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Business Plan

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Writing a Successful Business Plan

Writing a Successful Business Plan

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  • It is a document should do the following three functions which will answer the question of why Business Plan Action Plan – Road Map – Sales Tool
  • A business plan can help to move you to action. Instead of one large problem, you have a sequence of smaller problems. By solving the small problems, the large problem is automatically solved. Once you have started your business, a business plan can be an invaluable tool to help keep you on track and moving in the direction you want to go Next.
  • A business plan can help to keep you focused. A business plan can serve to help others to understand your vision, including suppliers, customers, employees, friends. A business plan can serve as a sales tool, Next
  • A business plan can serve to sell people close to you on the benefits of proceeding with your concept. Objectives of your product Marketing Benefits. It Should Answer a lot of Questions, Next
  • Close your eyes and imagine what you should put in your business plan. You can do this well only when you have made the project a part of your soul. The business plan is your life document, it should be updated frequently until the success of your project. Some Elements helping in writing a successful BP. NEXT
  • Close your eyes and imagine what you should put in your business plan. You can do this well only when you have made the project a part of your soul. The business plan is your life document, it should be updated frequently until the success of your project. Some Elements helping in writing a successful BP. NEXT
  • Often is the last section to be written It is not written for executives, nor is it a summary of the plan. Capture the reader’s interest It should be stand-alone and should not refer to other parts of the plan. Remember, most readers will never get any further than your Executive Summary. Next
  • Technical specification and drawings Prototype Interviews - talk to experts in the marketplace, including buyers, suppliers, Sales representatives, wholesalers, distributors, and retailers. Customer surveys Next
  • Product/Service attributes easy, speed, … Its customer service/ Tech support, Training, warranty, payment terms Prices What is the unique? If exist OR What is the benchmak? Producing or delivering views. Milestones that must be achieved & basis for delivering. Next
  • Benefits to the target market. Features are not the same as Benefits. Avoid the generic description of benefits like: Next
  • Do you mean appearance, durability, reliability? Next
  • Do you mean on-time delivery, maintenance, tech suppor t, etc.? Next
  • Do you mean less time, easier to use, greater output, fewer resources , etc.? Next
  • To do what? It may not always be important to save time Next
  • To what? Next
  • Next
  • For many products,there are no proprietary rights and this subsection can be deleted. Copy rights, trade secrets, non-compete agreements? Other proprietary knowledge or skills? Next
  • Describe the current status of your product or service: Where is the product in its lifecycle? (early, Planing, Designing, declining) Is it ready for the market? Or is it in development? If in development, how far along is it ? What obstacles remain? Next
  • Describe the market you will enter and in which you will compete. You may not even mention your business here. Next
  • The size of the market = numbers of customers, units sold (or transactions) and dollar value of purchases. What is the historic growth rate? Future growth rate? What data is there to support your analysis? Identify the sources Next
  • How is the market changing? Are there customer groups or regions that are not dissatisfied ? Describe both positive and negative developments. Even negative trends can represent opportunities. Next
  • Your market will probably be smaller than the entire market defined above. Determine your Market By: Market Size Customer description Customer Research Market Size = numbers of customers, units sold (or transactions) and dollar value of purchases. Lets see in depth Customer description & Customer Research Next
  • Determine which you should address: Consumer Market. OR Business Market. OR Both Consumer and Business Market. Consumer Market Next
  • Characterize the target customer Demographics (gender, sex, age, education, income, location, … ) Life Style (attitudes, beliefs, opinions, interests, values, …) Social Status (family activities, infers certain behavior,...) Determine the criteria which buying based on (price, quality, service, convenience, ..) Go to Business Market Next
  • Describe the target organizations, state governments, sector, size, number of employees, location, … What does they think about your product/service, How willing are they to change? How are buying decision made? How long does it take from the first contact to receipt of an order? What criteria are used to make buying decision(lowest price, service response, support, warranty, .. Payment policies? Next
  • Describe the conclusions of customer surveys: Do customers recognize that they have a need for your product or service? What features do they want? How much would they pay? Why would they not buy your product/service? Do they really understand the benefits of your product/service compared to all of the others on the market? You should be able to estimate what percent of the potential customers would buy your product/service Next
  • A good way to understand the industry is to analyze the supply chain from beginning to end. This should give you a good understanding of the competitive forces and where you fit in. Next
  • Describe the competitive environment in your industry: Service, quality, price, new product/service introductions, customer support, ....... etc The average size of the competitors. The response of the competition to new entries into the market. What barriers to entry to this market do new company face? Capital req., Government Contracts, marketing, technological, ...... etc Next
  • Write a paragraph on each competitor that provides a short description of what the company does? position in the industry, strengths and weaknesses Competitors Types Direct – InDirect – Future It is preferable to prepare a competition matrix analysis . Next
  • This is a key section of the Plan because here you must make the case that there is attractive opportunity for your idea What is the size of the opportunity ? How rapidly is it growing? What trends support the opportunity ? What is unique about your product or service? What are the benefits ? Next
  • A great idea is meaningless if you cannot find customers The Marketing Plan is where you show how you are going to fit into the market structure you just finished describing. Next
  • Describe your target market Next
  • Describe how your product/service will reach your customers Next
  • Prepare a statement that positions your product/service in the minds of the target customers relative to the competition Next
  • Explain your pricing strategy and why it will be effective with your target customer. List the prices for each of the products/services that you offer. What will the prices be in years 2 to 5? How does your pricing strategy compare with your major competitors? Next
  • It is critical that you inform your target market about the availability of your product/service Next
  • Describe how your product/service will be sold: How will you support the sales effort (e.g. internal staff, service operations, etc.)? Next
  • Forecasts the revenue of your venture over the next 5 years Consider the following: Size of the market – Growth rate – Frequency of purchase – distribution channels – Prices. Next
  • Describe the used technologies Describe the milestones/ stages which your product will take For each step indicate the needed time, and the completion date. Describe the funding. Next
  • Show how profitable the product will be and the cash flow If you can't show that your great concept is going to make money, your readers will quickly lose interest. Next
  • Prepare the following projections according to past information: Assumptions Incoming for the next 3-5 years Cash flow sheet (profit – loss) Break-even Analysis Next
  • Describe each risk and then explain what steps are you going to take to eliminate, or at least minimize Next
  • Determine how much funding you require and how you will use it. Decide what type of funding is appropriate for your venture; and explain the offer you are making to investors or lenders. Next
  • Secondary research - Internet, library, trade associations and journals. Interviews - talk to experts in the marketplace, including buyers, suppliers, sales representatives, wholesalers, distributors, and retailers. Customer surveys Supply chain analysis Samples of competitor products SWOT Analysis Next
  • Next
  • Next
  • Transcript

    • 1. Writing a Successful Business Plan Dec, 2009 www.badrit.com M.Elkharashy
    • 2. Business Plan What, Why and How?
    • 3. What? & Why?
    • 4. Action Plan
    • 5. Road Map
    • 6. Sales Tool
    • 7. Why is there a need for your product /service? Who is you target market ? How is your product/service different than your competitor ’s? What is your competitive advantage ? How profitable is the business and what are the cash flows? How should you fund the business?
    • 8. How?
    • 9. Elements of a Successful Business Plan
    • 10. Executive Summary
    • 11. Product / Service
    • 12. Features
    • 13. Benefits
    • 14. Best Quality !!
    • 15. Good Service !!
    • 16. Efficiency !!
    • 17. Save Time !!
    • 18. Convenience !!
    • 19. Back to Product / Service Page
    • 20. Proprietary Rights
    • 21. Stage of Development
    • 22. Market Analysis
    • 23. Market Size and Growth
    • 24. Trends
    • 25. Target Market
    • 26. Target Market Customer Description
    • 27. Target Market Customer Description Consumer Market
    • 28. Target Market Customer Description Consumer Market Business Market
    • 29. Target Market Customer Research
    • 30. Market Structure
    • 31. Competitive Environment
    • 32. Competition
    • 33. Opportunity
    • 34. Marketing Plan
    • 35. Target Market Strategy
    • 36. Channel Strategy
    • 37. Positioning
    • 38. Pricing Strategy
    • 39. Communication Strategy
    • 40. Sales Strategy
    • 41. Revenue Model
    • 42. Development Plan
    • 43. Financial Plan
    • 44. Financial Projection
    • 45. Business Risks
    • 46. Funding
    • 47. Source of Information
    • 48. References
      • http://leeds-faculty.colorado.edu/moyes/bplan/html/how_to.html
      • 49. http://www.bplans.com/information_technology_business_plan/
    • 50. Questions ??