The British Business Bank set up the Bank Referral Scheme in November 2016 to help provide finance to small businesses that had previously been refused credit. Through this scheme, alternative lenders can bid on loan requests from these companies, giving entrepreneurs a second chance of securing funding.
In August 2017 it was revealed that the scheme helped 230 businesses to access funding in its first nine months. But this is only 2.8% of the total 8,100 businesses referred through the scheme. This is partly because 80% of SMEs applying for funding are granted it by banks. For the remaining 20%, having a fully-formed business plan is essential and this could be where some businesses are slipping up. But how can you properly prepare your business plan for lenders and give yourself the best possible chance of success?
Avoid Using Templates
Your business plan should be unique to you, and using a template you have found online restricts what you can talk about and how you talk about it. Give yourself free rein by creating a custom business plan that suits your needs. Don’t follow the herd by using a template – this is what many other businesses will be doing. Understanding your business well enough to create a custom business plan is far more professional.
See our blog post “Why is a Bespoke Business Plan Better Than a Template?” to find out more.
Set Realistic Goals
The goals you set in your business plan should be specific, realistic, and quantifiable. These goals will help you to shape the rest of your business plan and ensure that your aims and activities are all geared towards meeting your ultimate goals. Find out more about goal setting in our blog post “3 Golden Rules For Setting Business Goals”.
Seek Professional Help
SMEs and start-ups take up a lot of your time, and it’s reasonable to ask for help with writing your business plan. Not only does this free you up for doing other things, but it ensures your business plan is written by someone experienced in helping businesses to get funding. A professional business writer will make sure your plan is written in the correct tone and format, and that it contains all the information needed to win over lenders and investors. That’s where we come in.
If you would like professional help with writing a business plan that will help you to secure the funding you need, look no further. Contact cbm online using the form on the right, or call 01604 420 420.