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Page 7 of 8
Financing Your Business
6. Working with Your Bank
6.1 Before lending you any money the bank will want to see a viable business plan.
6.2 Once your business is operational, provide the bank with regular management information summarising sales, margins and costs.
- Draw up a table of figures comparing what you actually achieved with your budget and with the previous year.
- Add comments to explain any differences and mention key events you are expecting (eg an order you think you will win).
6.3 Warn the bank if you expect to run into any financial difficulties.
- Teach the bank to trust you, your data and your judgement. Avoid surprises.
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