That business plan to get funding.

We fully appreciate that when you are starting a business it is all encompassing and the excitement of forging out o your own on a new venture can mean that the plan can get overlooked.

All new businesses need to have funding in place be it from their own resources or from a third party.

We have set out below some of the experiences that we have had with our clients securing funding for their businesses...

1 – You must know your numbers

There is an element of having to play the game with business plans. Anyone can produce spreadsheets to forecast profitability and growth - but you do need to know the numbers to convince investors. They have to be confident that you have a grasp of them. If you don’t know them, it shows a lack of credibility.

Remember investors are also backing the person, so they will want to know that you know your subject and have a track record. Our experience tells us is if you grasp your subject and the words will follow.

2 – Be prepared to tweak the plan

Each investor will ask different questions as the answers don’t appear in your plan and your first draft will go through a number of versions. So be prepared to re-write but make sure your numbers and words make sense.

3 – Be prepared for this not to be a quick process

You will need help, a deep resolve and patience – it can take time to get the funding you require so be prepared. If you want a loan a business plan is something you have to have.

The role of your accountant should not be under played in this process – so if you need help preparing your business plan and the numbers that must go with it, please contact Richard Dare on 01425 875900.