Planning for Business Success

SESSION AGENDA Why Do Businesses Succeed? Why Do Businesses Fail? The Business Plan: Your Plan to do Business Professionalism in Business – First Impressions Count! Strengths ~ Weaknesses ~ Opportunities ~ Threats

“By failing to prepare, you are preparing to fail.” Benjamin Franklin

WHY DO BUSINESSES SUCCEED?

SUCCESSFUL BUSINESSES WIN ON ONE OR MORE OF THE FOLLOWING “COMPETITIVE DIMENSIONS”: i. Price ii. Quality iii. Convenience iv. Service v. Superior Marketing vi. Hard Work NOTE: Pick one or two of these (based on customer feedback) to really focus on/be known for in the marketplace – it’s very difficult to be exceptional in ALL of these areas!!!

WHY DO BUSINESSES FAIL? Labels

REASONS FOR BUSINESS FAILURE Lack of experience Insufficient capital (money) Poor location Poor inventory management Over-investment in fixed assets Poor credit arrangement management Personal use of business funds Unexpected growth Aimes, Michael. Small Business Management.

THE BUSINESS PLAN: ITS PURPOSE Action Plan Road Map Sales Tool The business plan is the entrepreneur’s roadmap for a successful enterprise.

THE BUSINESS PLAN What is it? Why do I need one? The business plan is a written document that details the proposed venture. It must describe current status, expected needs, and projected results of the new [or existing] business. Why do I need one? To tell a clear picture of what the venture is, where it is projected to go, and how the entrepreneur proposes it will get there. To test the viability of the business for you and others (e.g. lenders, investors, customers)

THE BUSINESS PLAN Answers the following questions: What your business is and what its niche or role in the marketplace is (what need it addresses) Who your customers are and why they will buy from you (and not your competitors) How you will operate your business; Who will do what? Projected financials and expected expenses What your goals are and why they are realistic Slide for email

A BUSINESS PLAN A plan is a reflection of its creator Sometimes the primary benefit of preparing a plan is the realization that a business idea just won’t work! The real value in preparing a plan is not as much in the plan itself as it is in the process of creating it Copyright ©2009 Pearson Education, Inc. Publishing as Prentice Hall

TAKING THE TIME TO BUILD A BUSINESS PLAN… Although building a plan does not guarantee success, it does increase your chances of succeeding in business A plan is like a road map that serves as a guide on a journey through unfamiliar, harsh, and dangerous territory. Don’t attempt the trip without a map! Copyright ©2009 Pearson Education, Inc. Publishing as Prentice Hall

WRITING A BUSINESS PLAN Typical plan is 25 to 50 pages long Like every business venture, every business plan is unique Use it to tell your company’s story Copyright ©2009 Pearson Education, Inc. Publishing as Prentice Hall

KEY ELEMENTS OF A BUSINESS PLAN Title Page and Table of Contents Executive Summary The Business Description The Industry The Market Marketing Plan Financial Plan/Projections Attachments/Exhibits Labels: Excel NDC. Plan It Training Curriculum.

Co Starters Model Canvas

NEXT STEPS Look at business plan samples online Bplans Fill out the Business Model Canvas Complete initial SWOT Analysis of your business Submit your idea to the Balsa Foundation Idea Support: http://www.balsafoundation.org/idea-support/ and check out the Entrepreneur Roadmap Labels/new list

WHAT MOTIVATES YOU? • What is your reason for starting a business? – Passionate about an idea? – Need a job? – Like to be the boss? • What are your goals? – Time – Money, family/relationships, – Control of professional life? • Are your goals compatible with entrepreneurship?

CONTACT INFORMATION Name: Gabriela Ramírez-Darris Email: gramirezarellano@hccstl.com Phone: 314.664.4432