It’s disturbing to have to reject a business plan, but sometimes it’s the best choice for all stakeholders. As a volunteer for a lending committee, I wish we could approve every loan application that hit our table; unfortunately it’s not possible. The committee meets as-needed to review business plans and decide whether or not to finance the applicants. We deal with mostly very small businesses seeking small loans, usually under $250,000. Lending to inexperienced, new business owners is one of the riskiest arenas for a lending agency. In spite of this fact, we manage to keep our loss rate to a minimum. Over a period of more than a dozen years, I have observed certain challenges surfacing again and again. The amazing thing about these business plan killers is that they rarely travel alone – they almost always appear in clusters. Here are the top ten business plan killers and what you can do to avoid or fix them: Continue reading Top 10 Business Killers: Know ‘Em, Avoid ‘Em →