It is a well-publicised fact that bank lending criteria has tightened and it has become much harder to be approved for any corporate finance . This has made life very difficult for many businesses.
The days of being able to have a short conversation, followed up with some high-level forecasts, have gone and your bank manager will now expect to see a well written and concise business plan, backed up with detailed financial information to approve any corporate finance.
It is critical to the success of your business to produce and present your business plan in a professional manner. It is highly unlikely that once declined you will have the opportunity to present your plan a second time.
Many people are now choosing to seek support from investors rather than from the banks to finance their corporation. Investors are even more likely to want to see a business plan, so in the current climate a business plan is a pre-requisite for almost all applications for finance or investment.
Another important aspect of applying for corporate finance is the manner in which you ‘pitch’ your business plan. Fundamentally you need to understand the mindset of those to whom you are presenting as this will have a material effect on your approach. At Hawkmoor we can coach you to ensure that your pitch is perfectly suited to your audience.
With many years experience of writing and reviewing business plans, we can produce exactly what you need to secure corporate finance.
Your business plan should encompass the following areas. Not all will be relevant to your business, but nevertheless should be considered -
- Executive summary of the business and its aims.
- Business details.
- Key personnel.
- Your vision.
- The idea.
- Your goals.
- What the business does.
- What makes you different and worth investing in.
- Legal information – planning/licences etc
- Sales and marketing/ market research.
- Customer profile.
- Competitor profile.
- Risk management.
- Debt structure, including equity.
- Profit & loss.
- Balance sheet.
- Detailed explanatory notes to the financial elements of the plan.
- Milestone plan.