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To do this, many or all of the products featured here are from our partners. A strong, detailed plan provides a clear road map for the future, forces you to think through the validity of a business idea, and can give you much greater understanding of your business’s financials and the competition. It spells out exactly what you’d like to accomplish, both in the near term and over the long term.
[Back to top] If you’re a startup, you may not have much information on your business financials yet.
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.
“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.
But you should also address the various risk factors of the business, Allen says.
If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.
[Back to top] Now that you’ve written your business plan, here are some tips to help your hard work stand out: Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well.
The last section in the instructions, “Refining Your Plan,” explains ways you may need to modify your plan for specific purposes, such as getting a bank loan, or for specific industries, such as retail. On Deck has business financing that is tailored for today’s small businesses, with fast access to capital, a streamlined and efficient application process, and service customers rave about.
Since 2007, On Deck has delivered billions of dollars to customers in more than 700 different industries across the United States, Canada, and Australia.