Business Reviews and Financing Requests
There is no set format for a business plan however there are a number of key elements to include: business goals, objectives, strategy, market analysis and a detailed financial review.
Background information such as trading history, its product and/or service offering and key personnel are also essential in providing context. It can function as a business summary for 3rd parties who need further information on the business.
Once senior managers and business owners have a firm view on where the business’s strengths lie, they are well placed to take advantage of new opportunities.
Following the financial crisis, no industry has faced more challenges than banking. Lenders face increased costs, increased operational and regulatory requirements yet they operate in an increasingly competitive environment.
Whether you have a straightforward current account, overdraft or term loan with a complex suite of FX, interest rate and international trade products, a proactive approach to managing your banking relationship should result in a relationship that benefits your business in the long run.
A formal Business Plan or Request for Finance Proposal will demonstrate to your current bank or other potential lenders, your ability to provide security, repay facilities and demonstrate that your financial commitments are consistent with the long term aims of the business.
While an independent business review will assist in appraising your own company, it will also provide additional assurance to 3rd parties that the valuation and business model are sound.