Wrap up.ppt


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Wrap up.ppt

  1. 1. Business Plan <ul><li>Once the research is complete, questions answered, and strategy decisions made – it’s time to write the business plan. </li></ul>
  2. 2. Business Plan <ul><li>Sometimes, writing the plan can seem more intimidating than the research that went into it. </li></ul>
  3. 3. Business Plan <ul><li>If using the software all along, writing the plan may be a matter of pushing the “print” button on your computer! </li></ul>
  4. 4. Business Plan <ul><li>If using the Business Planning Guidebook and worksheets exclusively, you may have a bit of typing and organizing to do. </li></ul>
  5. 5. Business Plan <ul><li>Information to organize: </li></ul><ul><ul><li>Farm description (history and current situation) </li></ul></ul><ul><ul><li>Values, goals, mission </li></ul></ul><ul><ul><li>Strategy summaries </li></ul></ul><ul><ul><li>Financial analyses, tax returns </li></ul></ul><ul><ul><li>Implementation plan </li></ul></ul><ul><ul><li>Contingency statement </li></ul></ul><ul><ul><li>Historical tax returns </li></ul></ul><ul><ul><li>Resources </li></ul></ul>
  6. 6. Business Planning <ul><li>Begin by preparing an outline. </li></ul><ul><li>The purpose of your business plan will determine how it is organized. </li></ul><ul><li>The Guide contains six business plan outlines related to purpose of the plan on pages 234-235. </li></ul>
  7. 7. Business Plan <ul><li>Outlines in Guide differ according to: </li></ul><ul><ul><li>Overall strategy (new product vs. buyer) </li></ul></ul><ul><ul><li>Intended use (internal vs. external) </li></ul></ul><ul><ul><li>Business structure (individual vs. coop.) </li></ul></ul>
  8. 8. Business Plan <ul><li>Next, prepare the strategy sections for: </li></ul><ul><ul><li>Marketing </li></ul></ul><ul><ul><li>Operations </li></ul></ul><ul><ul><li>Human Resources </li></ul></ul><ul><ul><li>Finances </li></ul></ul>
  9. 10. Business Planning <ul><li>The executive summary is typically the last section written. It summarizes all the work you have put into developing your plan. </li></ul><ul><li>Example of Cedar Summit Farm “Executive Summary” on page 185 in Guide. </li></ul>
  10. 11. Business Planning <ul><li>When writing the plan, remember: </li></ul><ul><ul><li>Only use the sections needed </li></ul></ul><ul><ul><li>Make it concise and to the point </li></ul></ul><ul><ul><li>If you want someone to read it, remember their time is valuable </li></ul></ul>
  11. 12. Business Planning <ul><li>More writing and organization tips: </li></ul><ul><ul><li>Don’t include graphics without substance </li></ul></ul><ul><ul><li>Always prepare an executive summary </li></ul></ul><ul><ul><li>Communicate clearly </li></ul></ul>
  12. 13. Business Planning <ul><li>Additional writing/organization tips: </li></ul><ul><ul><li>Don’t use technical language or jargon </li></ul></ul><ul><ul><li>Make sure presentation is professional presentation (typed, proofed) </li></ul></ul>
  13. 14. Business Planning <ul><li>Any other advice to business managers? </li></ul>
  14. 15. Business Planning <ul><li>Help business managers get their ideas on paper: </li></ul><ul><ul><li>Share examples of completed plans </li></ul></ul><ul><ul><li>Help draft outline </li></ul></ul><ul><ul><li>Organize working sessions </li></ul></ul><ul><ul><li>Provide access to computer software </li></ul></ul><ul><ul><li>Schedule meetings to review progress </li></ul></ul>
  15. 16. Business Planning <ul><li>Help business managers prepare for visit with lender or potential investors: </li></ul><ul><ul><li>Describe what lender will want to see </li></ul></ul><ul><ul><li>Review business strategies together </li></ul></ul><ul><ul><li>Review financial projections together </li></ul></ul><ul><ul><li>Review market assumptions together </li></ul></ul><ul><ul><li>Review operations plan together </li></ul></ul>
  16. 17. Business Planning <ul><li>What else could you do? </li></ul>
  17. 18. Business Planning <ul><li>Educator take-home ideas </li></ul><ul><ul><li>Don’t write the plan </li></ul></ul><ul><ul><li>Mix workshops with one-on-one sessions </li></ul></ul><ul><ul><li>Limit workshop duration (no more than 4-6 weeks) </li></ul></ul><ul><ul><li>Make computers available during workshop </li></ul></ul><ul><ul><li>Identify and connect business managers with mentors </li></ul></ul><ul><ul><li>Encourage managers to form business planning “support groups!” </li></ul></ul>
  18. 19. Business Planning <ul><li>Take home ideas for business managers: </li></ul><ul><ul><li>Talk to others, ask questions </li></ul></ul><ul><ul><li>Study your markets </li></ul></ul><ul><ul><li>Be honest with yourself when evaluating ideas </li></ul></ul><ul><ul><li>Reject a strategy if it doesn’t make money on paper </li></ul></ul><ul><ul><li>Ask for feedback from family, team members </li></ul></ul><ul><ul><li>Get started! </li></ul></ul>
  19. 20. Business Planning <ul><li>Remember, a business plan should be used: </li></ul><ul><ul><li>Distribute copies to those involved in business </li></ul></ul><ul><ul><li>Review plan periodically </li></ul></ul><ul><ul><li>Monitor progress, meet with planning team </li></ul></ul><ul><ul><li>Keep records </li></ul></ul><ul><ul><li>Compare actual outcomes to projected outcomes </li></ul></ul><ul><ul><li>Make changes to plan as needed </li></ul></ul>