Business Planning Brian Okane
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Business Planning Brian Okane

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Business Planning Brian Okane Business Planning Brian Okane Presentation Transcript

  • Business Planning BRIAN O'KANE
  • THE HARSH REALITY
    • 50% of start-ups fail
    • Poor business planning
    • “ Write a business plan”
    • Emphasis on writing, not on thinking
    • THINK, THINK, THINK !
  • PROCESS vs OUTPUT
    • PROCESS separate from OUTPUT
    • PROCESS = Thinking, researching, testing, planning
    • OUTPUT = Business plan document
  • BUSINESS PLANNING PROCESS        Think Plan Do
  • STRATEGY
  • MISCONCEPTIONS
    • Strategy is for big companies only
    • You need an MBA to do Strategy
    • There's no point planning, since things change
  • Unsuccessful strategy 1
    • All fogged up
  • Unsuccessful strategy 2
    • Sunday driver
  • Unsuccessful strategy 3
    • Rose-tinted spectacles
  • Unsuccessful strategy 4
    • If we make it, they'll buy it!
  • Unsuccessful strategy 5
    • Blind leap of faith
  • Unsuccessful strategy 6
    • Juggling too many things at once
  • STRATEGY
    • Imagining
    • Planning
    • Deciding
    • Taking control
  • STRATEGY
    • Where do you want to go?
    • Where are you now?
    • How do you get there?
    • Focus usually on HOW?
      • More important questions: WHAT? WHY?
    • Strategic box
    • Business plan – THINK, not WRITE
  • STRATEGIC BOX
    • Values
    • Passion
    • Vision
    • Mission
    • Positioning
    • Resourcing
  • OTP STRATEGY
    • Passion
      • Our passion is enterprise. Thinking about it. Writing about it. Talking about it. Doing it. Helping with it. Making it happen.
    • Vision
      • OTP will be known worldwide as the best in developing successful methodologies and resources for entrepreneurs, MSMEs and enterprise support organisations.
    • Mission
      • Helping entrepreneurs to achieve their potential.
  • Vision
    • WHAT ?
    • WHY ?
  • Vision 2
    • I want to own and run a uniquely personalised career advice service, which really understands people’s difficulties in choosing a career and works with them to find their best fit in the job market. I want this service to have a 99% first-time success rate in matching people to the right careers (not just the next job), as measured by the people themselves. I want this service to be available not just locally but, in time, nationally and even globally, at a price that everyone can afford.
  • Vision 3
    • Challenges:
      • Personalised service.
      • Really understanding people.
      • Finding the best fit in the job market.
      • 99% first-time success rate.
      • Matching people to the right career, not just jobs.
      • Success rate measured by customers.
      • National – even global – distribution.
      • Affordable price.
  • Vision
    • Must:
      • Link to Values & Passion
      • Link with future trends
      • Set a challenge
      • Motivate
      • Take the long view
  • Mission
    • Vision: Where you want to be
    • Mission: How you bring people there with you
  • Positioning
    • Vision: Where you want to be
    • Positioning: Where market thinks you are
      • VW Phaeton
      • Stg£43k – £68k
      • € 65k - €103k
  • Branding
    • Something that makes people pay more for your product, even though it's the same as a competitor's
      • VW Sharan
      • € 38,820
      • SEAT Alhambra
      • € 33,600
  • Targets
    • Vision: Where you want to be
    • Targets: Goals that are closer to home
      • What do you want to achieve next year?
      • Next month?
      • In the next three or five years?
      • Where will you be on your road to achieving your Vision at a particular point in time?
    • Your targets are the milestones that make clear and communicate your Vision.
    • FORMALITIES
  • Formalities
    • Legal structure
    • Bank account(s)
    • Exposure to liabilities & loss
    • Licences
    • Intellectual property rights
  • MARKETING
  • MARKETING
    • Satisfying needs .. profitably
    • Elements:
      • Customers
      • Competition
      • Image
      • 4 Ps (product) / 3 Ps (service)
      • Marketing plan
      • Sales forecast
  • MARKET RESEARCH
    • Keep it practical
    • Sources of information
    • What do you want to know?
    • Do it yourself
    • Core of your business (plan)
  • MARKETING
    • • 4 Ps (PRODUCT)
      • Product
      • Place
      • Price
      • Promotion
    • 3Ps (SERVICE)
      • Physical presence
      • Perception
      • People
    • All linked
  • SALES FORECASTS
    • Evidence
      • Get forward orders!
    • Be realistic
    • Ultimate purpose of marketing is SALES
    • Link sales forecasts to your promotion activities
  • MARKETING
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES,
          • SALES, SALES, SALES
  • MARKETING
    • Understand your customers' needs
    • Set targets
    • Combine all elements of the marketing mix
    • Link to finances / cashflow
    • Get hard evidence where possible
  • PROCESS & PEOPLE
  • BUSINESS PROCESS
    • 4 elements:
      • Buy
      • Make
      • Sell
      • Manage / Infrastructure
    • Visualise your process
    • Resource implications
      • Space
      • Equipment
      • Staff
  • PEOPLE
    • Analysis of skill levels
      • Now
      • Future need
    • Key staff
      • Retention
    • Part of resourcing of strategy
    • Management capabilities
  • PEOPLE
    • Human capital more important than financial
    • Knowledge base
    • Organisational structure
    • Passion / unity / commitment
    • Entepreneur as manager
    • Which areas are critical?
    • Job descriptions
    • Cost
    • Formalities
    • Outsourcing
  • MANAGEMENT
    • Delegation
    • Communication
    • Formalities
    • Ongoing development
    • Retention
    • Reward
    • Develop policy/systems
    • Review skills levels
    • BUSINESS PLANS
  • BUSINESS PLAN BENEFITS
    • The road map or guide to the future
      • Not written in stone, but a plan nonetheless
    • Establish objectives, prioritize, specify steps
    • Cash flow is not profits and is not intuitive
      • It is, however, critical to success
    • Communicate
      • Banks, investors, partners, family
  • CRITICAL QUESTIONS
      • Who are you?
      • What is your product?
      • Who will buy your product?
      • Why do they buy your product?
      • What price will your customers pay?
      • How many will they buy at this price?
      • How many can you make?
      • How much does each unit of product cost you to make?
      • How much investment do you need to get started?
      • Have you a viable business?
  • PROCESS & OUTPUT Exec Sum Intro Project Outline Ownership Mkt'g Production Finance & Funding App'x My product I am Start-up investment Viable business ? My customers: Are / Will buy / Will pay I can make It costs to make In summary
  • WRITING A BUSINESS PLAN
    • Assemble information from your research
    • Use template / software
    • Start in the middle
    • Reflect your plans in the financials
    • Write for the audience
  • INTRO / EXEC. SUMMARY
    • Brief / concise / relevant
    • Tailored to audience
    • Key messages – emphasise achievements
    • What do you want from the reader?
    • Ooomph!
    • Last part to be written
    • CRITICAL
  • TAILORING BUSINESS PLANS
    • Different plans for different audiences
      • Level of detail
      • Level of confidentiality
      • Nature of relationship with reader
    • Why do YOU want the person to read the BP?
    • Why do THEY want to read the BP (if at all)?
  • BUSINESS PLAN ISSUES
    • Raise your sights!
    • Marketing – where will the sales come from?
    • Financials – realism/sensitivity?
    • Text / Evidence / Numbers
    • SHOW ME THE MONEY !!
    • Questions / queries:
    • [email_address]
    • www.startingabusinessinireland.com