1. Business Plan Karisha Devlin Agricultural Business Specialist

2. Agenda Introduction The importance of a business plan Key elements of a business plan Tools Computer time & questions

3. What is a Business Plan? Written document that: Defines your business Identifies your goals and mission Serves as your business resume

4. Why is a Business Plan Important? Roadmap for your business Gives you a better chance for success Required by financial institutions Helps communicate goals and objectives Forces you to look at whole business Stimulates development of new/future business opportunities

5. Elements of a Business Plan Executive summary Farm description Strategic plan Production & operation Marketing plan Personnel plan Financial plan

6. Executive Summary Doorway of business plan A one-page overview of business Placed in the front, but done last Summarize key points Content depends on purpose of plan

7. Farm Description Business type and size Location Facilities History Ownership structure

8. Strategic Plan Mission statement Goals Business Strategy Where you want the business to go and how to get there SWOT

9. Mission Statement A description of what you and/or your business hope to do and be Values Vision Purpose

10. Goals and Objectives Goals Dream with a deadline Desired outcomes for your business Short term (within one year) Long term (2-5 years) Objectives Strategies for reaching goals

11. Production and Operation Crop system Livestock system Other enterprises

12. Marketing Plan Marketing strategy Marketing resources Promotion and distribution Inventory and storage management

13. Personnel Plan Family and hired labor Management team Consultants Personnel management

14. Financial Plan Financial statement Balance sheet Income statement Cash flow statement Long range projections Projected profitability Capital required Asset management

15. Tools Books Agricultural Business Specialist Examples Assistance Software FINPACK Business Plan

16. Questions Karisha Devlin devlink@missouri.edu 573-633-2640