By Dan Boudreau

As you venture down the business planning path, you are certain to encounter one or more gatekeepers. “Gatekeeper” is the term I use to describe bankers, business analysts and managers of any government programs that might provide grants to your business. While each gatekeeper is responsible to protect their employers’ assets, they also offer you a tremendous learning opportunity.

As a fledgling business start-up, it is natural to feel somewhat defensive as you share your business idea with others. I encourage you to rise above your initial apprehension and realize that gatekeepers are continually seeking to invest in well researched and presented businesses. If you’ve done your homework, you could be offering just the package he or she is looking for.

The gatekeeper’s first order of business will be to perform all the necessary due diligence to determine if your business idea is viable. He or she will also be responsible to assess whether or not you can do all those glorious things outlined in your business, before taking it forth to run the gauntlet with his or her boss or the committee that decides whether or not to lend you the money.

A banker once told me that, when meeting a loan applicant for the first time, the first few minutes of the meeting gave her enough information to decide whether or not to lend the person money. Your conduct and personal interaction with the gatekeeper count. I have seen loan applications rejected because the applicant simply couldn’t honour commitments as simple as showing up for appointments on time or returning phone calls promptly.

If you are a learner and if you are courteous in your interaction with the gatekeeper, he or she can become a tremendous ally in your business planning process. Be thankful for the gatekeeper’s involvement in your business planning process. Often, they are highly knowledgeable generalists who perform due diligence on a daily basis for a broad range of businesses. They will easily recognize if you are on or off track. If you work with your gatekeeper, he or she will help you build a stronger business plan.

How to Be Effective When Dealing with Your Gatekeeper

1. Be curious! Be a learner! Be coachable!

2. If possible, communicate with the gatekeeper at the beginning of your business plan development – learn his or her process and timelines, find out what he or she expects to see in your business plan and determine if he or she wants opportunities to provide input to your draft business plan.

3. Prepare for your discussions and meetings with the gatekeeper and manage the time efficiently.

4. Know your business plan thoroughly but accept that you may not have all of the answers. If you don’t have answers to questions, commit to finding them.

5. Without being a know-it-all, try to anticipate which questions the gatekeeper might ask and have your answers ready. You have two ears and one mouth; listen twice as much as you talk.

6. Be on time for meetings, return phone calls promptly and honour all promises you make.

7. If the gatekeeper seems to be negative about your business plan, ask why and request more detail until you understand the problem and what you need to do to fix it.

8. If a gatekeeper turns down your application, determine whether the decision is final or if you can fix any weaknesses and reapply.

9. Whether you reapply or not, use the gatekeeper’s input to strengthen any weaknesses in your business plan.

10. Thank the gatekeeper for his or her feedback.

This article is from Chapter 4 in Business Plan or BUST!

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