Banking on Business Connect
Being able to expand a well thought out idea in a financially sustainable process is paramount to the success of any business. John Jang runs an auto service and parts company, Kailos International and was considering business expansion; but like many other multicultural business owners, John found the thought of writing a business plan and pitching it to a bank terrifying.
John and his team were uncomfortable with the idea of creating a strategic plan and did not know where to start. Urged by the need for further research and building a long-term business plan, John approached Jae Won Kang, a Business Connect Multicultural Advisor (Korean), for professional advice.
Understanding the need for long-term financing and asset management for Kailos International, Jae Won referred John to financial institutions and assisted him in setting up meetings with business banking managers.
Jae Won also discussed with John the business’ short-term and long-term financial goals. Together they identified issues that could have a long-term financial impact on the business, showing John the importance of being transparent and accountable when working with financial institutions. Bridging those subtle cultural differences allowed the business to move in the right direction.
Under Jae Won’s guidance, Kailos International successfully prepared and completed their new business expansion plan. The business’s long-term financial and asset management plan included a clear vision and five-year forecast, comprising a forecast income statement, statement of cash flows, statement of financial position, and equity statement.
John now sees new opportunities and has become better financially secured in order to grow his business. He looks forward to the future with confidence.