Inquire about members of their family. As an entrepreneur seeking a bank loan, or any type of funding for that matter, you ll want to make sure you have everything in place, including all of your financial documentation as well as your credit history. Most entrepreneurs believe in their product and service. Your mission statement is a one- or two-sentence explanation of what your business is about and its reason for existing.

What compensation and benefits will you provide to your employees?

You ll usually be able to reuse the financial formulas, spreadsheets, management biographies, and other more or less evergreen contents of your plan. If you try to be appealing to as many people as possible, your offer will be bland and diluted, because everyone doesn t have the same tastes and needs. Invest in unique signs and awesome-looking store and office interiors. Instead of trying to figure out what your basic business concept is, you only have to decide whether it s changing.

Word-of-mouth marketing is huge and cost-free

If your plan indicates that the business idea isn t sound, by all means look for errors. Remember that brevity is not brusqueness. It s important, however, that a plan update not be a mechanical task, limited to plugging in the most recent sales figures. Strategic allies usually come to you for something specific technology, distribution, complementary customer sets, etc.

Be Direct with your Customer Relationship Management

Over time, companies take customers for granted, don't treat them with respect, and start thinking of them as necessary evils. You are investing lots of cash aimed at lots of people who don't need or want what you sell. A consultant has no inventory whatsoever. Hire an expert who can assist you throughout the transaction from acquisition, feasibility, escrow, and financing through leasing or sales.

Your company has crossed a threshold

Larger businesses, seeking major funding, will often have miniplans as well, but the full business plan will be waiting in the wings. A sales manager can redirect the activities of salespeople immediately, and an accounting manager can make immediate changes in bookkeeping practices. Today s consumers like to take things with them they want apps and gadgets that are portable. Plus, you have access to a massive goldmine of information to help you succeed: podcasts, books, blogs, etc.

Add additional data you find elsewhere

But don t be seduced. If you were honest and found areas where you were lacking, please find someone who can help you fix them before you approach anyone to invest. Leaders make the necessary leadership decisions to get results they want. Get their names and go meet them.