Should Small Business Banks Check Business Plans for Plagiarism?

It seems so many professionals are getting lazy these days. For instance, I have found attorneys drawing up paperwork for me, which is specifically copied boilerplate phrases and dumped them into my business contracts. And when I look real close I find mistakes, I once found the name of another company, and it was obviously…

It seems so many professionals are getting lazy these days. For instance, I have found attorneys drawing up paperwork for me, which is specifically copied boilerplate phrases and dumped them into my business contracts. And when I look real close I find mistakes, I once found the name of another company, and it was obviously a cut-and-paste job. Too busy to do it right I guess. You can imagine how upset I was seeing as I was paying $ 350 an hour to a franchise attorney to help me tighten up my disclosure documents.

But it's not just professional lawyers who are taking shortcuts, it looks everyone is. Even bankers do not seem to check over all the material which is submitted for a business loan. The other day I was talking to a small business person who needed a little consulting to expand their business. I asked to look at their business plan, and they said they did not really have one, but they had copied one from another business, and they still had it, because they submitted it to get their bank loan when they opened their company.

I looked over that business plan, and it was a copy of what the submitted to the bank, and the entrepreneur had not changed the name of the fictitious company within the business plan, before submitted to the bank. Worse, the bank never done it, that is to say the commercial loan officer did not even look. That's unfortunate, and it says more about the banking industry, and the professionals we trust more than it does the busy entrepreneur who slapped something together real quick to get the bank loan.

Now then, whereas I would like to fault the small business owner and entrepreneur for not creating a proper business plan in the first place, I also know how busy one gets when running their own company. It would seem to me that banks need to check business plans for Plagiarism. They need to check the business plans which are submitted to them to get the business loans and all the relevant accompanying documents – against all the other business plans which are online and available. They should do this just as college professors do with every term paper which is turned in. Let me explain why.

If a small business goes to get a bank loan, but they do not have a business plan, and they have not thought it through correctly, and surely copy someone else's and hands that in the loan officer can check off the box, then that is the same as a businessman opening a company without any plan of where to take his business once it starts. Would you invest in the company like that? Had the banker forced the small business person to create a plan, his business probably would have done better, and he would not be calling me for consulting now, as his business is on the rocks.

Indeed, I hope you will please consider all this, and I can not find anything on the Internet anywhere, about anyone mentioning this problem. But I know it's a problem, because when I used to sell franchises, we had franchisees turning business plans, which we did not help them with into the banks to get financing. But their business plans were not approved by us, and they had not completed their training or even read our information manual yet – so how would they know how the business was going to be run? Are you beginning to see how deep this problem goes? Please think on it.