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    6 Replies Latest reply on Dec 16, 2012 3:38 PM by Harold

    My Business Plan

    interactivefilm Wayfarer

      I wrote a 5 year business plan. I was wondering if 5 years is really too much I took it to the SBA to be reviewed by some of the members and that was some feedback he gave me. Im not entirely sure whether I should get rid of the extra information or not. Also does anyone have any advice for writing a business plan? as far as what banks are looking for.

       

      Thank You

        • Re: My Business Plan
          Guide

          Hi interactivefilm,

           

          Welcome to our forum. We are glad to help you any way we can.

           

          I started my business plan with my accountant. She was able to steer me in the right direction. Take a look at these links Re: Need help writing a formal business plan 

          Re: 5 minute video - About Writing a Business Plan

          You might find them to be helpful. Good luck to you!

           

          Melinda

            • Re: My Business Plan
              interactivefilm Wayfarer

              Thank you for your quick response Melinda but I already completed my business plan. I can ask you though, when you wrote your business plan - What did the two of you go over? Also, Were you writing it to attain funding?

                • Re: My Business Plan
                  Guide

                  Hi Interactivefilm,

                   

                  There isn't anything we didn't go over! Our accountant was very detailed. We discussed anything from what kind of a business title to acquire to saving for hard times. We originally wrote our plan for five years as well. The average business starts turning a sizable profit after 5 years. We reviewed our business plan every year to make changes if needed.

                   

                  When we first opened doors, funding was not an issue because we started our business from our home. We were able to save thousands of dollars doing this.

                   

                  An accountant will be able to tell you what a bank is looking for and what kind of a loan to procure for your business needs. Our accountant advised us when we were looking for funding to create a buffer in case we needed the extra help (which we did wind up using during the recession). Our accountant advised us to ask for a line of credit which turned out to be the smartest move we made. At that time our bank asked for our business plan and our income tax returns (both personal and business). We had already been in business for 3 years and were able to start turning a profit after 2 years (which is rare). I believe this was the reason why the bank had no problems with granting us that line of credit.

                   

                  Many people try to "save" by doing everything themselves. I can't express enough that a good accountant can make or break your business. Hands down, if it were not for our accountant our business would not be where it is today. We are well and still running in this dismal economy.

                   

                  Good luck to you.

                   

                  Melinda

              • Re: My Business Plan
                Jim Peters Tracker

                There is no harm taking advice and suggestions for your business plan. When you make your 5 year business plan, set your goals in all the fields. Be it finance, marketing, sales, manpower etc. Then you need to break down your large goal into smaller yearly goals. These goals need strategic planning of each year to help you achieve them. Also you need to have a contingency plan prepared. Be sure that you have a quarterly review of where you have reached in achieving your goal and if you are lacking then solve the problem. Good luck!

                  • Re: My Business Plan
                    Harold Wayfarer

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