional business plan is typically for a brand-new company, a company that has never been in business and is looking for funding. Lots of detailed information like charts and graphs. The business expansion plan: not as detailed. As the bank explained, "Yes, just very simple plan –Like a brief resume for my client with their experience a brief description of their current business a simple plan of their next step of expansion which would be a new shop/space for his business and services that will be provided and if necessary, will purchase equipment etc... a simple projection stating business revenue that this will generate just a projected number based on business plan no detailed graphs or anything needed."
2. Ask the financial institution what specific information is mandatory in the business plan.
Regardless of what type of business plan you write, ask the bank what specific information is needed, what will the decision makers want to see and any tips to writing a successful business plan. In my case (business expansion plan), the bank was specifically looking for (among other things) projections, equipment costs, credit and current P/L.
3. Presentation is Super Important
We were complimented on the manner in which the plan was submitted. I spiral bound the pages and separated the financials from the actual business plan. Less questions may be asked if your information is submitted in an organized manner. Take the time to double-triple check the order in which you submit the requested information.
4. Anticipate questions in advance
The first level bank person told me that the business plan could be simple, with basic information. I wanted to submit a little more information because I didn't want to waste time with Q&A. Some people may not agree with this but I think it helped my client's situation better because when it was time for the second level meeting, the questions were few and very concise.
The bank was happy with the business plan and other information. We were told that all information will be submitted to the underwriter Tuesday July 5th. For up to date information, please visit my website at https://www.ninaross.solutions and click on the YouTube link for my channel Business Operations, Management and HR.