Issuu on Google+


Home Topics Topics Topics Topics Contact us


What is a Business Plan?

• Why Prepare a Business Plan? • What to avoid in your Business plan?

Business Plan Format • Vision Statement • The People • Business Profile • Economic Assessment

Eight Steps to a Great Business Plan • Review Sample Plans • Focus and Refine Concepts • Gather Data

• Cash Flow Assessment

• Outline the specifics of your business

• Damage Control Plan

• Include experience • Review language and projections • Put your plan into a compelling form • Enhance with graphics

Does your plan include the following necessary factors • A sound business concept • Understanding your market • Healthy, growing and stable industry • Capable management • Able Financial Control • Financial Management Skills • Consistent business focus • Mind set to anticipate change • Plans for outline business


VALUE •  The  primary  value  is  to   evaluate  all  aspects  of   economic  viability  of  your   business  venture  including   a  descrip7on  and  analysis   of  the  business  prospects.  

IMPORTANCE

RECOMMENDATION

•  Maintaining  a  correct   •  Crea7ng  a  business  plan  is   assessment  of  the   an  essen7al  step  for  any   changing  economics  of  the   prudent  entrepreneur  to   business,  the  plan  will   take.   provide  a  useful  roadmap   •  You  must  complete  each   as  well  as  financing  tool.   segment  of  the  plan  as  you   •  Miscalcula7on  of   progress  through  the   poten7als,  the  business   course.   plan  could  become  a   •  Look  at  the  business  plan   roadmap  leading  to   as  an  ongoing  assessment   failure.   that  you  will  frequently   review  and  change  to   conform  to  actual   opera7ng  experience.  


Define and Focus your Objectives Used as a selling tool in dealing with important relationships Can uncover omissions and/or weaknesses in the planning process Can be used to solicit opinions and advice from people


Long-term future projections

Spelling

Uniqueness

Optimism

Language

• Becomes meaningless • Reality of the business can be different from initial concept • Do not ignore spelling out what your strategies will be in the event of business adversities • Don’t depend entirely on the uniqueness of your business or even a patented invention

• Just be extremely conservative in predicting capital requirements, timeliness, sales and profit • Avoid language that are difficult to understand


\   •  YOU  are  the  most  important  ingredient  for  the   success  of  your  business.   •  Prepare  a  resume  for  each  person  who  will  be   involved  with  you  in  star=ng  the  business.   •  Be  careful  to  those  with  whom  you  will  be  having   rela=onships.   •  YOU  are  the  most  important  ingredient  for  the   success  of  your  business   •  YOU  could  add  a  partner  to  your  plan  or  hire  key   people  who  will  provide  skills  you  don’t  have.  


Include a one-year cash flow that will incorporate your capital requirements

Include your assessment of what could go wrong and how you would plan to handle problems.


All businesses will experience episodes of distress. Survival will depend on how well you prepare to cope with them.

Your damage control plan should anticipate potential threats to your business and how you plan to overcome them.


EIGHT  STEPS  TO  A  GREAT  BUSINESS  PLAN  

Gather data

Review Sample Plans

Focus and refine concepts

Outline specifics of business

Include personal information

Print business plan

Enhance presentation


•  Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit. •  Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind.  


Build  a  qualified   team  to  evaluate   the  best  op=ons   for  u=lizing   retained  earnings.  


Be flexible early in the process and keep it fluid. Expect your first plan to be provisional and subject to revision.   Ask yourself if your experience or expertise gives you the right to an opinion on specific opportunity Identify your potential deal killers Clearly identify what you see as key drivers of success Raise money only in sufficient amount to finance the experiment or evaluation your next envision. (with contingencies) Delay hiring key managers until initial rounds of experimentation have produced a stable business model. •  • 

TEST your product or service TEST and refine business mode before expanding


TOP TEN DO’S


TOP TEN DONT’S


PORTER’S

5 FORCES MODEL


PORTER’S

5 FORCES MODEL


What is a Business Plan?

• Why Prepare a Business Plan? • What to avoid in your Business plan?

Business Plan Format • Vision Statement • The People • Business Profile • Economic Assessment

Eight Steps to a Great Business Plan • Review Sample Plans • Focus and Refine Concepts • Gather Data

• Cash Flow Assessment

• Outline the specifics of your business

• Damage Control Plan

• Include experience • Review language and projections • Put your plan into a compelling form • Enhance with graphics

Does your plan include the following necessary factors • A sound business concept • Understanding your market • Healthy, growing and stable industry • Capable management • Able Financial Control • Financial Management Skills • Consistent business focus • Mind set to anticipate change • Plans for outline business


Home Topics Topics Topics Topics Contact us


Kung Edward Kenneth