If you are looking to get a business loan to start up or expand your business, presenting your business plan to get the finance you need should be taken seriously and a great deal of time should be taken in preparing for the meeting if you want the lenders to say yes to your business loan application.

If a friend of yours had an interview in the near future for the job opportunity of a lifetime, would you advise them of the importance of being ready, of being prepared properly to do the best they could? Of course you would. Preparation or the lack of it is the difference between getting your business loan or not.
In this context, preparation includes:

• Knowing your business and the marketplace.
• Having a detailed business plan showing how you will compete profitably in that business.
• Anticipating the classic “what if” questions that are sure to be asked.

Getting the lenders to say yes to your business loan application is much bigger than the business plan itself.
There can be no doubt in your own mind that your business will succeed and your business plan is how you will achieve that success. No matter how well documented your business plan is, if you have any doubts whatsoever they will manifest themselves during your meeting and this may register with the lenders that you are not 100% behind your business proposal.




You may only get one chance to obtain a business loan with these lenders and one of the best ways of being prepared, confident, and displaying the belief you have in your business proposal, is to know your business and your business plan inside out.

The meeting with the lenders is a fantastic opportunity to not only demonstrate your knowledge of your business plan but to also demonstrate how organized you are, how professional you are and how much you know about the market within which you wish to operate or expand. However, what can often lead to a negative rather than positive decision about your business loan is inexperience and the lack of contingency planning.

If you were presenting your business plan to get the business loan you need, you must be able to answer classic ‘what if’ questions like:

• What if you lose your largest customer?
• What if your best salesperson joins your competitor’s company?
• What if the cost of supplies increases by 20%?
• What if your supplier fails to deliver?
• What if demand outstrips supply by 50%?
• What if you are in a cash rich position?
• What if you need further credit to expand even more?

When preparing to present your business plan take the time to think of every contingency from the worst scenario to the very best scenario and be able to explain exactly how you would manage those situations effectively.

In reality some of those situations may not occur. However, if you have taken the time to think about them, and to plan for them should they occur, shows that you really do know your business and increases your chances to get a business loan.

Being prepared and knowing your business plan ensures that any answers you give are consistent with what is documented in the business plan, demonstrates that you are well organized, have planned well, totally professional, and definitely worthy of granting a business loan.