I am in contact with funding sources and those who have influence on weather a deal gets the required operating capital it needs. One thing I continue to hear over and over is that many people have a great business concept but No Business Plan !
It is essential that you have a plan that will accomplish two major points in for business. First just what it is that you do and how you do it in a basic, yet comprehensive manner so that everyone including your employees can articulate the company's mission. When your clients or the general public knows and understand your business they will become your biggest cheerleader!
Next if you are seeking funding you must have an exit strategy. How much cash you need is not as important as when the investors will receive theirs back and at what terms, meaning monthly, quarterly or annual payments. In my favorite movie "Wall Street" Michael Douglas says " Know The Exit before going into the entrance". If you can show when and how the investor will be paid with a premium, and just how the company will make money, Chances Are You Can Get Your Project Funded!
There is a lot of cash available for those with a professionally written plan of action!
To Learn More about positioning your business for success!
Gary Cross was named 2011 Small Business Champion by the U. S. Small Business Administration.
He is the director of Coastal Business Institute " a small business planning & training center in Brunswick, Georgia.