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E-Myth – “Why most small businesses don’t work & what to do about it”

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Virtual Accountant | Effective Company Overview Sections

It is extremely important for entrepreneurs to understand that they should spend time on the company overview section of their business plan says virtual accountant. The reason for this is so that entrepreneurs can be more likely to qualify for loans.

While the executive summary of the business plan is primarily to summarize all of the most important aspects of their business plan. But the company overview section. Is designed to provide all of the most pertinent information about the business itself. So that the bank can see if they qualify for the loan in the first place.

This is why it is extremely important for entrepreneurs to give as much information as they can within the company overview section. That the banks are going to be able to use. To decide if the should be approved the loan.

Some of the most important information includes the company information including the name. Virtual accountant says this means that an entrepreneur needs to remember to put both the legal name as well as the operating being of the business to avoid confusion. Especially since business owners may frequently use both names interchangeably throughout the business plan. It is important to include in the overview section.

After the business owner has completed the business information. They need to include the information for themselves, and any other shareholders of the Corporation. Not only do they need to include their name and contact information. But what percentage of the corporation each of the shareholders loans.

Virtual accountant says this is extremely important information. Because the bank will not be able to loan funds that knowing exactly who owns what percentage of the business. This is why it is extremely important for entrepreneurs to not avoid including this information.

The next thing that business owners should ensure that they are including in the company overview section. All of the business advisors that they use. So that they can demonstrate to the bank, that they have help in accomplishing their goals.

One of the most important advisors that they can include in the company overview section is their accountant. This is because banks see entrepreneurs that work with accountants as a lower risk. For a number of different reasons. Not only are they more likely to have an effective business plan.

But business owners who have an accountant are also more likely to have accurate cash flow projections. As well as a financial plan and a marketing plan within their business plan. They will also be more likely to work with an advisor who will help them accomplish their goals. And understand their finances help them towards that.

It is extremely important for entrepreneurs to understand all of the information that can and should be included in their company overview section. So that they can put it in all of the most important information. That can help ensure that they are going to qualify for the loan that they need. In order to help them grow their business.

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Business owners need to understand that the company overview section is very important says virtual accountant. And should have more information than just the contact information for the business and the owner.

This is a place for an entrepreneur to include all of the most important bits of information. That can help banks make their decision. As well as information that can help the banks expedite the process. So that it does not needs to be a lengthy process.

If an entrepreneur has a lawyer. Virtual accountant recommends putting this information into the company overview section. Especially because an entrepreneur is going to need a lawyer to fill out important people’s work on their behalf. Paperwork such as having a personal guarantee signed and registered, and securities on the property, and equipment.

By putting the lawyer’s information into the company overview section. Ensures that the bank will be able to contact the lawyer to get the necessary paperwork filed. To help keep the application moving.

It is also important if entrepreneurs are using their investments as a security. That they include this information in the company overview section as well according to virtual accountant. The reason why, is so that they can make it easy for the banker or for the underwriter of the bank. To verify the information given.

Business owners should include not just the investment information. But the company they are investing with, the advisor, and the advisors contact information.

Business owners also going to need to have general liability insurance on their business. And this is going to need to be in place before the bank will release the funds. Therefore, a business owner can significantly exploit the process. If they have proof of their general liability insurance in the company overview section.

Including this important information can ensure that not only will the underwriter be able to verify this information quickly. But that they can skip that step. When the business owner is approved for funding. And speed up the time it takes to actually receive the money.

Finally, virtual accountant says it is also important for entrepreneurs to give information about their life and disability insurance on themselves. If they have such a policy. The reason why is because banks also typically require the principle of the business has this insurance. And keeps it in place for the entire time that they are paying back the loan.

This is because if something happens to the business owner like they get ill or pass away. Then the bank is going to be able to ensure that they will be able to get their money back. Since there is no guarantee that the business is going to continue to be operational after the principle of the business is no longer able to work.

Therefore, it is very important that manures include all of this information in their company overview section says virtual accountant. So that they will be able to not only qualify for the loan easier. But also so that they will be able to speed up the process and get on with running their business sooner.