Business Plans:  You Know You Need One! Matthew Goldsbrough 8 February 2007
Business Plans: You Know You Need One! <ul><li>An informal survey revealed that less than a third of Chamber members had a...
2006 ‘survey’ at Breakfast Club <ul><li>Panel members stressed the importance of a business plan </li></ul><ul><li>But onl...
Agenda  <ul><li>Why don't people write their business plan?  </li></ul><ul><li>If I had a plan, what would I do with it? <...
What Holds Us Back?
What holds us back?  I’m not looking for investment I don't know how I tried to write one, but real life took over I’ll wr...
What does having a business plan feel like? <ul><li>“ For the first few years, the plan was in my head, but I look back no...
Who is the plan for?  <ul><li>For current and future investors  </li></ul><ul><li>For your management team </li></ul><ul><...
With a Business Plan, you can…  <ul><li>Focus  </li></ul><ul><li>Measure your progress  </li></ul><ul><li>Communicate  </l...
What does having a business plan feel like?
Where to Focus
Where is the HEART of your plan?  <ul><li>Vision, Mission, Values </li></ul><ul><li>History </li></ul><ul><li>Management B...
2 Key Elements  <ul><li>Value Proposition </li></ul><ul><li>Objectives </li></ul>
Value Proposition
Value Proposition <ul><li>A statement that summarises the customer segments you are targeting, and how you are differentia...
Value Proposition Template http://www.goldsbrough.biz/resources
Setting Objectives
Setting objectives  <ul><li>Imagine the objective  </li></ul><ul><li>Articulate it </li></ul><ul><li>How? </li></ul><ul><u...
Smart Goals <ul><li>S pecific </li></ul><ul><li>M easurable </li></ul><ul><li>A ctivity Based </li></ul><ul><li>R ealistic...
Well-Formed Outcomes <ul><li>Is the goal stated in the positive?  </li></ul><ul><li>Is it self-initiated, maintained, and ...
Visualising the Objective
Imagining the Objective Howard Scott H.J.Scott & Co.
You can achieve anything you want in life if you have the courage to dream it, the intelligence to make a realistic plan, ...
How to Start?  <ul><li>Start with a short plan  </li></ul><ul><ul><li>Maximum of two pages </li></ul></ul><ul><ul><li>A  f...
The Planning Process  “ Plans are useless;  planning is everything” Eisenhower
Four Stage Review http://www.goldsbrough.biz/techniques
Planning Process <ul><li>Involve others in the planning </li></ul><ul><li>Get your plan reviewed  </li></ul><ul><li>Repeat...
Building the Plan Strategy Analysis Cause Effect Action Action Action Effect Effect Cause Cause Cause Cause Cause Action A...
Summary <ul><li>Planning – essential and continuous </li></ul><ul><li>Document your thinking </li></ul><ul><li>Imagine the...
Still not sure where to start? <ul><li>20 minutes telephone advice on your business planning </li></ul><ul><ul><li>No char...
Lastly… “ All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to...
 
About Goldsbrough Consulting <ul><li>The owners and senior managers of small to medium sized businesses—from a wide variet...
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Business Plans - You Know You Need One!

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Seminar give 8 February 2007. For more like this, visit http://www.goldsbrough.biz

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  • We all know that it&apos;s important to have a fully worked-through plan, but this presentation is not designed to tell you how to do that. You may need help to do that. This presentation is designed to provide you with ideas for getting motivated to start, or if you have a plan, to refresh it.
  • These are excuses, not reasons. If a plan isn’t written down, then it doesn’t exist. Set out on a journey without a route map, and (while the journey may be interesting) you won’t arrive on time at the correct destination.
  • “ For the first few years, the plan was in my head, but I look back now and see that the progress we made was faster after I had committed the plan to paper and reviewed it with other people.” – Philip Webster at Webster Construction
  • It would be important to produce your plan even if you were the only person to read it. If there are several audiences, is there only one version of your plan?
  • You can focus Eliminate the clutter Saying what you don&apos;t do is just as important as saying what you do You can measure your progress Provide a trigger to reassess your plan regularly and redirect your efforts as necessary Celebrate success – short and long term You can communicate Enlist the support of others You can motivate Yourself Others
  • Audience question
  • Look in any book about business planning, and you’ll find suggestions for a table of contents. But where should you focus?
  • Ensuring that you’re able to state your value proposition, and express your objectives clearly are crucial to being able to write the remainder of your business plan.
  • Use the template that’s described on our web site
  • You would think this was easy – but it’s where people frequently stumble Here are some ideas for alternative ways of building your objectives
  • Example: My business will achieve £100,000 more income in 2007 by selling maintenance contracts to one third of our customers by the end of June.
  • Is the goal stated in the positive? Is it self-initiated, maintained, and within my control? Am I doing this for myself or someone else? Does the outcome rely solely on me? Does it describe the evidence procedure? How will I know that I am getting the outcome? What will I be doing when I get it? What will I see, hear and feel when I have it? Is the context clearly defined? Where, when, how and with whom do I want the outcome? Does it identify the needed resources? What resources do I have now? What resources do I need to acquire? Have I evidence of achieving this before? What happens if I act as if I have the resources? Have I evaluated whether it is ecological? (Fits within all aspects of my life) What is the real reason why I want this? What will I lose or gain if I have it? What will happen if I get it? What will happen if I don&apos;t get it? What won&apos;t happen if I don&apos;t get it? Does it identify the first step I need to take? Example: I will increase sales by £100,000 in 2007 by leading the current sales team in selling maintenance contracts to our current customers. To be on track to achieve the target, we will have sold to one quarter of our customer base by the end of May, and one third by the end of September. I will have time to do this because the new accountant we’ve hired will take some tasks away from me. I will kick this off by holding a training course for the sales team before the end of January.
  • An example of visualising personal goals and relating them to business goals. You don’t have to just think in words and numbers. Use pictures and feelings too.
  • Setting goals was a new activity in this business, so the power of visual analogy was used. To illustrate the power of actively managing the client base – something that had not been done before – an analogy was used of choosing dance partners.
  • Even if you&apos;re a one-man band, the planning process is vital
  • We use a four stage process to build a business plan. It’s discussed on the Goldsbrough Consulting web site.
  • Involve others in the planning Don&apos;t just farm sections out Create consensus Get it reviewed Ask your peers in other businesses Ask your close customers Ask the people you used to work for Ask your employees Repeat periodically As you evaluate your progress As your situation changes Planning is a continuous process
  • Success often comes from achieving several outcomes at the same time, and keeping the balance between them. Try to ensure that you identify the link between the actions that are necessary and the outcomes you want. Your strategy should be based on analysis of what’s wrong, and what’s possible. You’ll want to backtrack to see how you reached decisions in your plan, so that you can re-evaluate those decisions as your circumstances change. So document the links between your analysis and your decisions.
  • Transcript of "Business Plans - You Know You Need One!"

    1. 2. Business Plans: You Know You Need One! Matthew Goldsbrough 8 February 2007
    2. 3. Business Plans: You Know You Need One! <ul><li>An informal survey revealed that less than a third of Chamber members had a written business plan which had been reviewed in the last year. </li></ul><ul><li>Yet the benefits of having a business plan are widely understood. So what’s holding us back? </li></ul><ul><li>In this presentation, Matthew Goldsbrough identifies some of the issues that prevent a business plan being written, and gives advice on how to overcome them. You will leave with inspiring ideas that will enable your business plan to be written and used effectively. </li></ul>
    3. 4. 2006 ‘survey’ at Breakfast Club <ul><li>Panel members stressed the importance of a business plan </li></ul><ul><li>But only 1 in 3 had a plan that had been reviewed in the previous 12 months </li></ul>
    4. 5. Agenda <ul><li>Why don't people write their business plan? </li></ul><ul><li>If I had a plan, what would I do with it? </li></ul><ul><li>How should I start? </li></ul>
    5. 6. What Holds Us Back?
    6. 7. What holds us back? I’m not looking for investment I don't know how I tried to write one, but real life took over I’ll write the plan when I’ve a bit more experience I’m not sure what my real objective is I’m too busy I might get it wrong I don’t need to write it down – it’s all in my head
    7. 8. What does having a business plan feel like? <ul><li>“ For the first few years, the plan was in my head, but I look back now and see that the progress we made was faster after I had committed the plan to paper and reviewed it with other people.” </li></ul>
    8. 9. Who is the plan for? <ul><li>For current and future investors </li></ul><ul><li>For your management team </li></ul><ul><li>For your employees </li></ul><ul><li>For YOU </li></ul>
    9. 10. With a Business Plan, you can… <ul><li>Focus </li></ul><ul><li>Measure your progress </li></ul><ul><li>Communicate </li></ul><ul><li>Motivate </li></ul>
    10. 11. What does having a business plan feel like?
    11. 12. Where to Focus
    12. 13. Where is the HEART of your plan? <ul><li>Vision, Mission, Values </li></ul><ul><li>History </li></ul><ul><li>Management Biographies </li></ul><ul><li>Organisation </li></ul><ul><li>Products & Services </li></ul><ul><li>Economy </li></ul><ul><li>Market Analysis </li></ul><ul><li>Competitor Analysis </li></ul><ul><li>Competitive Advantages </li></ul><ul><li>Risk Analysis </li></ul><ul><li>Break-even Analysis </li></ul><ul><li>Sales Projections </li></ul><ul><li>Capital Spending </li></ul><ul><li>Operating Costs </li></ul><ul><li>Profit & Loss Account </li></ul><ul><li>Balance Sheet </li></ul><ul><li>Cash Flow </li></ul><ul><li>Funding Needs </li></ul><ul><li>Critical Success Factors </li></ul>
    13. 14. 2 Key Elements <ul><li>Value Proposition </li></ul><ul><li>Objectives </li></ul>
    14. 15. Value Proposition
    15. 16. Value Proposition <ul><li>A statement that summarises the customer segments you are targeting, and how you are differentiated from your competitors </li></ul><ul><li>“ Why should I buy this product (or service), and why now ?” </li></ul>
    16. 17. Value Proposition Template http://www.goldsbrough.biz/resources
    17. 18. Setting Objectives
    18. 19. Setting objectives <ul><li>Imagine the objective </li></ul><ul><li>Articulate it </li></ul><ul><li>How? </li></ul><ul><ul><li>Smart Goals </li></ul></ul><ul><ul><li>Well-Defined Outcomes </li></ul></ul>
    19. 20. Smart Goals <ul><li>S pecific </li></ul><ul><li>M easurable </li></ul><ul><li>A ctivity Based </li></ul><ul><li>R ealistic </li></ul><ul><li>T ime Bound </li></ul>My business will achieve £100,000 more income in 2007 by selling maintenance contracts to one third of our customers by the end of June.
    20. 21. Well-Formed Outcomes <ul><li>Is the goal stated in the positive? </li></ul><ul><li>Is it self-initiated, maintained, and within my control? </li></ul><ul><li>Does it describe the evidence procedure? </li></ul><ul><li>Is the context clearly defined? </li></ul><ul><li>Does it identify the needed resources? </li></ul><ul><li>Have I evaluated whether it is ecological? (Fits within all aspects of my life) </li></ul><ul><li>Does it identify the first step I need to take? </li></ul>I will increase sales by £100,000 in 2007 by leading the current sales team in selling maintenance contracts to our current customers. To be on track to achieve the target, we will have sold to one quarter of our customer base by the end of May, and one third by the end of September. I will have time to do this because the new accountant we’ve hired will take some tasks away from me. I will kick this off by holding a training course for the sales team before the end of January.
    21. 22. Visualising the Objective
    22. 23. Imagining the Objective Howard Scott H.J.Scott & Co.
    23. 24. You can achieve anything you want in life if you have the courage to dream it, the intelligence to make a realistic plan, and the will to see that plan through to the end. Sidney Friedman
    24. 25. How to Start? <ul><li>Start with a short plan </li></ul><ul><ul><li>Maximum of two pages </li></ul></ul><ul><ul><li>A few bullet points is better than nothing </li></ul></ul><ul><ul><li>Can be more easily expanded with supporting detail than a long plan can be condensed </li></ul></ul><ul><li>Then expand and revise </li></ul><ul><li>Get help if you need it </li></ul>You can achieve anything you want in life if you have the courage to dream it, the intelligence to make a realistic plan, and the will to see that plan through to the end. Sidney Friedman
    25. 26. The Planning Process “ Plans are useless; planning is everything” Eisenhower
    26. 27. Four Stage Review http://www.goldsbrough.biz/techniques
    27. 28. Planning Process <ul><li>Involve others in the planning </li></ul><ul><li>Get your plan reviewed </li></ul><ul><li>Repeat periodically </li></ul>
    28. 29. Building the Plan Strategy Analysis Cause Effect Action Action Action Effect Effect Cause Cause Cause Cause Cause Action Action Desired Outcome Desired Outcome Desired Outcome Desired Outcome
    29. 30. Summary <ul><li>Planning – essential and continuous </li></ul><ul><li>Document your thinking </li></ul><ul><li>Imagine the outcome </li></ul><ul><li>Rigorously test your objectives </li></ul><ul><li>Define your value proposition </li></ul>
    30. 31. Still not sure where to start? <ul><li>20 minutes telephone advice on your business planning </li></ul><ul><ul><li>No charge </li></ul></ul><ul><ul><li>No obligation </li></ul></ul><ul><li>01298 812402 </li></ul><ul><li>www.goldsbrough.biz </li></ul>
    31. 32. Lastly… “ All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act their dreams with open eyes, to make it possible.” T.E. Lawrence
    32. 34. About Goldsbrough Consulting <ul><li>The owners and senior managers of small to medium sized businesses—from a wide variety of sectors—rely on our Strategic Marketing and Business Planning advice. We help our clients to become much more effective at marketing their products and services. With our support, they achieve challenging targets for growth and profitability, despite having limited time, budget and marketing capacity. </li></ul><ul><li>We take a more strategic approach to our clients’ marketing because we have proved—time and again—that establishing their fundamental value proposition, based on thorough analysis, and ensuring that it can be communicated effectively in marketing programmes, is the foundation of real success. </li></ul><ul><li>Our ongoing marketing support kick-starts marketing programmes, to open up new customers and markets, launch new offerings, and rescue under-performing products or services. </li></ul><ul><li>Matthew Goldsbrough founded the company in 2003, having held vice-presidential roles in marketing and business development with software companies in Europe and the USA, as well as earlier roles managing professional services and software development. </li></ul>

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