A well prepared and researched business plan is a valuable asset to any business. It sets out the business vision, goals and the model by which the business goals will be achieved in one document, together with financial projections. Former banker Carrie offers tips on what banks look for in a plan.
A business plan is the evidence for the chances of the business succeeding and thriving, and is the go-to document for bankers for any business seeking financial support.
Even if you are not seeking funding, discussing your business plan with your bank can help identify the best banking products and services to support your business aspirations. This can also provide a valuable source of feedback on your plans and the assumptions made about them.
When assessing a business plan, bankers will look for the following information: