FAQs

Business Plans

1. What is a business plan?
   A business plan is a working document that owners use to plan, control, evaluate and manage their business. It defines the objectives of a business and describes how those objectives will be met. It also indicates how the resources of the company will be allocated. It is typically necessary to have a business plan when obtaining financing. Business plans for start-up companies are usually the most comprehensive and detailed.
   
   Every business should have a business plan at startup, even if they are not applying for a loan from a bank. The business plan, if prepared properly, will indicate to the owners if they are on the right track and should indicate if the business will be profitable. If you are seeking startup capital from a relative or friend, you can show the business plan to them to give them confidence in your endeavor.

2. Will you write a business plan for me?
   No, but we will certainly assist you. We can provide you with information on how to develop a business plan. We also will critique it and make recommendations before submitting for bank review.

3. Why do I need a business plan?
   Typically, you will need one to obtain a business loan.
   
   Even if you don't need to borrow money, doing a business plan is still a good idea. It helps you analyze and organize your business. You will identify your opportunities, how you will take advantage of them, and how you will overcome obstacles. You will have a budget to compare your results against.
   
   Almost all publicly traded companies prepare business plans and budgets each year. They must think there is a benefit if they take the time and expense to do this.