Virtual Entrepreneur

Inside Tucson Business:
What makes a good business plan?

First let’s go over some business plan basics.

A biz plan should be a realistic view of the expectations and long-term objectives for a new venture. It should provide the framework within which it must operate and, ultimately, succeed or fail.

For entrepreneurs seeking external support such as financing, the plan is the most important sales document they are ever likely to produce, as it could be the key to raising funds.

During a recent lender-training event hosted by SBA, a local participating lender brought up a concern on the quality of a business plan prepared by a local professional that was ‘SBA qualified.’

The discussion quickly focused on the problems some of our participating lenders have been seeing in the quality of start-up business plans. The lender refused, in this case, to either consider the applicant’s plan or take the time to point out the errors – or even contact the small business service provider that helped in the preparation.

From this feedback, we thought it would be of benefit to all Arizona entrepreneurs to identify some of the most common problems seen in business plans from a participating lenders perspective.

Most of these ideas are common and done routinely by professionals in Arizona but it doesn’t hurt to pass them on again. Here are their suggestions…

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