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Business Plans

Business Plans. Part 3 Taken from http://www.bplans.com/hurdleonline http://www.sba.gov/starting/indexbusplans.html. Assignments to Date. Preliminary Mini Plan Mission/Objectives Keys to success Target Market Competitive Advantage Basic Strategies Initial break-even chart

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Business Plans

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  1. Business Plans Part 3 Taken from http://www.bplans.com/hurdleonline http://www.sba.gov/starting/indexbusplans.html

  2. Assignments to Date • Preliminary Mini Plan • Mission/Objectives • Keys to success • Target Market • Competitive Advantage • Basic Strategies • Initial break-even chart • Company Summary & Product Description

  3. Simplified Business Plan Outline • Executive Summary • Company Summary • Product Description • Market Analysis Summary • Strategy and Implementation Summary • Management Summary • Financial Plan

  4. Management Summary“If it isn’t a good place to work, it won’t be successful” • Important to have to quality of the workplace in mind and to find ways to communicate this in the plan • Commitment to and enjoyment of work • Integrity (honesty) • Competence • Personal connection • Balance • Fun

  5. Management Summary Basics • How many employees • How many are managers • How many are founders • Summary views of strengths of personal (resumes should be attached to back of plan) • Management gaps • Does organizational structure seem appropriate • Missing members • How you intend to fill them

  6. Management Summary • Organizational Structure • Include organizational chart • Job Descriptions • Are organizational lines clearly drawn? • Is authority properly distributed? • Do you have jobs that include responsibility without authority? • Other considerations • Noncompete agreements with competitors

  7. Management Summary Develop numbers for Personnel Plan

  8. Management Summary • More detailed Personnel Plan • Organized by department • Include personnel burden • payroll taxes and benefits • This should be in either simple or detailed personnel table and assumptions included in your general assumptions • Payroll assumptions will be used elsewhere • Profit and loss statement

  9. Knowing Your Market • Need to describe the general state of your industry and the nature of the business • - Industry participants • number and market share • trade associations, conventions, publications • - Distribution patterns • to distributors, to retail stores, directly? • - Competition • main strengths and weaknesses .

  10. Knowing Your Market • Resources (on our website) • http://www.bplans.com/qa/ • http://www.sba.gov/ • http://dir.yahoo.com/Business_and_Economy/small_business_information/ • http://www.quicken.com/small_business/ • http://www.knowthis.com/general/marketplan.htm • http://www.score.org/ • http://www.census.gov/ • Trade associations and business publications – use favorite search engines

  11. Knowing Your MarketPractical Market Research • Study Similar Businesses • Find similar but non-competing businesses that will share experiences • Look for people selling similar businesses • Shop the competition • Talk to Customers • Do direct market research (ask a credible number of people what they want) • Use online surveys • Assess Potential Customers • Average age, income & education levels, buying patterns, values, etc.

  12. Knowing Your MarketForecasting Your Sales • Experience is important here – more of an art than science • Simple Sales Forecast

  13. Knowing Your MarketForecasting Your Sales • Detailed Sales Forecast

  14. Knowing Your MarketForecasting Your Sales • Use graphics for monthly and annual sales

  15. Knowing Your MarketForecasting Your Sales • Charts and tables must be described in text • Summarize and highlight numbers in sales forecast tables • Are anticipated questions answered • Give the sales strategy behind the forecast • How and when to close sales prospects • How to compensate sales people • How to optimize sales processing • How to maneuver price, delivery, and conditions • How are sales people trained • Are details of sales programs given with milestones, responsible persons, and budgets • Provide and justify the assumptions used

  16. Knowing Your MarketMarket Segments • Segmentation concept is crucial to market assessment and market strategy • Ex. • http://www.dell.com/us/en/gen/default.htm • http://www.ashling.com/ • http://www.nordictrack.com/nt/v4/index.html

  17. Knowing Your MarketMarket Segments • Analysis using tables and charts

  18. Knowing Your MarketMarket Segments • Charts and tables must be described in text • Begin with a summary • Define the groups • Justify them as targets • Be concise • Explain your segmentation • Display you wisdom and understanding of industry • Discuss what characteristics distinguish different groups • Discuss the strategy behind the segmentation “strategy is focus; it is creative and it doesn’t follow pre-written formulas” • Explain market needs, growth, and trends

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