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Business Plan Overview: Updated 2009
 

Business Plan Overview: Updated 2009

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Overview of parts of a business plan, suggested resources for creating business plan sections, detailed overview of the business plan narrative section

Overview of parts of a business plan, suggested resources for creating business plan sections, detailed overview of the business plan narrative section

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    Business Plan Overview: Updated 2009 Business Plan Overview: Updated 2009 Presentation Transcript

    • Business Plan Development Creating Your Road Map IMBA Lecture Series (c) 2009 Debra Askanase
    • Agenda
      • Purpose of a Business Plan
      • Parts of the Plan
      • Criteria by Section
      • Tips
      (c) 2009 Debra Askanase
    • Tools
      • Sample Business Plan
      • Questionnaires (to get you started)
      • Detailed Section Outline
      • Contact: Debra Askanase
      • [email_address]
      (c) 2009 Debra Askanase
    • WHY do we do this? (c) 2009 Debra Askanase
    • Yes, but WHY ELSE?
      • Know the Industry
      • Find your Competitive Advantage
      • Analyze Risks
      • Develop Your Idea Methodically
      • Acquire Investors
      • Find Support
      • Secure Financing
      • … .SHOULD I START THIS VENTURE??
      (c) 2009 Debra Askanase
    • Business Plan Sections (c) 2009 Debra Askanase
    • Business Plan Sections
      • Narrative Section
        • Business Description
        • Products and/or Services
        • Industry Analysis
        • Operations
        • Clientele/Target Markets
        • Competition
        • Marketing Plan
        • Personnel/Management
        • Long-term Goals
        • Risks and Contingencies
      (c) 2009 Debra Askanase
    • Business Plan Sections
      • Financial Projections
        • Financial Narrative
        • Start-up Expenses and Worksheet
        • Revenue Assumptions
        • Financial Assumptions
        • 3-5 Year Financial Projections
          • Statement of Cash Flows
          • Income Statement
          • Balance Sheet
          • Relevant ratios
      (c) 2009 Debra Askanase
    • Business Plan Sections
      • Supporting Documents
        • Resume/CV
        • Relevant documents/contracts
        • Past 3 years of tax returns (if seeking conventional financing)
        • Academic research
        • Marketing research results
        • Other
      (c) 2009 Debra Askanase
    • US vs. Israeli Style
      • All presentations, section questionnaires in US format
      • Sample outline in combined style
      • Lecture series suggests:
        • create in US format, then convert to any other style
      (c) 2009 Debra Askanase
    • Products and Services
      • Clear, concise descriptions
      • Divide into separate sections
        • Products
        • Services
        • Further subdivide into categories
      • Value proposition
      • Price menu
      • Pricing approach/structure
      (c) 2009 Debra Askanase
    • Industry Analysis
      • Your Goal:
        • Give a comprehensive understanding of the industry
        • Defend your business relevance!
      • How?
        • Describe current situation
        • Relevant trends
        • Intervening factors
        • Size of industry/market potential (total # businesses, annual revenues, etc.)
        • Growth potential
      (c) 2009 Debra Askanase
    • Industry Analysis
      • Where?
        • Academic sources (trade journals, academic journals, Google scholar)
        • Economic census (USA) http://www.census.gov/econ/census/ or http://factfinder.census.gov
        • Trade Associations
        • Online databases/sources:
          • Emarketer.com, bizstats.com,hoovers.com/free
        • GALE database
          • Articles, studies, etc.
      (c) 2009 Debra Askanase
    • Operations
      • Straightforward
      • (If retail) “paint a picture” of the space (as you walk in you will see/experience etc.)
      • Procedures and controls
      • Distribution channels
      • Payment procedures (in/out)
      • Business-specific details
      (c) 2009 Debra Askanase
    • Clientele/Target Markets
      • Primary Clientele (>= 50%)
      • Secondary Clientele (>= 20%)
      • Tertiary Clientele
      • Detailed descriptions
        • Demographics
        • Psychographics
        • Spending
        • Total market size per market segment
      • Use for Revenue Projections
      (c) 2009 Debra Askanase
    • Clientele/Target Markets
      • Consumer
      • B2B
      • Tourist
      • Religious
      • Example:
      • Witch Tee’s (Salem, MA)
      (c) 2009 Debra Askanase
    • Competition
      • Match Apples to Apples: Segment your competition
      • Your Value Proposition
      • Your Competitive Advantage
      • 2 Types of competitors:
        • Direct
        • Indirect
      • Discuss each significant competitor in depth, can group others
      • Identify potential threats and talk about them directly
      (c) 2009 Debra Askanase
    • Step Back from the Project!
      • SWOT Analysis/PEST Analysis (next lecture)
      • Do you have a real Value Proposition? USP?
      • Do you want to start this business?
      • Begin financial projections
      (c) 2009 Debra Askanase
    • Marketing Plan
      • Your Goal : you understand your market, industry, competitive and competitive advantage
      • Within the narrative, consider and describe
        • Marketing channels
        • Personnel
        • Geographic reach and richness
        • Tools
        • 4 (or 5) Ps
        • Pricing strategy related to marketing
      (c) 2009 Debra Askanase
    • Marketing Plan
      • Quantifiable Goals/Objectives = specific deadline dates, and numerical goals
      • Specific, detailed activities
      • Complete budget
      • Metrics
      • Several plans:
        • Start-up/awareness
        • First year
        • First three years
        • Marketing calendars are useful tools
      (c) 2009 Debra Askanase
    • Personnel and Management
      • Organizational Chart
      • Responsibilities
      • Salaries
      • Professional Advisors
      • Advisory Board
      (c) 2009 Debra Askanase
    • Long-Term Goals (c) 2009 Debra Askanase
    • Risks and Contingencies
      • Shows you understand your business
      • Deals with investor concerns up front
      • Make them real
      • Address at least two real risks
      (c) 2009 Debra Askanase
    • Financial Narrative (c) 2009 Debra Askanase
    • Recommended Reading
      • Good to Great & Built to Last Jim Collins
      • Blue Ocean Strategy W. Chan Kim
      • Getting to Yes: Negotiating Agreement Without Giving In Roger Fisher, William Ury and Bruce Patton
      • The E-Myth Revisited Michael E. Gerber
      • The Tipping Point Malcolm Gladwell
      • The Little Red Book of Selling Jeffrey Gitomar
      • Groundswell Forrester Research
      • The Wisdom of Crowds James Surowiecki
      (c) 2009 Debra Askanase