SESSION 8: INTEGRATING AND CONTROL

TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

CONTACT DETAILS SURGERY HOURS On Request

Part 1

Introduction/Executive summary A brief summary of the whole business plan It must be eye/attention catching This is normally the last paragraph you write Logical sequence: – Broad background/trends – Which resulted in your specific product/service idea – Your vision for the product/service – The uniqueness – The purpose of the business plan

Brief description of your business Name of the business Address Fax number; Telephone number; Mobile number; address Contact person When the organisation was started Vision/mission of the organisation Products/services that the organisation provides

Your product or service Product/Service Aim of product/service (characteristics of customers and what needs are addressed) Unique characteristics of product/service Technology required to deliver/produce product/service License/Patent needed to develop/sell product/service Future potential of product/service Competitors and their strengths and weaknesses

Organisation structure Describe the number of staff, their roles, experience and training required List the consultants/advisors that will be used Legal structure

Sales and marketing Pricing of product/service (indicate how calculated) Promotion (e.g. advertisements, social media instruments) Location and why Special activities to sell product/service

Business operations The production process The capacity of the production process Equipment necessary in the production process What will happen in case of breakdowns Describe the premises and location

Financial considerations Financial requirements – Item – Source of funding – Price of item – Guarantees – When required – Deals on offer Expenses budget Break-even Cash flow analysis Income statement Balance sheets

Risks What are the biggest risks How will you manage it

Summary End in a positive sentence Indicate that you are eager to implement idea

References Need at least 6 references Must be indicated in the text as well Can include: reference books; web sites; newspaper articles; interviews

Useful Resources You can download workbooks, spreadsheets and examples at : Home > Finance and grants > Cash flow > Financial and management accounts: the basics

Part 2

Introduction The purpose of this assignment (to analyse another’s business plan, use that as reflection to improve own skills)

Description of peer's business idea The person The business The idea

Lessons learned What have you learned from that business plan? Are there any solutions you would consider implementing yourself? What would you do differently?

Your reflection about self-employment Will you be able to create your own employment? Motivate your answer

Own development needs What are your development needs with regards to starting a business? How can you work on those needs and improve?

Summary Summarising what you have learned from this assignment

References At least 5 references

Exercise For the next session analyse the business plan for LIGHT-GUARD MANUFACTURING LTD. following business plan and indicate: – What are good – What needs additional attention n/reference/search/basic/Business%20plan/5 n/reference/search/basic/Business%20plan/5

ANY QUESTIONS?