Realization of the business plan and financial forecast
The entrepreneur who wants to succeed his project most of the time need a bank loan but to get the path can be difficult.. 7 Tips to maximize your chances of success.
1- In France, we lend more to an individual or a team than a project because the right fit man/project remains the best guarantee of success of your project.
So do not skimp on your presentation: 1 to 2 pages in the business plan in introduction introducing the key technical, commercial and human skills, experiences, economic and human contributions planned in the project, the medium-term vision of the company. Explain also your internal organization and your distribution of roles without forgetting your decision processes. This will also be an opportunity to think about it at the right time! Attach detailed CVs as an appendix.
2- Take special care in your business plan the forecast
(It’s obvious: the banking partner will spend time there) and the explanation of the economic model and the creation of value: in other words how do you get out of the margin? or ? what growth is possible?
3- For the forecast, respect the codes of the bank
your file must include at least 1 initial financing plan, a 3-year balance sheet and a projected income statement, a table of fixed assets, an explanatory calculation of the WCR, a 12-month cash flow plan, a calculation of the break-even point.
4- Attach all quotes
for fixed assets (equipment, vehicle, etc.) and critical expense items (lease of premises, major item representing more than 10% of expenses). Without these documents, your file will not be educated.
5- Be realistic and informed about banking practices
For example, there is no point in asking for 100% financing of your project while the banks request according to the typology activities between 30 and 50% of personal contribution.
6- Go to a broker as soon as your business plan is finished
Expert in his field, he will better negotiate the rate of the loan, answer questions of the interlocutors, advise you and defend you.
7- To succeed this business plan, register for an online training
sign up for the free “10 weeks to succeed my business plan” course on macreationdentreprise.fr and subscribe to the e-learning access to complete business creation to move up a gear.