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Business Plan Creation

Business Plan Creation. BYU Management Society Entrepreneurial “Idea Share” Workshop 17 April 2010. Business Plan Observations. Every company/manager uses a different business plan template Don’t be intimated There is no ‘one’ best way to write a plan

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Business Plan Creation

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  1. Business Plan Creation BYU Management Society Entrepreneurial “Idea Share” Workshop 17 April 2010

  2. Business Plan Observations • Every company/manager uses a different business plan template • Don’t be intimated • There is no ‘one’ best way to write a plan • It won’t be done in one setting and it will evolve • In general, shorter is better but your plan must be complete • State your assumptions (e.g., How did you arrive at your sales forecast?) • A well documented business plan is your roadmap and a good resource to create other supporting documents (e.g., an abbreviated version for investors)

  3. Business Plan References • The One Page Business Plan For the Creative Entrepreneur by Jim Horan • Pragmatic Marketing templates • www.pragmaticmarketing.com/files/ppm • Many templates including a business plan

  4. One Page Plan Components • Vision – What are you building? • Build XYZ Co. into a $5M enterprise software company in 3 years specializing in web design solutions • Mission – Why does this business exist? • Streamline the web design and support processes • Objectives – What results will you measure? • Obtain 20 new clients w/ average revenue of $30k per year • Strategies – How will you build this business? • Use outside consultants to achieve additional capacity • Plans – What is the work to be done? • Foster thought leadership position thru blog and twitter by Sep 1 All components must be in harmony

  5. SWOT Analysis • A SWOT analysis will provide helpful insights into your business plan creation • Strengths and Weaknesses are internal to your organization • Strength – Strong management team • Weakness – High turnover and training costs • Opportunities and Threats are external factors • Opportunity – Newly identified market segment • Threat – Impending higher interest rates

  6. Pragmatic Marketing Business Plan Template • Executive Summary (Typically done last) • Market Opportunity • Distinctive competence and strategic fit • Financial objectives • Business Plan • Background • Market Analysis • Market segments • Buyer personas • Market problems • Reason to buy/barriers to purchase/buying process

  7. Pragmatic Marketing Business Plan Template • Business Plan • Market Analysis (cont.) • Current solutions • Complements and conflicts with existing company products • Our current position • Competitive landscape • Product Concept • Positioning • Compelling advantage

  8. Pragmatic Marketing Business Plan Template • Business Plan • Business Justification • Business objectives • Forecasted revenue • Cost estimates • Profit analysis • Pricing • Installed base opportunity and impact

  9. Pragmatic Marketing Business Plan Template • Business Plan • Product Feasibility • Technology assessment • Buy, build, or partner • Development feasibility • Services feasibility • Retirement Strategy • Risks • Mitigation strategy • Appendix • Supporting documents and research

  10. Thanks

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