Explain why you need a business plan,including some of the important Essay

Explain why you need a short letter image,including some of the important factors of a furrow computer program. prepare an outline of the elements entrepreneurs include in their business plan - Essay Examplecurity offered and credit rating which are not directly connected to the statistics of the plan, but piddle over only impact on the proposal are also highlighted.It can be concluded that the business plan properly developed with attention to details is appreciated by the banks and investors. This document also acts as a reference guide not only for the banks and investors, but also to the entrepreneurs to compare the actual accomplishment to the standards as specified in the business plan. The achievement of the goal enhances the credibility of the business and the promoters and their trustworthiness.The business plan carefully prepared seeks to give comfort to the lenders with regard to repayment of loan and implied assurance to them that the servicing of the debt could be comfortably undertaken without undue pressure in the operations and schedule of repayment as agreed would be adhered to. All other factors should be in a position to enhance this comfort level of the banks.another(prenominal) important aspect the banker would like to look into is the background of the entrepreneur in terms of his qualifications, experience, skill and efficacy and reputation of the entrepreneurs, status of the earlier projects if any, the honesty and integrity of the entrepreneur, etc. These factors can also play in favor of the companies in respect of the rates of interest, and the banker could offer a very competitive rate.If the bankers are well-provided on both these counts, then it is only the question of formalities. However, the other factors assume greater significance in the case of new entrepreneurs. The new entrepreneurs should be able to sell their concept effectively by concentrating all the aspects of the business plan to improve the confidence level of the bankers. Because, the other factors put together should compensate the wishing of experience and reputation for the bankers to act upon the proposal favorably.Under the circumstances prevailing