To fund your business start up or expansion you’re almost certainly going to need a business plan to convince the bank or investors that your business is a good financial risk.
A business plan should demonstrate how much money you need, why you need it and when your investor is likely to get repaid. It should instill confidence in your business and management skills to convince your bank, financier or investors to lend you the necessary funds. To raise substantial capital for your privately held business your business plan must be clear, complete and realistic. A poorly prepared business plan will impact on your chances of receiving the funding.
Most business owners fail to make a start on their business plan because they are either too busy or don’t understand what is required in the plan. Too often they are working IN the business dealing with day to day issues instead of working ON the business with strategic planning. Devoting some time to work on your business is an investment that can pay substantial dividends.