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Topics for Discussion

Eight Steps to a Great Business Plan

Top Ten Do’s and Don’ts

What is a Business Plan? • Why Prepare a Business Plan? • What to Avoid in Your Business Plan

Business Plan Format • • • • • •

Vision Statement The People Your Business Profile Economic Assessment Cash Flow Assessment Damage Control Plan

Eight Steps to a Great Business Plan 1. 2. 3. 4. 5. 6.

Review sample plans Refine concept using compiled data Gather data Outline business details Include personal and other relevant info Present in clear language and realistic projections 7. Print business plan 8. Enhance presentations

Necessary Factors • • • • • • • • •

A Sound Business Concept Understanding of the Market A Healthy, Growing, and Stable Industry Capable Management Able Financial Control Financial Management Skills A Consistent Business Focus A Mind Set to Anticipate Change Include Plans of Conducting Business Online

Formulate (and Reformulate) Your Business Plan Be flexible Assess your personal expertise Identify potential deal killers Identify key drivers of success Be frugal in experimentation Delay hiring key managers before business model is stable • Test your product • Test and refine your business model • • • • • •

Top Ten Do’s 1) Prepare a complete business plan for any business you are considering 2) Use the business plan templates provided 3) Complete sections of your business plan as you proceed through the course 4) Research for business plans available on the internet 5) Package your business plan attractively Next Five

Top Ten Do’s 6) Seek the advice of experts in your intended business 7) Prepare your strategies in handling challenges and issues 8) List down the strengths and weaknesses of your management team 9) Include a monthly cash flow projection for 1 year 10) Revise your business plan to adapt to changes Previous Five

Top Ten Don’ts 1) Be optimistic in estimating future sales 2) Be optimistic in estimating future costs 3) Disregard or discount the weaknesses in your plan 4) Stress long-term projections 5) Depend entirely on the uniqueness of your business or the success of an invention Next Five

Top Ten Don’ts 6) Project yourself as someone you’re not 7) Be everything to everybody 8) Proceed without adequate financial and accounting know-how 9) Base your business plan on a wonderful concept 10) Pursue a business not substantiated by your business plan analysis Previous Five

Powerpoint presentation  

The Business Plan

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