Works hopon the importance of having a good business plan

AN upcoming online workshop organised by Local Enterprise Office Wicklow aims to demystify the process of business planning and raising finance for your business.

The impact of Covid-19 and the challenges of Brexit has made it even more important for businesses to have a business plan.

The future direction for any business is captured in its business plan. In this regard, the cornerstone of any financial loan application is the business plan. The first half of the workshop is devoted to the business plan, focusing on research, content and structure. It will explore how to write a business plan for an investment proposal for a grant or financing application - the critical elements that must be included and how to complete the document, including the executive summary.

The workshop will provide general information on the types of loan finance available to SMEs from lenders such as the mainstream banks, credit unions and specifically the revised MFI loan offerings (Microfinance Ireland). In addition to this, other types of financing will be discussed, such as leasing, invoice discounting, crowd funding, etc. Specific information will be given on how loans are assessed, including the type of ratios and ‘what if ’ analysis that are generally applied.

The trainers will give plenty of tangible examples of common reasons why loans are refused, and there will be reference made to the mechanism for appealing refused applications, including the Credit Review Office.

The online workshop will take place on Tuesday, March 9, and costs €10 to attend. It will run from 9.30 a.m. to 1.30 p.m. See https://www.localenterprise.ie/Wicklow/ for details.