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A key requirement of the loan application process is to gather key financial statements and documents, but you’ll also need to include them in your plan.So take some time to assemble cash flow (projections and statements), business credit reports, three years of tax returns, and additional financial statements (balance sheet, profit and loss statement, bank statements), accounts receivable and payable.
Most banks look for 2-3 years of financial history and a one-year forecast for cash flow and P&L.
Some time with your accountant can be invaluable at this stage.
As you build your plan, the goal is to tell a story about your business, how it’s structured, the market you operate within, your sales and marketing plans, your product or service and any intellectual property you own (patents, etc.), and financial statements.
Cap it all off with an executive summary (best written once everything else is on paper).
A repayment plan will also indicate that you’re serious about your business and understand the responsibilities of financial management.
Try to break everything down into specifics as to how the loan will be spent.
Engage your team for input or have them take ownership of their field to drive greater accountability across your business.
A business plan is vital to the success of any enterprise.
Just save it as you go and download it as a PDF when you’re ready.
As these templates show, any business plan should include several key elements.