td bank business plan

Developing A Business Plan

The importance of planning should never be overlooked. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. They must also have the foresight to plan for future expansion. Whether yours is a new business or an existing business in the process of expanding, money is often an issue. Taking time to create an extensive business plan provides you with insight into your business. This document can serve as a powerful financing proposal.

This article will take you through the step-by-step process of developing a business plan. A business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same in all business plans. To complete an effective business plan you must dedicate time to complete the plan. It requires you to be objective, critical and focused. The finished project is an operating tool to help manage your business and enable you to achieve greater success. The plan also serves as an effective communication tool for financing proposals.

• Describe the importance of a business plan
• Identify the elements of an effective business plan
• Write a business plan
• Why Write a Business Plan?
• Who Should Write the Business Plan?
• Business Plan Components
• Executive Summary
• The Product/Service
• The Marketing Plan

The Competition

The Management Team

• Financial Data
• Supporting Documentation
• The process of putting a business plan together forces the person preparing the plan to look at the business in an objective and critical manner.  
• It helps to focus ideas and serves as a feasibility study of the business's chances for success and growth.  
• The finished report serves as an operational tool to define the company's present status and future possibilities.  
• It can help you manage the business and prepare you for success.  
• It is a strong communication tool for your business. It defines your purpose, your competition, your management and personnel. The process of constructing a business plan can be a strong reality check.  
• The finished business plan provides the basis for your financing proposal.

Planning is very important if a business is to survive. By taking an objective look at your business you can identify areas of weakness and strength. You will realize needs that may have been overlooked, spot problems and nip them before they escalate, and establish plans to meet your business goals.

The business plan is only useful if you use it. Ninety percent of new businesses fail in the first two years. Failure is often attributed to a lack of planning. To enhance your success, use your plan! A comprehensive, well constructed business plan can prevent a business from a downward spiral.

Finally, your business plan provides the information needed to communicate with others. This is especially true if you are seeking financing. A thorough business plan will have the information to serve as a financial proposal and should be accepted by most lenders.

Back to Outline

II. Who Should Write the Business Plan?

You, the owner of the business, should write the plan. It doesn't matter if you are using the business plan to seek financial resources or to evaluate future growth, define a mission, or provide guidance for running your business -- you are the one that knows the most about the business.

There are a number of software packages in addition to this article that can assist you in the formatting process: Business Plan Pro, Palo Alto Software are only two of many available.

Consultants can be hired to assist you in the process of formulating a business plan, but in reality you must do a majority of the work. Only you can come up with the financial data, the purpose of your business, the key employees, and management styles to mention a few items. You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself? If you need further help in one area, then seek the assistance of the consultant.

III. Business Plan Components

The Executive Summary

The first page of your business plan should be a persuasive summary that will entice a reader to take the plan seriously and read on. The Executive Summary should follow the cover page, and not exceed two pages in length.

• A brief description of the company's history
• The company's objectives
• A brief description of the company's products or services
• The market the business will compete in
• A persuasive statement as to why and how the business will succeed, discussing the business's competitive advantage
• Projected growth for the company and the market
• A brief description of the key management team
• A description of funding requirements, including a time-line and how the funds will be used

The Product or Service

It is important for the reader to thoroughly understand your product offering or the services you currently provide or plan on providing. However, it is important to explain this section in layman's terms to avoid confusion. Do not overwhelm the reader with technical explanations or industry jargon that he or she will not be familiar with.

It is important to discuss the competitive advantage your product or service has over the competition. Or, if you are entering a new market, you should answer why there is a need for your offering.

If appropriate, discuss any patents, copyrights and trademarks the company currently owns or has recently applied for and discuss any confidential and non-disclosure protection the company has secured.

Discuss any barriers that you face in bringing the product to market, such as government regulations, competing products, high product development costs, the need for manufacturing materials, etc.

• Is your product or service already on the market or is it still in the research and development stage?
• If you are still in the development stage, what is the roll out strategy or timeline to bring the product to market?
• What makes your product or service unique? What competitive advantage does the product or service have over its competition?
• Can you price the product or service competitively and still maintain a healthy profit margin?

Investors look for management teams with a thorough knowledge of their target market. If you are launching a new product, include your marketing research data. If you have existing customers, provide an analysis of who your customers are, their purchasing habits, their buying cycle. For more information, see these companion articles: Conducting a Marketing Analysis and Prepare a Customer Profile.

This section of the plan is extremely important, because if there is no need or desire for your product or service there won't be any customers. If a business has no customers, there is no business.

• A general description of your market
• The niche you plan on capitalizing on and why
• The size of the niche market. Include supporting documentation
• A statement and supporting documentation as to why you believe there is a need for your product or offering by this market
• What percentage of the market do you project you can capture?
• What is the growth potential of the market? Include supporting documentation
• Will your share of the market increase or decrease as the market grows?
• How will you satisfy the growth of the market?
• How will you price your goods or services in the growing competitive market?

The Marketing Strategy

Once you have identified who your market is, you'll need to explain your strategy for reaching the market and distributing your product or service. Potential investors will look at this section carefully to make sure there is a viable method to reach the target market identified at a price point that makes sense.

• Direct mail
• Trade shows
• Public relations
• Promotional materials
• Telephone sales
• One-on-one sales
• Strategic alliances

If you have current samples of marketing materials or strategies that have proved successful, make sure you include them with your plan.

Developing an innovative marketing plan is critical to your company's success. Investors look favorably upon creative strategies that will put your product or service in front of potential customers. Spend time developing this section.

Once you have identified how you will reach the market, discuss in detail your strategy for distributing the product or service to your customers. Will you mail order, personally deliver, hire sales reps, contract with distributors or resellers, etc.?

Understanding your competition's strengths and weaknesses is critical for establishing your product's or service's competitive advantage. If you find a competitor is struggling, you need to know why, so you don't make the same mistake. If your competitors are highly successful, you'll want to identify why. You'll also want to explain why there is room for another player in the market.

• Identify your closest competitors. Where are they located? What are their revenues? How long have they been in business?  
• Define their target market.  
• What percentage of the market do they currently have?  
• How do your operations differ from your competition? What do they do well? Where is there room for improvement?  
• In what ways is your business superior to the competition?  
• How is their business doing? Is it growing? Is it scaling back?  
• How are their operations similar to yours and how do they differ?  
• Are there certain areas of the business where the competition surpasses you? If so, what are those areas and how do you plan on compensating?

Analyzing your competitors should be an ongoing practice. Knowing your competition will allow you to become more motivated to succeed, efficient and effective in the marketplace.

Now that you have had an opportunity to really sell your idea and wow potential investors, the next question on their mind is how will you implement the idea. What resources and processes are necessary to get the product to market? This section of the plan should describe the manufacturing, R&D, purchasing, staffing, equipment and facilities required for your business.

You'll want to provide a roll out strategy as to when these requirements need to be purchased and implemented. Your financials should reflect your roll out plan.

In addition, describe the vendors you will need to build the business. Do you have current relationships or do you need to establish new ones? Who will you choose and why?

For most investors the experience and quality of the management team is the most important aspect they evaluate when investing in a company. Investors must feel confident that the management team knows its market, product and has the ability to implement the plan. In essence, your plan must communicate management's capabilities in obtaining the objectives outlined in the plan. If this area is lacking, your chances for obtaining financing are bleak.

If your team lacks in a critical area, identify how you plan on compensating for the void. Whether it is additional training required or additional management staff needed, show that you know the problem exists, and provide your options for solutions.

• Personal history of the principals:
• Business background of the principals
• Past experience -- tracking successes, responsibilities and capabilities
• Educational background (formal and informal)
• Personal data: age, current address, past addresses, interests, education, special abilities, reasons for entering into a business
• Personal financial statement with supporting documentation  
• Work experience:
• Direct operational and managerial experience in this type of business
• Indirect managerial experiences  
• Duties and responsibilities:
• Who will do what and why
• Organizational chart with chain of command and listing of duties
• Who is responsible for the final decisions?  
• Salaries and benefits:
• A simple statement of what management will be paid by position
• Listing of bonuses in realistic terms
• Benefits (medical, life insurance, disability...)  
• Resources available to your business:
• Insurance broker(s)
• Consulting group(s)
• Small Business Association
• Local business information centers
• Chambers of Commerce
• Local colleges and universities
• Federal, state, and local agencies
• Board of Directors
• World Wide Web (various search engines)
• What are your current personnel needs (full or part-time)? How many employees do you envision in the near future and then in the next three to five years?  
• What skills must your employees have? What will their job descriptions be?  
• Are the people you need readily available and how will you attract them?  
• Will you be paying salaries or hourly wages?  
• Will there be benefits? If so, what will they be and at what cost?  
• Will you pay overtime?

IV. Financial Data

At the heart of any business operation is the accounting system. It is important to have a certified public accountant establish your accounting system before the start of business. At times there is a tendency to do it yourself. Remember that an incredible number of businesses fail due to managerial inefficiencies. Leave it to the trained professional to help you in the area of accounting and legal matters. If your business can't afford a public accountant to establish your books, then you are undercapitalized. You need to secure additional resources before starting.

• Balance Sheet - indicates what the cash position of the business is and what the owner's equity is at a given point (the balance sheet will show assets, liabilities and retained earnings).  
• Break-Even Analysis - is based on the income statement and cash flow. All businesses should perform this analysis without exceptions. A break-even analysis shows the volume of revenue from sales that are needed to balance the fixed and variable expenses.  
• Income Statement - also called the profit and loss statement, is used to indicate how well the company is managing its cash, by subtracting disbursements from receipts.  
• Cash Flow - this projects all cash receipts and disbursements. Cash flow is critical to the survival of any business.

If the goal of your business plan is to obtain financing, you will be required to generate financial forecasts. The forecasts demonstrate the need for funds and the future value of equity investment or debt repayments. This exercise is critical in obtaining capital for your business. To obtain capital from lending institutions you must demonstrate the need for the funding and your ability to repay the loan.

The forecast that you generate should cover a three to five-year period. This is a period in which realistic goals can be established and attained without much speculation. Forecasts should be broken down in monthly increments.

Projections and forecasts are an integral part of your financial portfolio. Carefully and accurately state your assumptions. Honesty is the best policy! Over-optimism and over-inflation can lead to failure. For more help, review the tools Conduct a Sales Forecast and Prepare a Balance Sheet.

• Resumes  
• Credit information, include in Appendix  
• Quotes or Estimates  
• Letters of Intent from prospective customers  
• Letters of Support from credible people who know you  
• Leases or Buy/Sell Agreements  
• Legal Documents relevant to the business  
• Census/Demographic data

VI. Summary

The completed business plan should be bound. For internal purposes three-ring binders work well. Additions and changes can easily be placed in the binders. For the business plan that is to be circulated to a lender and/or investor, many types of appropriate folders and binders can be purchased at office supply stores.

Once the business plan is completed, it should become an operational tool to measure the success of the business. This plan should be updated as milestones are reached. Often companies will spend enormous time, energy and financial resources to complete this arduous task just for the purpose of obtaining additional capital. The companies that shelve the business plan after its completion and presentation to lenders lose out on the real value of this useful tool in the growth and development of small and large businesses.

VII. Resources

Bob Adams, "Adams Streetwise Complete Business Plan" (Adams Media 1998 )

Constantinos C. Markides, "All the Right Moves: A Guide to Drafting Breakthrough Strategy" (Harvard Business School Press,1999 )

Jerry Jinnett Pinson, "Anatomy of a Business Plan" (Dearborn Trade, 1999 )

Eric Press, "Analyzing Financial Statements" (Lebhar-Friedman, 1999 )

Peter Schwartz, "The Art of the Long View" (Currency-Doubleday, 1996 )  

American Institute of Certified Public Accountants (AICPA) - Avenue of The Americas, New York,N.Y .

Copyright © 2013, Virtual Advisor Inc.  

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TD Bank Business Checking: 2024 Review

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

TD Bank offers four business checking accounts , including an interest-bearing option and a premium account best suited for larger businesses with complex banking needs. While this review includes details about all four options, the star rating above corresponds with the bank's entry-level account, TD Business Simple Checking℠ .

The level of choice TD Bank offers may be appealing for small-business owners looking to grow with their bank. Also appealing: TD Bank’s extended branch hours — some locations are open on Sundays — and 24/7 live telephone customer service. While convenient, those features may not outweigh the bank’s small ATM network and lack of free business checking .

Looking for a business checking account?

See our overall favorites, or choose your business type to find the best options for you.

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TD Bank business checking is best for small-business owners who:

Operate a business in TD Bank’s service area and want a brick-and-mortar bank.

Want access to live customer service, 24/7.

Can maintain a high enough minimum balance to avoid the monthly service fee.

Prefer a brick-and-mortar bank with a free account? Consider the U.S. Bank Silver Business Package . That account also comes with a another feature many traditional banks offer (but TD Bank doesn't): a sign-up bonus.

Pros and cons

24/7 live customer service.

Some branches are open late and on weekends, including Sundays.

Interest-bearing checking account with no minimum balance requirement.

Accounts can be opened online.

No free business checking account.

Using an out-of-network ATM costs $3 per transaction.

Cash deposit allowance cut.

TD Bank business checking at a glance

How td bank business checking works.

Account options: TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers.

TD Business Simple is $10 per month and requires a minimum opening deposit of $25. Unlike other TD Bank business accounts, there is no way to skirt the monthly maintenance fee.

TD Business Interest Checking Plus carries a $15 monthly maintenance fee, which is waived if you maintain a minimum daily balance of $2,500. You’ll earn interest (0.05% as of this writing) on any balance.

TD Business Convenience Checking Plus is $25 per month, but the fee is waived if you maintain a combined minimum daily balance of $1,500 between your business account and one TD Bank personal checking account.

TD Business Premier Checking has the highest monthly fee ($30) but it also comes with the most benefits. Business Premier Checking customers are not charged fees by TD Bank when they use out-of-network ATMs (other accounts are charged $3 per transaction) and can open a TD Bank Money Market Plus account and up to two additional TD Bank Business Simple accounts for no monthly charge.

The $30 monthly fee is waived for the first three statement cycles. After that, you need to maintain a combined balance of at least $40,000 across your Business Premier Checking account and one of the following TD Bank accounts: personal checking, merchant services or digital express. The balance of a TD Bank small-business loan or open business line of credit can also be combined with your business checking balance to waive the fee.

The top-tier business checking option also allows up to $30,000 in fee-free cash deposits. With TD Bank’s other business checking accounts, you can deposit up to $5,000 in cash or currency for no additional charges. Deposits beyond the account limit are 25 cents per $100.

TD Bank limits free transactions on each of its business accounts. TD Business Simple and TD Business Interest Checking Plus get up to 200 fee-free transactions, while TD Business Convenience Plus and TD Business Premier Checking accounts are capped at 500. Additional transactions range from 35 cents to 75 cents each, depending on the account. Transactions include any item paid from or deposited to your account.

Location availability: TD Bank operates around 1,100 branches across 15 states and Washington, D.C. Your business must be located in TD Bank’s service area to open a business account.

TD Bank’s service area includes Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.

» MORE: What you need to open a business bank account

How to apply: You can apply for a TD Bank business account online, provided you have four or fewer signers on the account. Business owners can also open an account in person at a TD Bank branch.

Required information:

Legal name.

Valid Social Security number.

Required documentation:

Valid photo ID (driver’s license, state-issued ID or passport).

Relevant business documents, such as partnership agreement, DBA certificate, articles of incorporation, bylaws or LLC operating agreement.

Where TD Bank business checking stands out

24/7 customer service: TD Bank business customers can reach a live customer service representative 24 hours a day, seven days a week.

Extended branch hours: Select TD Bank retail locations stay open late (6 p.m.) and are open on the weekends, including Sundays at select locations. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.

Where TD Bank business checking falls short

Monthly fees: TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fee on its entry-level option: TD Business Simple Checking. You can sidestep the monthly fee on TD Bank’s other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 (can be a combined balance with a TD personal checking account) to avoid the fee.

» MORE: Best free business checking accounts

ATM fees and access: TD Bank operates 700 ATMs throughout its service area, a fraction of what its competitors provide. PNC Bank, for example, has 18,000 ATMs and serves many of the same areas. TD Bank charges $3 per transaction when you use an out-of-network ATM. The one exception: TD Business Premier Checking customers do not pay a fee to use non-TD Bank ATMs.

Interest-bearing checking: TD Bank’s Business Interest Checking Plus account earns a paltry 0.05% APY despite a monthly maintenance fee of $15. If you're comfortable with an online-only account, there are a number of free options that will do more with your money, including Bluevine Business Checking ( 2 % on balances up to and including $250,000; terms apply) and LendingClub Tailored Checking ( 1.5 % on on balances up to $100,000 and 0.10% on all balances after that).

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Small business optimism jumps ten percent, new td bank survey shows.

Majority of small business owners are optimistic about increasing revenue and maintaining staff in next 12 months

CHERRY HILL, N.J., May 08, 2024 --( BUSINESS WIRE )--According to the results of the 2024 Small Business Survey, released today by TD Bank, America’s Most Convenient Bank ® , a large majority of small business owners (SBOs) have a positive outlook on the future of their business. 90% of the SBOs surveyed noted their optimism for the future of their business in the next 12 months, which is up from 80% in 2023 , indicating a light at the end of the tunnel following prolonged turbulence in the economic environment.

Alongside their positive outlook, the survey found that SBOs are also optimistic about the following areas of their business:

Revenue: Nearly two in three (64%) SBOs foresee their business revenue and sales increasing in the next 12 months.

Growth Opportunities: When it comes to expanding products and services, over half (59%) of SBOs noted that they plan to do so in the next twelve months, indicating that small businesses are honing in on growth tactics as the macroeconomic environment levels out.

Closures and Layoffs: SBOs are showing an overwhelming sense of confidence around their business’s health, with almost all (94%) noting that they have no plans to sell or close their business in the next 12 months. Similarly, only 4% plan to reduce their staff.

Inflation’s Continued Effects

"While many small businesses remain optimistic heading into the second half of 2024 and 2025, they have continuing concerns about interest rates, inflation and economic pressures. However, SBOs' optimism surrounding revenue and business growth is a testament to the resiliency of small businesses who have weathered tough economic circumstances and proven their ability to effectively navigate a challenging economy," said Chris Giamo, Head of Commercial Banking at TD Bank. "We aren't in uncharted territory – business owners who have a strong relationship with their banker remain informed of the economic landscape and are able to leverage resources that will help them maintain and grow despite the challenges."

Despite increased optimism around their businesses, persisting inflation continues to weigh on SBOs. More than half cited both inflation and interest rates (56%) and the increasing costs of supplies, materials, and equipment (58%) as top concerns.

Data from the survey highlights the impact these macroeconomic conditions have on SBOs, with almost two-thirds (64%) noting they will have additional credit or financing needs over the next 12 months. Of those SBOs, half (50%) noted that this loan or line of credit would be used to maintain company operations, with others noting they’d use the funding or credit to support expansion into new market verticals (47%) and launching a new product or service line (45%).

"As small businesses continue to grapple with lingering economic headwinds, having a trusted financial institution in their corner for continued guidance and financial support is crucial," said Amy Dinkar-Patel, Head of Small Business & Commercial Distribution at TD Bank. "It's a promising sign that almost half of business owners are looking for financial support to invest in growth objectives. But whether they're looking to expand or equip themselves with financing solutions, TD is committed to helping our small business customers through every phase of their business's life."

Trusted Relationships Are Key

In a shifting, uncertain economy, SBOs rely heavily on their primary financial institutions to help them with their business functions and health. Customer service in particular is weighted heavily among business owners, with 62% noting it as a top function they look for in a bank, along with competitive rates (64%) and technical products and services that help them manage their business (49%).

The survey also found that SBOs continue to have faith in their banking partners and the value they offer, with less than one in five (19%) considering changing the primary financial institution they use for business purposes within the next year. Additionally, the majority (95%) of SBOs who noted they will apply for a loan or line of credit in the next 12 months are confident they would be approved through a big, mid-size or small regional bank – emphasizing their confidence in their financial health and in their bank's ability to support their business.

"One of the most important relationships business owners can develop is with their bank," Dinkar-Patel noted. "The right customer-banking relationship fosters trust, unlocks tailored financial solutions, and ensures a deeper understanding of the business's unique needs. The relationship between a small business owner and their bank isn't just a financial necessity – it’s the cornerstone of enduring success, allowing business owners to weather inevitable storms with confidence."

Survey Methodology

This report presents the findings of a CARAVAN ® survey conducted by Big Village among a sample of 1,014 small business owners and partners. The survey was conducted between April 3-15, 2024.

Small business owners are defined as respondents having less than 100 employees with a recent fiscal year revenue between $250,000 and $5 million.

About Big Village

Big Village is a global advertising, technology and data company. Driven by its diverse group of experts, Big Village provides a new way of working by bringing programmatic solutions, media, insights and creative all under one roof. Big Village is headquartered in New York and has 12 offices across North America, Europe and Australia.

About TD Bank, America's Most Convenient Bank ®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth ® . TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us . Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/ .

TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us .

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508292524/en/

Media: Madison Brock TD Bank Corporate Communications Manager II [email protected]

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Possible introduction of electronic visas in Krasnodar Krai

According to the Russian Minister of Foreign Affairs Sergey Lavrov, the possibility of introducing electronic visas for foreign visitors of Krasnodar Krai, similar to those existing in the Kaliningrad region and on the territory of the Free Port of Vladivostok, is being considered now.

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