by Dan Boudreau
http://www.riskbuster.com
©
2009
As you venture down the business planning path, you
are certain to encounter one or more gatekeepers. "Gatekeeper" is the
term I use to describe bankers, business analysts and managers of any government
programs that might provide grants to your business. While each gatekeeper is
responsible to protect their employers' assets, they also offer you a tremendous
learning opportunity.
As a fledgling business start-up,
it is natural to feel somewhat defensive as you share your business idea with
others. I encourage you to rise above your initial apprehension and realize that
gatekeepers are continually seeking to invest in well researched and presented
businesses. If you've done your homework, you could be offering just the package
he or she is looking for.
The gatekeeper's first order
of business will be to perform all the necessary due diligence to determine if
your business idea is viable. He or she will also be responsible to assess whether
or not you can do all those glorious things outlined in your business, before
taking it forth to run the gauntlet with his or her boss or the committee that
decides whether or not to lend you the money.
A banker once
told me that, when meeting a loan applicant for the first time, the first few
minutes of the meeting gave her enough information to decide whether or not to
lend the person money. Your conduct and personal interaction with the gatekeeper
count. I have seen loan applications rejected because the applicant simply couldn't
honour commitments as simple as showing up for appointments on time or returning
phone calls promptly.
If you are a learner and if you are
courteous in your interaction with the gatekeeper, he or she can become a tremendous
ally in your business planning process. Be thankful for the gatekeeper's involvement
in your business planning process. Often, they are highly knowledgeable generalists
who perform due diligence on a daily basis for a broad range of businesses. They
will easily recognize if you are on or off track. If you work with your gatekeeper,
he or she will help you build a stronger business plan.
How
to Be Effective When Dealing with Your Gatekeeper
1. Be
curious! Be a learner! Be coachable!
2. If possible, communicate
with the gatekeeper at the beginning of your business plan development - learn
his or her process and timelines, find out what he or she expects to see in your
business plan and determine if he or she wants opportunities to provide input
to your draft business plan.
3. Prepare for your discussions
and meetings with the gatekeeper and manage the time efficiently.
4.
Know your business plan thoroughly but accept that you may not have all of the
answers. If you don't have answers to questions, commit to finding them.
5.
Without being a know-it-all, try to anticipate which questions the gatekeeper
might ask and have your answers ready. You have two ears and one mouth; listen
twice as much as you talk.
6. Be on time for meetings, return
phone calls promptly and honour all promises you make.
7.
If the gatekeeper seems to be negative about your business plan, ask why and request
more detail until you understand the problem and what you need to do to fix it.
8.
If a gatekeeper turns down your application, determine whether the decision is
final or if you can fix any weaknesses and reapply.
9. Whether
you reapply or not, use the gatekeeper's input to strengthen any weaknesses in
your business plan.
10. Thank the gatekeeper for his or
her feedback.
