Bank of Nova Scotia has introduced a free and interactive online tool that helps new and established small business owners through the process of writing, organizing and using a business plan.

“At Scotiabank, we want to help small business owners succeed, and the key is starting off with a good business plan,” says Kyle McNamara, Customer Segments and Small Business, Scotiabank. “Whether a customer is starting a new business or expanding an existing one, our innovative tool gives entrepreneurs a step-by-step guide to put their ideas on paper so that they can achieve their business goals.”

Scotia Plan Writer for business is available to entrepreneurs at www.scotiabank.com/businessplan. The planner leads the user through a series of questions which make it easier to build a business plan from scratch. It also includes a number of sample plans and external links for additional information such as research on the local market, customer needs, industry trends and the competitive environment.

“We’re pleased to offer a web-based tool with leading edge technology to give customers an easy and interactive way to put their business ideas and goals in writing,” adds McNamara.

Some its technological features include:

  • an interactive, step-by-step process;
  • the ability to create a “living document” that is web browser-based, but easily updated and can be saved and revisited to assess the progress of a small business;
  • the capability to convert the completed business plan into a Word document for saving, editing, and emailing;
  • comprehensive “help” features with a built-in glossary, as well as guides, best practices, sample data and links to research resources such as Statistics Canada; and the capacity to handle financial projections with one to five years worth of data.

“A good business plan is a powerful tool whether you’re applying for financing, creating a management roadmap, or communicating your goals to business partners or employees,” continues McNamara. “It should be no more than 10 pages in length, and will consist of two main sections. The first half of the plan outlines the structure of the company, the product or service, the sales and marketing strategy, and the marketplace the business operates within. The second half is the financial plan that will allow you, your stakeholders and advisors to assess if the numbers accurately reflect the business you’ve described in the first half.”