What is needed for a business plan?

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KathScan

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What is needed for a business plan for a bank? Is an accountant required for this and if so how much approximately would they charge for this service?

Any help appreciated.


If this is in the wrong place or has been asked already, then I apologise. I couldn't find anything when i used the search function, but then again I might be using it incorrectly.

Thanks.
 
If you are starting up a new business you will need a business plan.

If you wish to raise capital for your new business through a bank loan then you will need to tailor your business plan to meet the requirements of the lending institution.

I suggest you google search the websites of the major banks for "buisness plan" "cash flow projection" and "buisness start up" hopefully you will get plenty of hits.

Google search string : "business plan" site:www.ulsterbank.ie

from wiki
A business plan is a summary of how a business or entrepreneur intends to organize an entrepreneurial endeavor and implement activities necessary and sufficient for the venture to succeed. It is a written explanation of the company's business model for the venture in question. Business plans are developed for ventures in both business and government.

Business plans are used internally for management and planning and are also used to convince outsiders such as banks or venture capitalists to invest money into a venture.

Business plans are noted for often quickly becoming out of date. One common belief within business circles is that the actual plan may have little value, but what is more important is the process of planning, through which the manager gains a greater understanding of the business and of the options available.

A business plan is prepared for customers for they need to know whether the product serves the purpose or not and the utility of the product, for government because it is necessary to know for government whether the legal economical and subsidy concerns are met or the like.
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You'll find plenty of samples on the web, try the banks websites, usually good source.
 
KathScan said:
What is needed for a business plan for a bank? Is an accountant required for this and if so how much approximately would they charge for this service?
Click to expand...

I know that the County Enterprise Boards and Enterprise Ireland provide mentoring services which include the drawing up of business plans.
 
Hi Kath Scan,

You don't really need an accountant to do a business plan. The best business plans are the ones which you complete yourself. Its about how you are going to manage the project of setting up or developing your business. You shouldn't view it as an academic exericise but rather as a tool to assist you in developing your business. Its not a good idea to get someone else to do one for you as evaluation committees and bankers can see through that immediately.
There are millions of examples on the internet and it can be very confusing if you study too many of them. To get started it would be wise to contact your local enterprise board or area partnership who have an enterprise officer or business advisor to guide you through the process.
Tangerine
 
When I was researching a business plan recently I notice AIB had the best advice probably followed by Bank of Ireland.
 
What sort of advice? I personally wouldn't be inclined to depend on a bank for independent, professional advice in this area or areas of personal finance etc. After all they have a vested interest in selling you their products which may bias their opinions.
 
Its advice on how to draw up a business plan. I have read it and its good. Its very detailed and informative on what to include and what people look for when reading a business plan. Its general info, nothing in it is about the banks products.
 
Hello Kathscan,

I would recommend this
http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=97409&referral=1043

A successful business plan will address these 4 categories:
the people, the opportunity, the context, and the potential risks and rewards.

I have recently read another article from the HBR on How to Sell your Business, whilst alot of advice was posthumous (business already sold) it was excellent.

Also I agree with previous posters, don't involve banks or depend on them for advice.

Especially Irish Banks who are in general too short sighted or try to sneak in terms and conditions that will cripple your business later on. But thats a different story :)

Best of luck
 
I have used one business to help me with business and marketing plans for a number of years. The philosophy they use is so simple and it has helped me. the first thing they did was make me learn this poem:

'I keep six honest serving-men
(They taught me all I knew);
Their names are What and Why and When
And How and Where and Who'.

Add in Cash Flow and some financial projections and there you go.

I have never forgotton that days training (5 Years later) because it was made so simple. More information on this www.pragmatica.ie . I recommend it.

Best of luck
 
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