Email to Kyle and Chad: Preparing a Business Plan

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Email to Kyle and Chad: Preparing a Business Plan

Hello Kyle and Chad:

It was nice to see you at the birthday party this weekend. I enjoyed hearing about how Precision Auto Detailing is doing for you two. As promised, this email is regarding your questions about business plans so that you may have the best opportunity to get a loan for your truck bed liner machine.

A business plan includes a formal statement of Precision Auto Detailing goals, why the company is capable of those goals, and how the company intends to reach the goals. A business plan can ultimately determine the success or the failure of a company (SBA.com, 2011). Stating company goals benefits the company by setting goals for it to reach, while providing lenders and investors the opportunity to evaluate their involvement options in the business. When desiring to reach a significant, difficult goal, it is not uncommon or unnecessary for a business to set goals for more than one year (Small Business Administration, n.d.).

As a builder would not rush into the construction of a building without blueprints, business owners must not rush into new goal setting without a sturdy business plan. (SBA.com, 2011). When you two decide to build your business plan, be sure to include a detailed report that demonstrates the company's objectivity, ways in which management will be effective, and communicate vision. There are many portions to a business plan, but of the most effective and significant are the cover page, overview, management, and personnel descriptions.

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Investors and lenders will also want to see a description of the business, products or services that are provided, the industry market and company competition, and the location of the business. If seeking financial support, the business plan requires the use and effect of financing including financial data, risk analysis, and rationales (Chase.com, 2011).

In the cover page, list the business name and address, as well as both of your names, addresses, and phone numbers. If you have any other major owners, be sure to list their information too. Next, the overview or executive summary is provided. This important section allows readers to understand your business functions and why it functions the way it does. The overview lets the readers receive an idea about what the rest of the business plan will be about, setting the tone for the rest of the presentation (Chase.com, 2011).

An effective business plan note s a description of the company, including the business form, industry, how it was formed or acquired by its current owners, and trends of its industry. It will require outside sources in order to present non-bias information to readers. The products and services that Precision Auto Detail provides will also need to be listed; include the benefits of them and which sell and which may be in need of discontinuation. The description of the business includes the management….....

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