Using & Updating Your Business Plan

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In this 1 hour webinar hosted by BizCentral USA, we discuss the ways to use and update your business plan to be most effective for your small business! For more information on business plans, please visit: http://bizcentralusa.com/businessplan.php

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Using & Updating Your Business Plan

  1. 1. Finding and Staying on the Path to Small Business Success! Key Speaker Nina Lopez Small Business Consultant BizCentral USA Administrator Nicole Roach Marketing Coordinator HBIF Meeting 12-09 BizCentral USA
  2. 2. • BizCentral USA: A “One-stop” resource center for small business resources nationwide! • Key Speaker: Nina Lopez • Questions • Recorded Webinar Available At: – http://vimeo.com/channels/smallbusinesswebinars
  3. 3. • Introduction to Business Plans • Business Plan Components & How to Use Them • Benefits of a Business Plan • Where to Go From Here
  4. 4. 90% of new businesses fail in the first two years. Failure is often attributed to a lack of planning.
  5. 5. • Taking time to create an extensive business plan provides a company with insight into your business. • For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths, and competition. • Not to Mention…
  6. 6. 1. Puts a business idea to the test. 2. Turns a good idea into a viable business or a working enterprise. 3. Helps you come up with creative ways to make your business work. 4. Shows what you are up against with competition.
  7. 7. 5. Creates a detailed action plan to keep the competitive advantage. 6. Specifies what you need to start the business. 7. No nonsense list of equipment needs.
  8. 8. 8. Provides a timetable of items on your to-do list. 9. Helps you get the funding you need. 10. Tells the world who you are.
  9. 9. Executive Summary Company Summary Products or Services Market Analysis Strategy and Implementation Summary Management Summary Financial Plan
  10. 10. • A persuasive summary that will entice a reader to take the plan seriously and read on.
  11. 11. • Communicate with your Customers – Website, About Us, Marketing Materials • Company Vision Snapshot • Communicate with your Management Team, Board of Directors, Business Partners – Objectives, Goals, Solutions, Conclusions
  12. 12. • A company summary should discuss in detail the business’s ownership and legal status. • Also includes information on the company’s start-up.
  13. 13. • Reach your target audiences, customers – Website, press releases, brochures, pamphlets • Implemented in sales calls for various sales strategies and prospecting • Company overview snapshot – About your company and your products
  14. 14. • It is important to discuss the competitive advantage a business’ product or service has over the competition . • What makes your product or service unique? • Can you price it competitively?
  15. 15. • Classify your business according to your economic activity • Analyze, collect, and publish data about your business • Measure growth and potential for expansion into new products or services
  16. 16. • Knowing the market's needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan • Conducting a market analysis will help you: 1.Prepare to enter a new market 2.Launch a new product/service 3.Start a new business
  17. 17. • What resources and processes are necessary to get the product to market? This section should describe the manufacturing, R&D, purchasing, staffing, equipment and facilities required for your business.
  18. 18. • Develop a detailed action plan with chronological lists of action steps (tactics) • Measure if the organization's current structure is appropriate to the intended strategy • Allows management to think about the organization's communication needs
  19. 19. • Investors must feel confident that the management team knows its market, product and has the ability to implement the plan.
  20. 20. • Update the skills of your internal management staff members • Describe how each member contributes to the company • Set expectations and duties of each member of the management team • Used as an organizational chart
  21. 21. • One of the first steps to having a profitable business is to establish a bookkeeping system which provides data in the following four areas:  Balance Sheet  Break-Even Analysis  Profit and Loss Statement  Cash Flow
  22. 22. • Snapshot of your business financials • Track Progress • Adjust Future Goals and Sales Objectives
  23. 23. • Resumes • Credit information • Quotes or Estimates • Letters of Intent from prospective customers • Letters of Support from credible people who know you • Leases or Buy/Sell Agreements • Legal Documents relevant to the business
  24. 24. • Business plans are useful at all stages of a companies existence. • A common myth is that business plans are only useful for startups • The reality is that every business needs a business plan! • On average, a start-up plan will take anywhere from 160 to 640 hours to research and write.
  25. 25. • BizCentral Small Business Services • Business Plan Writing • Business Certifications • Incorporation • Website Development • Graphic Design • Marketing • Bookkeeping & Accounting • Nonprofit Services
  26. 26. • Contact Us • Nicole Roach: Nicole@bizcentralusa.com • Nina Lopez: Nina@bizcentralusa.com • Visit www.BizCentralUSA.com or Call 407-857-9002 www.twitter.com/bizcentralusa Facebook Fan Page: BizCentral USA/CharityNet USA

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