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    Tuesday, 7 May 2019

    How To Prepare The Perfect Business Plan For A Bank Loan

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    SOMETIMES, female entrepreneurs assume that their loan applications were denied because of their gender. Yes, we are fully aware that this happens, but sometimes, it might just be because your business plan is not convincing enough.

    Your business plan needs to contain different elements that show the bank that it’s profitable to give you a loan. Here’s how to prepare a business plan your loan officer will love:

    1. Solve a problem

    If your business looks like it’s only existing because you feel the need to add ‘CEO’ to your many titles, your bank probably won’t give you that loan you’re expecting. A loan needs to be repaid, you see. And repaid with interest. The possibility of the loan being repaid increases promisingly when your business plan can show that your business is a viable one, with customers and potential customers that will result in a healthy cashflow.

    2. Money management
    Maybe this is the most important part of preparing a business plan. Banks want to know that their loans will be repaid. Your business plan should include a financial plan that shows the bank how much your business can/will make, or is currently making. It should outline your current costs of business and the financial implications of your plans to scale up. Very importantly, in figuring out how to prepare a business plan, remember to include a well documented cash flow process, so they don’t think you’re likely to use the loan to fund your personal life.

    3. Business and management structure

    Even if it’s a small business, your plan should show that it is built around a structure that the business can grow into. Let your plan show the members of your current team and the roles they play. It should also show the legal listing of your company (sole proprietorship, limited liability, etc).

    4. Marketing plan
    A detailed marketing plan shows that your business is forward thinking and is looking to grow beyond its current size and income to something bigger.

    5. Execution plan

    Banks are very interested in this. How are you going to use the money you get from them in executing all of the goals your business plan contains? You know how, so tell them everything.  (ZumiNg)

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