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( Division of 6169899 Canada Inc. )
Business Financing Canada! Small Business Finance Canada!
Financing & Cash flow are the biggest issues facing business today
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A Business plan for financing is a key requirement and a common need for many of our clients at 7 Park Avenue Financial. Whether it's a start-up business plan or one for an established firm, we prepare and deliver on many business plans to our clients who want a plan that looks like they need to acquire financing or other needs.
EXAMPLES OF WHEN YOU MIGHT NEED A BUSINESS PLAN
Sales planning
Buying a business / Employee buyout / Company buyout
Business succession plan
Business startup
Finance plan
Identifying a strategic plan
Business continuity plan
When it comes to the question ' how do you start a business,' a good plan is always a key requirement for banks and commercial lenders. Loans for starting a business always have particular requirements.
In other cases, an existing business strategy might require a plan that has some aspects of valuation and future growth attached to it—even a nonprofit can benefit from solid plans.
THE FIRST STEP TO CREATE A BUSINESS PLAN
Many bankers and commercial lenders, and financiers have referred their customers to 7 Park Avenue Financial for such a document. They know we will deliver a professional industry-driven final document that's realistic and what the bankers and lenders want/need to see. They realize that a free business plan is worth just that! Clients want more than just a business summary.
THE BEST WAY ON HOW TO PREPARE A BUSINESS PLAN?
The sad truth is that many business plan templates available online are very marketing or even 'ego' driven. Our executive summaries and cash flow and financial projections focus on obtaining financing for our client's products and services. A one-page summary, etc., will not be a successful tool in your financing needs if that's your solution to preparing a business plan.
WHAT MAKES A GREAT BUSINESS PLAN
We're often asked how to write a business plan'. It involves a significant amount of business expertise. Whether it's a market analysis, a strong executive summary, or financial projections, our focus is on creating a plan that attracts debt or cash flow financing and funding. An appropriate level of research is required for a good business plan, allowing your business to differentiate itself from the competition. While there are free business plans online, they often do not fit the bill and require extensive edits and additional research expertise.
COST OF A BUSINESS PLAN
Plans prepared by our firm are very reasonably priced and are almost always well below the price of other business plan preparers. Our plans are delivered in a timely fashion, but we stress that some key input and information are required.
Almost every lender, banks included, agrees that entrepreneurs and owners need business plans with a clear goal and outline for their business model. Our plans are geared toward getting a loan, outside financing, or in some cases, equity investment.
The plans will show you bankers, financiers, investors, and potential acquisitors how you make money and how they will be repaid or, in some cases, earn a return on their investment. While some firms focus on clever 'pitch decks' and PowerPoint presentations, they rarely replace a good business plan.
It's all about ensuring you have a document that includes data on your industry and information and statistics that prove financing viability.
What Are the Key Components of a Business Plan? / What's Important When You Want to Create a Business Plan?
A typical plan format includes some key financial statement information such as opening balance sheets, 3 years of cash flow and revenue projections, and information on the owners and the team. Our plans include your website and social media strategy, if applicable. Those digital and social media items certainly were not part of traditional elements of plans of the past!
Remember also that the lender works for someone, and it is key that your final document communicates the proper criteria for determining a business loan or financing approval. It would help if you were prepared to understand that the plan will be 'attacked' by the lender in some respects, so your ability to show 'upside potential' and generate enthusiasm for your company is key.
It might (but shouldn't) come as a surprise that your full plan is not read in totality by lenders. Some experts refer to the '5 minute read', with careful emphasis placed on financial and management experience. That's advice worth knowing. The takeaway? It's not always about the font and the pictures!
Many firms will use a business plan as part of, for example, as part of their growth planning for up to five years - updated regularly, of course.
Here's Why Banks and other Commercial Lenders Want a Plan and Why Writing a Business Plan Summary is so Important
That ability to provide clarity and a vision to your business will help attract the financing you need. So the step-by-step process of knowing what resources will best lean in your favour is key. Your final plan should identify yourself and your team as doers, not dreamers!
The sign of a well-crafted business plan is one in which you have conveyed that you have a strong understanding of business basics and your industry, the costs of entering that industry, and competitive issues that will have your firm stand out, with customers clearly wanting to buy your product or service.
Startup business planning requires additional expertise and challenges the writer, and the focus is on experience and industry, identifying your goals and keys to success in achieving those goals.
What Are the Key Elements of an Effective Business Plan Template - What's In A Business Plan Tools are Required?
Executive Summary / Company profile
Financial models - sales, expense, and profit projections (Upside potential/profitability) / Financial projections
Marketing Strategy Market research
Pricing/Product / Profit Margins
Industry Analysis & Research / Management overview
Operations
Competition Analysis
Target market / customer
It is important to remember that business plans are usually used for different circumstances; they might be focusing on a startup business in some cases - the ' go to market ' plan. In other cases, it might be for a loan or additional financing for equipment or expansion.
A great business plan can also be used as an internal document highlighting management and employees' mission statement and financial goals. In that case, it should be designated as company confidential, rights reserved, and it can grow with your business.
CONCLUSION
In summary, we do not mean or infer that a plan is, in fact, absolutely required for a lender or financing. Still, a business owner or entrepreneur with no small business plan is, outside of luck, potentially guaranteed to fail. If you are looking for an expert on writing a business plan, talk to the 7 Park Avenue Financial team. When you are planning a business, consider us your in-house expert, and we'll write your business plan in a way to accentuate all positive aspects of your business.
We deliver on a written document that accurately describes your business, what you are doing now, and what your business plans to do!
Let our team be the business planning service you need, and we'll write the perfect business plan describing your business and its needs. We have written plans for a wide variety of industries in all segments of the economy.
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Stan Prokop
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