SBA recently is asking many EIDL applicants for Business Plans and Revenue Projections. Frankly, this is something you should have AT ALL TIMES if you consider yourself a Small Business Owner, even if you’re a “gig economy” Schedule-C Sole Proprietor. You can’t truly measure your success without a plan.
When Trevor was a 100% commissioned Loan Officer at a Mortgage Banking company, he had a 22 page Business Plan with Revenue Projections, and he was an EMPLOYEE.
We put together a list of questions for our clients so we can prepare the necessary information for their SBA EIDL applications.
We are happy to share it with you here. Wishing you all SUCCESS in everything you DO!
Here are our questions to collect the information to prepare a Business Plan Summary and Revenue Projection for 2021:
- What actions did you take in MARCH 2020 to adjust or “pivot” your business to survive the COVID-19 pandemic?
- How did those actions help: have you maintained a steady flow of business, did your business decline?
- Are you continuing those actions into 2021?
- Have you originated new business concepts to continue your business productivity into 2021?
- If yes, what are these new concepts?
- How will the EIDL program assist you to maintain the continuity of your business?
- How will the EIDL program assist you to support the “pivot” concepts you’ve created?
- IF you never created any “pivot” concepts, would the EIDL program assist you/encourage you to do that? How?
- What is the percentage decline in 2020 to your Gross Revenue from 2019?
- What is the percentage decline in 2020 to your NET INCOME from 2019?
- If your net income is lower, is that due to the pandemic? If so, how?
- Without EIDL assistance, what do you anticipate to be your Gross Revenue in 2021 for EACH QUARTER?
- With EIDL assistance, what do you project to be your Gross Revenue in 2021 for EACH QUARTER?
- Will you incur new, different expenses in 2021 than you’ve had in 2019?
- If so, what specific expenses and how much in dollars?
If you want more information about untangling how a business plan works, especially for financing purposes, visit our sister company Bridge Street Business Plans for more information.
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