What are you are trying to achieve?
Lenders want to have a clear understanding of what your short, medium and long term objectives are. Below is one example to help you with this section:
YEAR 1 - What are the 2 (or more) main objectives you are looking for your business to achieve.
Focus on meeting my sales targets and keep spending within my budget on all expenditures – both running costs and job costs –so my prices remain competitive in my geographical target customer catchment area
To build a good reputation locally for top quality workmanship and gain referral business.
Work on a marketing strategy for acquiring new business. Creating new and updating existing marketing materials, our website, and social media platforms
Maintain a regular leaflet distribution program, targeted at our local customer area.
Review mine and other staff skills and qualifications and enrol at remote study Further Education College to gain the additional recognised qualifications
YEAR 2-3 - What are the 2 (or more) main objectives you are looking for your business to achieve.
Increase the number of jobs I and my team are able to complete each year, adding manpower (professionally fully qualified tradesmen) to my construction team.
Increase profit margins on each job by learning how to run them more efficiently over time.
Expand the range and type of jobs we can quote for so we can bid for larger jobs
YEAR 4-5 - What are the 2 main objectives you are looking for your business to achieve.
To have a fully established business with an excellent local reputation and to be the first call for the public in my local area for the services we provide
To remain price competitive and more importantly than price provide good value for money for our customers
To have sufficient retained profit in cash to invest in the business for its next 5 years of development with a target to double in size.
Below is information on objectives in the form of an objective matrix to help you with setting objectives for your business.