plan in a clear, professional way. Consider typing it, or having it typed, and do not overcrowd the page. Ensure that your headings are clear and that all the figures used add up correctly. Clarity and simplicity are the key words. If your business plan is confusing, it is unlikely to convince your bank manager.
Your manager will also want to assess your personal qualities and your reliability, your capacity to stay in business and fulfill the promise of your business plan.
You need to think carefully about these important questions, as your ability to answer them will determine the manager’s response to your approach.
Other considerations
Once you have made your business plan, checking every aspect of your business and deciding whether or not you need help with the finance, you need to consider some other areas, two of which are insurance and taxation.
It is important that you understand the implications of both of these from the beginning, as failure to do so could result in serious repercussions for your business later on.
Insurance
It is very important that you take adequate insurance to protect your business’ future. This should include protection against:
(a)The cost of replacing stock and equipment that is lost, stolen or damaged.
(b)To cover your premises against fire, floods etc.
(c)Damages for injury to an employee, customer or third party whilst on your premises.
(d)Any special risks that apply to your type of business.
(e)Loss of life. (What happens to your family in the event of your death)?
Without the right type of insurance the survival of your business could be threatened.
Taxation
It is very important to you to make sure that you pay no more tax than you are obliged to pay, although you are of course obliged to provide accurate tax returns. Poor record keeping and lack of the right advice can lead to pay excess tax.
An unexpected tax bill can kill a small business, so you must be able to anticipate your tax liabilities.
Article Source: http://articlecrazy.com
Makabongwe Maseko offers advice on the business industry on his weblog "Online Marketing Business Opportunity". To get more information and tips on business matters visit: online-marketing-business-opportunity.traders-online.net/
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