Business Plan?!?!?!

[Echo]

Got my self in abit of a pickle and need some help

I've never had a business plan before (haven't ever needed one) and I've got a meeting with my bank manager this afternoon and she's just phoned to remind me to bring my business plan along with me

I didn't confess that I didn't have one because a) It wouldn't look too good and b) I thought i'd just be able to print out a generic one off the internet. However I've now found that isn't the case. I've downloaded a few templates but they still don't seem to be helping all that much.

If anyone could point me in the right direction or even better could send me a copy of there own for me to LOOK at, it would get me out of a big hole!!!

I don't want to use anybodies plan and change the name I just need a guide to make my own and help with the phrasing ect. It doesn't need to be in great depth as it won't really be scrutinized it's just to tick a few boxes.

Regards,
Echo

 

[acat]

Bit late mate a business plan takes weeks/months to put together and is forever changing. Probably best to cancel appt this afternoon and get a copy of sage business plan from lloyds bank or the website.


Chris

 

[Echo]

I'd love too tbh, but i'm a bit tight for time, already waited 2 weeks for this appointment i've just purchase business plan pro which seems to be a package to help you along, hopefully i'll be able to throw something together by this afternoon. Like I say its just a tick box exercise so doesn't need to be in all that great detail.

 

[mogga]

that sounds like a good buisness plan Wait till last min n "Throw something together" good luck

 

[garyinderby]

Hey Echo

you wasnt a BANKER in a previous life by any chance were you?

 

[All Sorts]

Hi Echo, depends what your meeting is about. If you're looking to borrow money then it's simply not worth rushing it. However as you say it doesn't need to be in any great detail then it sounds more like they're just suggesting you bring one along anyway.

Better to do something properly else don't do it at all. I recommend you simply lie through your teeth and say your printer ran out of ink last night!.. but you'll be glad to email him/her a copy later..then spend tonight on it?

Good luck anyway.. if you're regularly a 'leave it till last minute' merchant, might be worth you having a read of 'Getting Things Done' by David Allen. (I have it on pdf - no charge cos I'm a kind so and so - if anyone wants to pm me for it).

 

[Echo]

@mogga - it's not intentional mate, I have just never needed one until now

@garyinderby - Sorry but I don't know what you mean?

@All Sorts - Thanks for the advice, I was hoping to get to work as well this morning but it hasn't turned out that way as I've had my head in this PC package! It's not for a loan its to open a new account, is this standard that I need to take a business plan?

I think i'll follow your advice and use the printer ink as an excuse then email it her later on. I'm not usually a leave it to the last minute merchant, it's just never been mentioned before then she phoned this morning saying remember to bring ID and your business plan, so it's kind of been dropped on me. I've always used my personal account up until now and i've never opened a business account before so it was unexpected.

I wouldn't mind reading that anyway though if you don't mind

 

[acat]

Echo dont know which bank you are going to but tell them to get stuffed I went to one bank had an account and loans from them over a 30 yr period had debit and credit cards on personal acct they would not give me a debit card on business acct for 6 months

By chance went to Barclays gave me everything I wanted and more like you was not after a loan just an account.

Good luck


Chris

 

[garyinderby]

Hi Echo

Sorry mate was being a bit flippant, as dont think the bankers had a business plan either. If they did didnt do much good did it. Anyway, i didnt need one at HSBC. So might be an idea to look around.

Gary

 

[All Sorts]

@mogga - it's not intentional mate, I have just never needed one until now

@garyinderby - Sorry but I don't know what you mean?

@All Sorts - Thanks for the advice, I was hoping to get to work as well this morning but it hasn't turned out that way as I've had my head in this PC package! It's not for a loan its to open a new account, is this standard that I need to take a business plan?

I think i'll follow your advice and use the printer ink as an excuse then email it her later on. I'm not usually a leave it to the last minute merchant, it's just never been mentioned before then she phoned this morning saying remember to bring ID and your business plan, so it's kind of been dropped on me. I've always used my personal account up until now and i've never opened a business account before so it was unexpected.

I wouldn't mind reading that anyway though if you don't mind

You certainly shouldn't need a business plan to open a business bank account!, unless you're looking for startup capital or an immediate overdraft facility (in current climate forget it!). If you're Ltd Co you'll need an original incorporation document (which they'll then just photocopy), otherwise just bring normal ID stuff with proof of address etc. Tell them you've done a business plan to make your first million but now you're working on the one for the second million ..lol

I've attached a couple of pdf's which might be useful. The book I mentioned. I've read that (the hard copy of it) 3 times and I don't normally do books - it's a godsend to anyone who needs to unclutter themselves both mentally and admin-wise, worked for me anyway!

The other is just some info on suggested things to include in a standard business plan. Only 3 pages but will prob summarise things easier than many of the larger and more cumbersome docs available.

Finally, re business banking, I've tried various but found HSBC online banking to be by far the simplest (and free) to date. No..I don't work for them nor get commision!

ps - the getting things done book is 2.13mb pdf and max upload here is set to 2mb (any way around this?)

 

[Echo]

No worries garry! Quite annoyed now as i've essentially lost out on a days work because she's told me to bring my business plan. Suppose it's my fault for being a bit naive and not looking around first. This is for natwest so think i'm going to bail on the meeting this afternoon and look into HSBC and Barclays.
Thanks all for your input

 

[garyinderby]

no worries mate, thats what we are here for to help each other out.

 

[acat]

Dare I say it research is part of the business plan and sorry to be the tidings of bad news but the program you bought is free at lloyds or of the website its sage planning for business.

As I did with Lloyds remind them that you are doing them a favour not the other way round as most of these banks seem to think.


Chris

 

[acat]

no worries mate, thats what we are here for to help each other out.

Spot on Gary


Chris

 

[Echo]

When i say bought i meant "acquired" just didn't want to get into any trouble!

 

[acat]

When i say bought i meant "acquired" just didn't want to get into any trouble!

Thats better free, acquired I understand pay is a word that brings me out in a rash


Chris

 

[robsparx]

you really shouldn't need a business plan to open a business bank account

an accountant friend of mine also pointed out to me that you dont exactly NEED a business account anyway. as long as you can easily pay money in and out, it doesn't matter what the account is for, you could just use a current account

 

[ringer]

I second that about the current account. I looked into getting a business account - they all offer them free for the first 18 months - but then thought to myself 'why do I need a business account?' All I want to do is to keep separate the sparky money from the family money, so I opened a current account.

 

[johnr]

Hi m8, i opened a business account recently with hsbc, its free for 18 months and they didnt even mention a business plan, as others have rightly said you only need to produce a plan if you are trying to get money out of them.
good luck with it all...

 

[Echo]

Yeah i cancelled it in the end, RBS gives you 2 years free business banking so going to give them a whirl.

 

[m4tty]

Ive just opened up a business account through Natwest and they didnt ask for a business plan. I was also going to use a personal account for the business but The Princes Trust who ive just done a business start up course with said that if the bank found out you were using a personal account for business it was fraud. Dont 100% agree with this but think the bank can be moody about it. Cheers

 

[All Sorts]

an accountant friend of mine also pointed out to me that you dont exactly NEED a business account anyway

Rob, your accountant friend might be better as your friend and not your accountant!

In my humble opinion, it makes little sense to try and run a 'real' business from a non-business account, why not just keep your money in an old shoebox under your bed?!!!

If you're trying out a new business venture, then yes, by all means muddle through for say 3 months but if you take your business seriously then with free online business banking available then it's just plain lazy not to use it.

I can think of a couple of very worthwhile things a business account gives you;

1. Credibility - a chq with a company name on, to pay a matching invoice (for example). A bit like a hotmail or yahoo address being compared to a .co.uk one

More importantly credibility with your bank, and should you wish to expand in future years, you'll have a clear track record to go alongside your business plan at that time. Even if a personal account that you know is actually your 'business' account, happens to be flourishing, your bank will never recognise it as such (they can't as you've not been tranparent in your business dealings).

2. Accountability - every single transaction is accountable and so it will (or should) have a corresponding entry in your accounts and be identifiable by auditors. HMRC or whoever. With the best will in the world, the fact that you can effectively do whatever you like with your 'own' accounts means your business account simply needs to live somewhere else!

Hope I've not got anyone's back up, it's just common-sense that's all..

 

[acat]

I would not worry about upsetting people you are entitled to your opinion the same as everyone else and we are all guilty of being unable to see the wood for the trees at times and posts like yours will help everyone in one way or another.

Thanks for the feedback and clarity as to the benefits of a business acct.

Keep on posting


Chris