Evaluate the following business plan, identify as many errors as possible (except for grammatical or structural sentence errors), and explain why the error is significant.

I NEED AS MANY AS POSSIBLE ASAP!!!

For example

There is no cover page in the business plan. This is significant since a missing cover page implies the person reading the plan will be unable to contact you.

Appendix Loan Proposal Chuck Sanders Main Street Lake View, USA (999) 555-1234 October 6,2020 Mr. John Davis, Loan Officer First National Bank Main Street Lake Vicw, USA 55559 Dear Mr. Davis: Please find enclosed a loan application I am submitting in order to buy an oil change service in Lake View, ISA. The documents I am submitting are based upon the earlier meeting we had. The following items are included in this application: SLMMARY OF LOAN APPLICATION STATEMENT OF SOURCES USES OF FINDS STATEMENT OF COLLATERAL BUSINESS PLAN PROJECTED CASH FLOW STATEMENT (assume they are available and contirm historical data) PROJECTED RNCOME STATEMENT (assume they are available and confirm historical data) OPENING DAY BALANCE SHELT (assume they are available and confirm historical data) RESUME (not included for assigunent) Please let me know if there is anything else you require. I may be contacted at home at (999) 5551234 if you have any questions. I look forward to discussing this business opportunity with you. Sincerely, Summary of Loan Application NAME OF BUSINESS: LAKE VIEW OIL CHANGE SERVICE TYPEOFBUSINESS:OILCHANGEANDLUBRICATIONSERVICENAICSCode811191 ANNUALSALES:projected2021Sales(12mos)$278,000projected2022Sales(12mos)$327,000projected2003Sales(12mos)$359,000 FORM OF OWNERSHIP: Sub-Chapter S Corporation ADDRESS OF BLSINESS: Elm Street Lake View LOAN REQUEST PURPOSE OF LOAN: To purchase McElroy's Oil Change in Lake View, LSA. Statement of Sources and L'ses of Funds Statement of Collateral The loan will be secured with the following items: Dr. Heriot's Note: The names, dates, and places in this assignment were changed at the request of Chuck Sanders. The assignument is based upon the actual experiences of the person described in the business plan with one major exception. Mr. Sanders started a new quick oil change business. He did not buy an existing business. Financial Statements 7 Pro Forma Income Statements - Not Provided to Students Pro Forma Cash Flow Statement - Not Provided to Students Pro Forma Balance Sheet - Not Provided to Students Historical Financial Statements from MoElroy Oil Change Service - Not Provided to Students