The Business Plan Putting It All Together. Tip The Business Plan 1 The Outline Executive Summary Organization Review Internal Systems, Processes & Procedures.

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Presentation transcript:

The Business Plan Putting It All Together

Tip The Business Plan 1 The Outline Executive Summary Organization Review Internal Systems, Processes & Procedures Market Analysis Product Description Marketing Strategy Operating & Product Costs Capitalization Plan Projections & Financial Details Appendices Only a starting point!

Tip The Business Plan 2 Executive Summary Brief overview of plan Highlight key elements Less than 2 pages Tailor to reader Key financial details Make a request Do this part last!

Tip The Business Plan 3 Organization Review Mission statement & objectives Proposed legal structure Regulations & licences Location and zoning issues Associations & networks (ie. BBB) Internal systems, processes & procedures * The basis for success!

Tip The Business Plan 4 Credit Granting Process Application Credit checks Terms, limits & payment Collection of overdue accounts – Reminders: Frequency? Who? – Reporting: When? Who? – Judgements: Waiting means losses The basis for success!

Tip The Business Plan 5 Human Resources Jobs, skill, management structure Wage & salary ranges Benefits & incentives Performance reviews & training Entrepreneurial self-assessment Management skills action plan Business advisers and consultants Use government help!

Tip The Business Plan 6 Product Description Identify the need or want Features, benefits & value Durability of product appeal Patents, copyrights & trademarks Product research & development Compare competing products Is yours better? Does it matter? Suppliers, terms & alternates Identify need carefully!

Tip The Business Plan 7 Market Analysis Trends: P olitical.E conomic.S ocial.T echnological. Demographics & psychographics Segment into primary/secondary Competitors: Poor? Few? Cheap? – S trengths. W eaknesses. O pportunities. T hreats. Test, survey & repeat as required Estimate market share & growth Use various sources!

Tip The Business Plan 8 Marketing Strategy Unique selling proposition or ‘Why’ Develop messages and branding Define ‘the deal’, customer service & quality, pricing & terms of sale Sales activities & events Promotions & advertising Compare & contrast strategies benchmark & evaluate activities Integrate export & e-business Why will they come?

Tip The Business Plan 9 Operating & Product Costs Include all start-up expenditures Obtain estimates to validate Itemize all overhead costs Product costing per unit Expected profit margins Compare with industry averages Other expenditures (draw, loans) Ensure a profit exists!

Tip The Business Plan 10 Capitalization Plan Set-up costs & acquisitions Estimate item expenditures Leasing versus purchasing Owner’s cash & in-kind equity Working capital calculation Calculate borrowing requirement Sources of capital – bank, grants? Consider all options!

Tip The Business Plan 11 Projections & Financial Details Projected cash flow & f/s Break even calculation Create ‘What if’ scenarios Summarize all assumptions Calculate key ratios & benchmarks Compare with industry averages Owner’s personal equity statement A spreadsheet is easiest!

Tip The Business Plan 12 Appendices Resumes & references Product testimonials Sample promotional materials Market studies & research Contracts & agreements Pictures of site & equipment Published data & articles Anything that explains!