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[Back to top] This is simply an explanation of what your marketing strategy is and how you will execute it.Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.
Focus on the key elements of your business plan and avoid getting too bogged down by the technical aspects of your business or using too much industry jargon.
You can always put supporting information or other important details in the appendix.
It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
However, if you’re an existing business seeking small-business loans, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.
You may also include ratios that highlight the financial health of your business, such as: [Back to top] This is a critical part of your business plan if you’re seeking financing or investors.
“It’s OK to be optimistic if you can justify it,” Allen says.
“In general, you don’t want to stand out in a negative way by being too optimistic.” You want to show that your business can generate strong enough cash flow to cover the regular debt payments on a loan.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. A business plan can make or break a small business. [Back to top] An objective statement should clearly define your company’s goals and contain a business strategy that details how you plan to achieve them.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. It contains important information including its registered name, address of any physical locations, names of key people in the business, history of the company, nature of the business and more details about products or services that it offers or will offer.