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Business Planning Basics

Discover the fundamentals of business planning and why it's crucial to your success. This guide outlines how to create a comprehensive plan covering market, organizational, and financial components. Learn to use realistic market data, focus on team roles, and accommodate risk mitigation in your strategy. Get valuable tips for each section, understand how to utilize your plan effectively, and involve your team throughout the process. Update your plan regularly and prepare it for funding sources in advance.

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Business Planning Basics

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  1. Business Planning Basics ! ?

  2. Time to start? Expand? • Uses of the plan • Internal • External

  3. The Big Picture • Many names/formats, same 3 parts • Market Components • Organizational Components • Finance Components

  4. Market Section Tips • Market • Competition (Supply) • Direct • Indirect • Future • Customers (Demand) • Realistic, current, credible data • Secondary Data • Primary Data

  5. Organizational Section Tips • Focus on roles, not individuals • Don’t overlook risk mitigation • Advisory board • Rely on Market Section data

  6. Finance Section • Simple but clear • Accurate • Uses • Benchmark • Dashboard • Budget (Cash Flow Projection) • Resources • Supported by Market Section data

  7. How to Use the Plan • Involve team in process • Update frequently • Provide to funding sources in advance of request

  8. Contact • Alan K. Christensen (Ephraim)(435) 283-7372 • Keith Church (Richfield)(435) 893-2252 www.SnowCollegeBusiness.com

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