A: As well as your mission statement, details on the product and marketing the bank will look for the below at a minimum;
- A personal financial statement outlining your own personal financial situation
- A detailed cash flow forecast. Cash flowing in and out of a business is the most crucial aspect to its survival. Separate your cashflow into monthly figures, and show the main areas where you're receiving income and spending money. You should also add contingencies to each area to cover any unforeseen costs.
- A projected profit and loss statement for the business. Profit is the money left in your business after you've paid expenses, costs and don’t forget taxes. Be sure to include a two-year profit forecast in your plan.
- A break even projection or illustration can also be very useful.
Overall make sure your figures are credible, defensible and consistent. If you are looking to create and present a credible and professional business plan then talk to your local TaxAssist Accountant today. Our accountants can work with you to make it clear your intentions to start your business in the right manner.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.