PRINCE ALBERT, Sask. – A business plan is a never-finished document, says Karen Low, an instructor in business administration at Woodland Institute in this northern Saskatchewan city.
The plans are always evolving, changing with customers’ demands or processing methods.
Anyone who has an investment in the business should have a copy of the plan. It should be reviewed every six months to monitor business progress.
Low said the typical plan covers marketing, human resources, financing and how the business will be run.
“Don’t be intimidated. A plan is just putting numbers to the research you’ve done already,” Low told a workshop on home-based business.
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First impression counts
She compared the business plan to a person’s resume. It should be clear and concise and give investors a positive first impression.
Low said would-be business people fear going to a banker, who is looking for the five Cs of credit.
- Character – how do you handle your finances?
- Capital – is there equity or commitment?
- Conditions – what is your market?
- Capacity – can you repay the debt?
- Collateral – is there security to cover the loan?
