15 ways your banker can help you with your business plan

January 17th, 2014 Chase Stafford
business plan

You’ve taken the plunge and decided to start your own business. While this in itself is a momentous decision, as an entrepreneur you will be faced with countless other important decisions in the months and years ahead. What type of corporation should you form? How much money do you need to get started? Shall you buy or rent a facility?

A business plan will help you answer a lot of those questions and create a roadmap for you to follow. It outlines your vision for the future of your business and sets out your business goals and how you plan to achieve them. It helps you understand the steps needed to launch, run and develop your business.

While a business plan is an important asset when discussing your business with your banker, you should not look at that discussion as a one-way conversation. Business bankers have many years of experience and can help with the writing and review process.

Here are some of the ways business bankers can help you with your business plan:

  1. They will listen to your vision and help you refine your goals accordingly.
  2. They will help you lay the groundwork for your business by determining what legal structure would best serve you.
  3. They can ask the hard questions and help you determine the answers.
  4. They can answer your questions about business banking requirements.
  5. They can help you review your financing options and determine the best approach for your business.
  6. They can help you set up accounts.
  7. They can help you refine your big-picture idea to a step-by-step plan.
  8. They can offer practical advice.
  9. They can serve as a trusted partner.
  10. They will educate you on the bank’s requirements for financing and how you can meet those requirements.
  11. They can help you pull together your financials.
  12. They can serve as a sounding board for your ideas.
  13. They can connect you with community resources for small business development.
  14. They can review your initial draft and provide recommendations and input.
  15. They will review your financial plan and help you refine based on your overall needs and goals.

While being an entrepreneur means being your own boss, don’t hesitate to ask for help whenever possible. Commercial bankers are there to help you and your business succeed. Make sure you are taking advantage of their business expertise to help you achieve your business goals.

About the author

Chase Stafford is Vice President of Commercial Banking at MidWestOne Bank.

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