This means when the business needs additional funding it has to demonstrate certain things to reassure the lender. First of all, it’s important for the bank to understand the vision for the business – and that it’s clearly understood by everyone in the company.
Even more important is the business plan. “Everyone can plan for internal factors – things within the company,” cautioned business regional manager Glen Webster, who recommends that businesses conduct a PESTLE analysis of their plans.
“A PESTLE analysis is about looking at those external things potentially outside your control: the political, economic, social, technological, legal and environmental factors,” he said. “You can consider how you can mitigate them and build into your plan to a framework for these external factors.”