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| 11. All of your estimates should be based on fact. Not numbers pulled out of thin air. 12. Substantiate all the facts and figures. Even if you back all of your estimates up with numbers, how does a lender know the numbers are correct? Don’t force him to check them out by himself. He is sceptical as it is, by definition as a lender. Do the work. One way is to have someone who is independent from your business verify the information. A surveyor can provide a detailed description of any property you talk about. A market research company could verify the statistics you use for the marketing section. 13. Check, double-check and then check again for mistakes. Lenders view every BP with scepticism. They are always looking for faults. Anything that doesn’t look right, or doesn’t add up properly, will make them uneasy and raise suspicions and a lot of questions that could lead ultimately to a negative result for you. What not to do: 1. Don’t focus solely on the product/service. Focusing only on the company’s product without analyzing the market is a bad sign. The emphasis should be on the market and the needs of potential customers. 2. Don’t give sales projections that deviate significantly from industry norms. Each industry has a range of accepted or standard financial statistics. Don’t exaggerate heavily from this norms. Significant deviations from industry norms suggest the entrepreneur has not thoroughly researched the industry, or is trying to make the BP look too good to be true. 3. Don’t give unrealistic growth projections. This is probably the biggest warning sign of an inexperienced team or an unlikely business. 4. Avoid buzzwords and industry/technical jargon and phrases which are confusing. And stear clear of vague phrases, such as: good sales growth, well-made product, high profit margin, best quality, or low cost. Be specific. 5. Don’t try to estimate your business’s future performance beyond about 3-4, maximum 5 years. It is too difficult to be accurate any further. |
| Guidelines For The Perfect Business Plan |
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| Do you need expert review and analysis of your Business Plan? Or maybe you need first to create it? Does a perspective of spending hours, days, weeks collecting data, sorting it, writing it down, calculating all the numbers and then checking this all out hundred times and more look not very appealing to you? Are you not comfortable with the idea? Are you simply terrified to death when only thinking about this? Are you? In short, do you need professional help with your Business Plan? If you do, we advise you to contact us and make an appointment for personal meeting. Maybe we are your only chance to have this money you need for your business. Contact us now. |
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