How to Write a Business Plan Regardless of Your Credit Score

The key to getting most types of traditional business loans is the presence of a detailed, clear, and convincing business plan. When you’re working on putting yours together, it’s important to remember that regardless of your credit score, your plan for your small business is going to be a major determining factor in whether you get the loan. If you are on the bubble and they are not sure which way to go on your credit, this plan is usually the factor that makes or breaks loan approval, too. That’s why you need to know how to write like a company that deserves a loan, no matter what your credit score looks like today.


It all starts with an executive summary. This part of the document is like and introduction and overview put together. It gives the broad strokes of your business strategy, markets, operations, and so forth. It’s organized like a microcosm of the rest of the document, but it leaves out the details the later sections will develop. Don’t let it take over fifteen percent of the document’s length.


After the summary, you’ll need to write a company overview that describes your corporate culture, values, and mission for your business plan. This should also include strategic details about your approach to the market and your customers. After that is the detailed description of your management structure. Be specific and include information about your current senior management so the lender can understand who will be making the on-the-ground decisions that determine the company’s future.


Once your managerial structure is discussed, you’ll need a detailed discussion of your company’s operations that includes financial information, projections for the near-term future, strategic planning for long-term development, and discussions of your current balance of debts and overhead. This establishes the financial health of your company, which is an incredibly useful tool for those with short credit histories.


Last but not least, work on improving your credit. Your score will be checked during the determination process, so you can take steps to consolidate debt and pay down balances while you work on your business plan. That way, your credit score will be as high as possible when your application is reviewed, raising your chances of getting a loan even more. Repairing your credit might take some time, but that’s time you can spend making sure your plan is ready to go. Organization like that is the key to success.

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