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Business plan is important, outline of elements of a business plan

Say you aquired an auto detailing business and the business has experienced rapid growth where you need need to ask the bank for more financial help. You won't be able to get a loan without a solid business plan, but you are unsure exactly what the bankers are looking for:

Prepare an outline of the elements you would need to include in a business plan

What do bankers, lenders, or investors want to see in a business plan?

And what advice can you give someone when they are ready to present a business plan to a banker?

Solution Preview

It has been said that the ability to effectively communicate ideas is the key to getting
those ideas recognized by the right people, namely the people in power or the people with the
money. Indeed, the goal of a business plan is to formally articulate the strategic direction for
business.

While effective communication is an important skill and a necessity in the business
world, there are other reasons to design a business plan. These reasons attract even small
business owners to the possibilities of designing such a plan. For one, well-written business
plans typically attract investors. So while many would argue that numbers and statistics are the
least important component of the business plan, the single most important group of people with
whom it is essential to share strategy are the investors. These investors may be banks, friends,
relatives, or even ...

Solution Summary

The importance of business plans are determined. The expert outlines the elements of a business plan.

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