Earlier last month we had started a little digression to basic information on how to make you and your business ready for a bank loan, in other words, making your business bankable.
Some of the few things we had raised in this digression include Business name registration or incorporation; Continuous business knowledge acquisition through readings, trainings and seminars; Inspirations to do all the needful to succeed, among others.
In today’s part of the digression we shall touch on key elements in setting up yourself and your business for success, not just in raising loan from banks, but in sustaining your business.
Bankable business plan
First, you need to have a bankable business plan. We shall take time to discuss this in details in future series. But it is important to note that developing a plan will organise your thoughts and provide direction.
You may need to engage the services of Business Development Support Providers (BDSPs), some of which have been accredited by some banks including Bank of Industry, BoI, for this purpose.
I will also advise that you get advice on managerial, financial and marketing skills from the BDSP. It may form part of the initial engagement you have with whichever one you are working with and it doesn’t have to be a separate contract.
Better still, you can get mentorship from whoever you see successful or succeeding in the same or similar area of business.
The next edition will address the next set of key elements for a bankable business.