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“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years. [Back to top] This section provides a snapshot of your small business.
The reader acknowledges that the information provided by OBRA e-z, Inc.
in this Business Plan is confidential; therefore, reader agrees not to disclose it without the express written permission from any of the members of OBRA e-z, Inc.
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.
This section can also highlight the strengths of your business and focus on what sets your business apart from your competition.
The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. Within the overall outline of the business plan, the executive summary will follow the title page. Clearly state what you're asking for in the summary.
Related: How to Start a Business With (Almost) No Money The business description usually begins with a short description of the industry.
[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.
When describing the industry, discuss the present outlook as well as future possibilities.
You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.