What’s the plan? Make sure your customers aren’t driving with blinders
Abstract: In many ways, operating a business is like venturing off on a road trip. But it’s surprising how many small and midsize companies have no road map to guide them. Detailed business plans can improve the odds that a borrower will arrive at its destination on time and on budget. This article looks at the essential components of a business plan and how they can help lenders assess whether a borrower’s plan appears realistic. A sidebar explains why the most relevant section from a lender’s perspective is the management team description.