You’re talented and passionate about what you do, whether you’re a culinary champion or a master mechanic. But as a business owner, you know that you don’t have to know everything … you just need to know where to go for assistance!
It’s not unusual to be a little overwhelmed when your banker asks for a business plan. It can feel daunting. But you’ll find with the right resources, it’s actually a very empowering exercise that will help you make good business decisions now and in the future.
A business plan needs to be a proposition. It illustrates your knowledge of the market, your strategy, and most importantly, your growth plans that will take you from losing money to making money.
Strategy is built into just about everything we do—it’s a plan—and it’s essential to grow a business. Include strategic focus in your proposition. It can be woven in with discussing the market trends, how your business will be structured, and how you’ll differentiate yourself from the competition.
There are a number of resources and tools available to help you get your personal financial plan together as well as a budget projection. I’ve found that SBA, SBA approved banks, and your local Chamber of Commerce are very helpful resources, because they actually want to help you!
Of all the challenges you may face in getting your plan started, starting is one of the most important and thought provoking steps you’ll take.
Keep in mind that your business banker is your advocate and resource—they talk with business professionals every day. They’re an excellent and proven resource for you.