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Operate and Grow Business - Business Plan

Operate and Grow Business - Business Plan






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    Operate and Grow Business - Business Plan Operate and Grow Business - Business Plan Presentation Transcript

    • Effectively Operate and Grow Your Business The Business Plan
    • The Business Plan
      • Business Plan – Why?
        • A plan raises your odds of success. The process forces you to take an objective, critical, unemotional look at your project.
        • The plan communicates your ideas to others and provides the basis for your financial proposal.
        • The finished plan becomes your operating tool and benchmark of progress. (Are you working the plan and is it working?)
      • Business Plan - What?
      • The business plan is a written document that describes your business and your plan for running it…. This becomes your management blueprint, with frequent updating, throughout your business life.
    • How is the Business Plan Used?
        • The plan answers questions such as:
          • Why do I want to be in business?
          • What business am I in?
          • Who are my customers?
          • What is the market condition?
          • How will I manage this business?
          • What are my financial needs?
        • These are key strategic issues
    • BP Format and Composition
        • Executive Summary
        • Description of Products and Services
        • The Market
        • Marketing Strategy
        • Competition
        • Organization and Operations
        • The Management Team
        • Personnel
        • Financial Information
        • Timetables & Benchmarks
        • Supporting Documentation
    • Executive Summary
      • An overview of your business
        • Business Description
        • Market Niche
        • Management Expertise
        • Sales and Profit Forecast – 3 to 5 years
        • Request for financing
        • Use of funds and repayment
    • Business Description
      • Product or Services
      • “ Niche?”
      • Customer Benefits
      • Management Organization Strengths and Weaknesses
    • Elements of the Marketing Plan
      • Target Market
      • Competition
      • Promotion / Advertising Set budget, evaluate use of various media, measure
      • Market Research
    • Marketing Strategy
      • Target Customers
      • Who are they, where are they, what are they buying, from whom?
      • Marketing Mix, the Four Ps: Price, Product, Place, Promotion
      • Competitive Analysis
      • Market Research: Market Trends Sales / Profitability Economic Interests Population Shifts
    • Competitive Analysis
      • Who are your major competitors?
      • What are their strengths and weaknesses?
      • What are their marketing strategies?
      • What are the major trends affecting the competitive environment?
      • Industry, Economic, Social
    • Public Relations
      • Network!
      • Community Involvement
      • Volunteer Involvement
      • Event Sponsorships
      • Send out press releases about newsworthy events
      • (be creative about what’s newsworthy)
      • Give a seminar or presentation to relevant business groups
      • Submit articles to local media and to trade publications
    • Low-Cost Promotion
      • Use every outgoing piece of paper, and every electronic document as business promotion (include company slogan, web address etc., email signature)
      • Offer a newsletter on your website to collect email addresses and stay in touch with customers and prospects
      • Use social media to advantage
      • Measure success of the various approaches, where feasible
    • Management Team
        • Experience and Quality
        • Personal history of the principals
        • Work experience
        • Management experience
        • Responsibilities
    • Personnel
        • Current personnel needs
        • Future needs
        • Skill requirements
        • Job descriptions
        • Available labor pool
        • Salaries and benefit s
    • Financial Information
        • Financial Requirements How much do you need? How will you get it?
        • Sources of Capital
        • Income Statement
        • Break-even analysis
        • Balance Sheet
        • Cash Flow
    • Supporting Documentation
        • Resumes
        • Credit Information
        • Quotes or estimates
        • Letters of intent from prospective customers
        • Personal references
        • Leases or buy/sell agreements
        • Legal documents relevant to the business
    • Work the Plan
      • To beat the odds…
      • Select the right business [the one you know and have a passion for]
      • Know [research, learn] the market, customers and competition
      • Choose a viable market niche [avoid me-too and price cutting businesses]
      • Define your marketing strategy
      • Run a “back-of-the-envelope” break even assessment early in the game
      • DEVELOP A BUSINESS PLAN (A good business plan helps set you apart from the crowd)
      • Develop credible [realistic and substantiated] financial projections and a financial model
      • Define the right legal business structure
      • Adequately capitalize the company [equity and debt financing]
      • Keep records and establish and accounting system from day 1
      • Hire develop & TRAIN good employees
      • Manage risk [insurance]
      • Effectively use cyberspace and conventional advertising
      • Attract and retain customers
      • Manage cash flow, manage cash flow, manage cash flow…daily!
    • Learn to Make Adjustments
      • SCORE Counseling
          • Counselors abide by a code of ethics and honor confidentiality.
        • FAST
          • Receive advice directly from an experienced executive.
          • Variety of Expertise available
        • FREE
          • Offered free-of-charge, as a public service.
          • No limit on number of sessions
          • Available to all U.S. citizens & green card holders
        • At downtown or satellite offices. Field counseling at your business' site.
        • SCORE advice helps businesses succeed.
        • An application for personal counseling be found on the web @ www.scoreworks.org
    • Step 8: Work the Plan and learn to make Adjustments
      • Seek counseling, use mentors or sounding boards [leave pride at the door]
      • Stay up-to-date, research, learn from your customers and competitors, continuously improve, develop an edge…
      • Work on your business rather than just in your business
    • Develop an Elevator Pitch
      • Elevator Pitch Objective:
      • Someone who does not know your product would understand in the time it takes to ride an elevator up to the second floor (30-45 seconds)
        • State your business concept
        • What is it you do for customers?
        • How does the customer benefit?
        • Who is in your target market?
        • How can prospects be identified?