Why You Need A Business Plan!
??Dean Anders? Finance Economist Corp Lawyer B.
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Business Plans are the road by which to navigate. They help you set your goals and stay on track. Also they are essential if you want to raise finance.
Brand new startups do not have any operating history, and the estimates that new business owners make could prove to be overly optimistic. One of the biggest factors determining whether or not your loan will be approved will be your financial statements, especially the cash flow statement.
Even a business showing a loss could be approved, if the cash flow supports the required loan payments.
You will also need to show a projected cash flow statement. Assuming you get the loan, you need to be able to explain how the money will be spent. You should show how and when the cash will be spent, and when the investment will deliver increased sales. The sales growth should more than cover the debt service costs.
Plan and Monitor
In order to create the projected cash flow statements, you will need a detailed business plan. This is also something a bank will want to see before they approve your loan. The plan should be part of your loan application. You should focus on the details within the plan that explain how you will use the loan proceeds.
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