1. Business loan applicants are evaluated based upon the 5 C’s of credit, which
include:
-Capital
-Collateral
-Capacity
-Condition
-Character
Did you know that you can obtain a free credit report annually at
annualcreditreport.com?
2. A good business plan must include a marketing plan. The plan should address the 5
P’s of marketing.
-Product
-Positioning
-Place
-Price
-Promotion
You should always research the competition and determine
your niche market.
3. It’s a good idea for business owners to update their business plan annually.
Evaluate what occurred during the previous year and determine the changes, if
any, that need to be made. Compare your actual financial performance to your
projections.