A good business plan will help improve your chances of securing finance through focused, logical and comprehensive provision of information. To prove successful your business plan should include the following considerations:
For businesses with well organised and up to date systems, the process of preparing a business plan is made much easier.
Organised presentation of key factual information assists a bank to better understand the commercial proposition and potential risks attached to the business.
Assumptions are the fundamental building blocks of any business plan. For example in the hotel and catering industry, there is a substantial amount of benchmarking available on key performance indicators (KPIs). The KPIs relating to hotels will focus on room occupancy, average room rate and revenue per room available.
A good business plan will concentrate on reporting factual statements and assumptions that can be easily verified and lead into structured arguments to support that outcome.
In conclusion, the process of preparing a focused, detailed business plan can be an excellent way to go “back to basics” and understand how to strengthen the performance of any business. The goal of a well-presented business plan is to assure future support from a funder and ultimately business survival.
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