As a business owner, one of the most valuable things you should learn how to create is a business plan. This is because it will help you with your business strategies, help you reach your business’s objective and goals and even help you bag that small business loan.
If you’re heading over to the bank soon to ask for a small business loan, you should know that one of the first documents the loan officer will require from you is a business loan. With a business plan, you provide your loan officer with an organised way of understanding your business.
However, if you’re not sure about creating a proper business plan that you can present to loan officers, some business owners work with business plan writers in London to help them prepare effective and professional business plans.
Even if you hire professionals to create your business plan, it still pays to understand each element of the document to understand the flow and easily explain the sections to your loan officer. To help you with that, we’ve compiled all the necessary elements your business plan needs for it to be effective. Let’s get to it!
1. Company description and strategy
Before getting into the nitty and gritty details of your company’s products and services, one of the essential elements in your business plan is the company description and strategy.
In this section, you must explain how you started your business, as well as any goals and evolutions your company has gone through since you first started it. Usually, the business description will take up the whole page and gives the loan officer a brief history on how you started your business and how you plan to move forward.
2. Organization and management
In your business plan, you must include a list of each manager and the members involved in your business. Besides that, provide a biography for each of them and describe their role in your company. Additionally, it’ll help to mention any positive and notable contributions and knowledge each member has brought to your business from the beginning.
3. Services and product line
Like any business plan, it’s crucial to present the services and products your business offers. In this section, you must include a description of each product or service that you offer to your target market and prospective leads.
Besides that, you want to mention how you’ll move forward with your line and the goals and achievements your business is targetting.
4. Marketing strategies
Another vital element that you should include in your business plan is to describe your company’s marketing strategies to bring awareness to your products and gain visibility in the marketplace.
Here, you should include online and offline strategies, public relations campaigns, and online and monthly business events that your audience can engage in.
5. Expenses projections and financial sales
Once you’ve given enough information about your company and what you offer, you’ll also need to show an adequate financial picture to your loan offers. In this section, you must provide your business’s financial sales projections and expenses for the next 3-5 years.
Some business owners will find this part quite challenging to develop; this is why it’s important to work with business plan writers in London to help you create an impressive and truthful business plan for loans.
6. Overview and executive summary
Although the executive summary and overview are typically found on the first page of a business plan, it should be the last section you develop because by this time you’ll have an idea of what the whole business plan contains.
Your executive summary should describe your business strategies, goals and methods on how you want to achieve those goals. Remember that you want to impress the loan officer and get them interested in this section of your business plan.
Getting a loan for your small business is incredibly important to help you move forward without having to worry about financial burdens and issues. So before you head to the bank, connect and work with business plan writers in London and develop an effective and impressive business plan that you can present to loan officers that will help you bag that loan!
It shouldn’t be too tedious and challenging to develop a business plan if you work with professional business plan writers in London, especially if you work with Business Plan Writers UK. Not only will we help you build a fantastic business plan, but we can also offer business and operations advice. Partner with us today!