Accuracy is key, so carefully analyze your past financial statements before giving projections.
Your goals may be aggressive, but they should also be realistic.
“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.
Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made.
If writing and editing aren’t your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.
Meredith Wood is the head of content and editor-in-chief at Fundera, an online marketplace for small business financial solutions such as loans, credit cards and bank accounts.
Prior to Fundera, Meredith was the CCO at Funding Gates.
[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.