Write an AweSME Business Plan - One Banks Can't Resist
Every SME needs a business plan. It helps you know where you came from and where you will head tomorrow. Perhaps its most important utility lies in the fact that it attracts funding. Banks need a sound business plan before they will consider giving you a loan.
As a small business owner, it is imperative that you create an AweSME business plan – one bank can’t resist. In this post, we have listed 8 essential elements of a winning business plan.
- Executive summary: Summarize your business plan in one to two pages. Although this appears on the first page of your document, it is usually written after you have completed the rest of your business plan.
- Business description: This section should contain a brief overview of your industry, its history, current state and future opportunities. Following this will be a description of your business, its beginnings, team, your short-term objectives and long-term goals. This is where you convince the banker about the bright prospects of your success.
- Product Offering: Include a brief description of your product and service offering. More importantly, describe their distinguishing factors, what makes your offering truly AweSME and why they have tremendous scope in the industry.
- Sales, Marketing and Promotion: In this section, illustrate the state of the market along with your business development processes, promotional costs and competitive edge. Convince the banker as you would a customer. Consider showing samples and photographs of your products. Flaunt success stories and testimonials that you have from delighted clients. In short, sell, sell, sell in this section.
- Operations: This section must outline the administrative aspects of your business, including location, logistics and operations. Give details about your equipment, supply chain, credit policies, and applicable laws as well as manufacturing and overhead expenses here.
- Finance: Records of financial transactions, investments, cash flow, etc. must appear here. The purpose of this section is to exhibit your business’ financial strength.
- Management team: Include details about the Chairman, CEO, Directors, etc. as applicable. If you have reputable external consultants, advisors or supporters, this is a good space to acknowledge their involvement as well as show the banker that you are AweSME enough to gain their interest. Also mention your team hierarchy and the roles played by each member.
- Projections: Dream big and back it up by facts. Show how you expect the industry at large and your business in particular, to grow in the long term. Display your competitive edge. Put some serious thought and time into writing this section.
In conclusion, remember that most banks do not even grant an interview without perusing your business plan first. Needless to say, a carefully thought-out, comprehensive business plan that reflects great ideas backed by solid practicality is essential to get the required funding that will turn your business truly AweSME.
DBS can guide you on this journey to AweSMEness. Find out how.
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