Product: the item or service you want to sell or provide.
Price: The amount you will charge for your product or services.
Promote: How you will inform your customers/clients/market as to who, what and where you are.
Provide: the channels you will use. Is it a store, delivery or media, to get the product to your potential customers.
Consider some different selling strategies that might work for your market. Are your clients Low, Med, High income earners or is your business for all. Try the Sell more for Less strategy at first, to get your business known. Reassess your Target Markets and take stock. Are you making the impact you planned or must you go back to the drawing board. If you are doing well, make your Business a Destination, become a Trusted Expert. Announce to your market how you’ve improved for the Better and keep track of what and how your business is doing.
Keep planning your growth and stay calm about what needs to be done, constantly monitoring how well you are getting things done. To you’re your clients, maintain a high Standard of proficiency (customer service) and Improve your ability to do things right the first time, no come backs, they are costly.
You want to get a loan from the bank and your business plan is in place. Check the following points before submitting your proposal to the bank.
CHECKLIST TO BANKERS
The banks are likely to require the following from their applicants.
BANK FINANCE REQUIRED
The reason why funds are required;
How much and what sort of finance is required.
HISTORY AND BACKGROUND TO BUSINESS
When the business was established;
How the business has evolved;
Main factors contributing to development.
SHARE CAPITAL AND ARTICLES
Principal shareholders and their relationship;
Any unusual restrictions in the articles (e.g. On borrowing powers or transfer of shares).
Structure and organisation;
Age, qualifications, experience, skills of directors, senior management and other key employees;
Arrangements for management succession (e.g. in the case of absence, sickness, departure or retirement of key personnel).
BUSINESS (Nature and description of products
Description of market and estimated demand both on short and long term)
Market research (based on trade associations, market research publications etc);
Competitors (their likely strengths, weaknesses and future strategies)
Competitive advantages for products of business (eg. Innovative design, quality, pricing, uniqueness).
MANAGEMENT INFORMATION AND ACCOUNTING SYSTEMS (Description of internal accounting systems and nature and regularity of management reporting routines and Outline of systems of budgetary control)
ACCOUNTING POLICIES (Confirmation that acceptable accounting policies are used on a consistent basis)
TRADING RESULTS (Summarised financial information for last 3 years on existing businesses, covering (profit and loss, cash flow statement, a summarized balance sheet at latest as at date.
TAXATION (Current status with Receiver of Revenue on agreement of tax liabilities, and any unusual features or matters in dispute)
CURRENT TRADING (Up to date profit figures from management accounts. All up to date liquidity figures (Your Debtors, creditors, stock and bank).
CONTINGENCIES AND LITIGATION (Any significant contingent liabilities or outstanding litigations and details of insurance covers)
PROJECTIONS (Future sales and profitability, Current order position, Major commercial assumptions and sensitivity of projections to all variances from plan)
NEW PROJECTS (Description of any new projects or products, Impact of new project on profit projections and Contingencies
CASH FORECAST (Forecasts of likely cash flows ensuring that all relevant items are included, i.e. leave pay, corporate taxation, bank interest, dividends, etc. And all Major commercial assumptions and sensitivities)
BORROWINGS (Details of existing borrowings showing lender, terms and total amounts. And future required to finance new projects, and repayment terms and effect on cash flows requirements with Contingency provisions, ie. Consider the worst possible scenario)
SECURITY (What assets of the business are available for security against the loan and Financial standing of directors and availability of personal security as collateral, eg. Life assurance, property and assets)
MONITORING (Proposed monitoring arrangements and nature and regularity of financial information to be presented to lender, whether periodic financial information is to be prepared and vetted by independent accountants and auditors)
Now you are ready to submit and be ready for further inquiries from them. But otherwise, you are good to go.