3.4 developing business plans - moodle

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  • Take feedback and write answers on the board.
  • Video 1 – What are Levi’s three tips for setting up a business – what is the key message.Video 2 – What have these entrepreneurs failed to do? Where should this be accounted for in the Business Plan?
  • Mini-whiteboards
  • Use of a mind-map
  • 3.4 developing business plans - moodle

    1. 1. Do NowWhat do you remember from ‘Transforming resources into goods and services’ …. Test what you’ve learned!
    2. 2. Developing Business Plans Module 1 – Growing a Business Idea
    3. 3. Learning ObjectivesBy the end of this lesson you should be able to:1. Understand the purpose and content of business plans.2. Understand the sources of information and guidance available to help businesses plan for competitive advantage.3. Explain the resources required to construct a successful business plan.
    4. 4. Discussion!In the introductorystages of a business afirm will produce abusiness plan.What is a business planand what does itincluded?
    5. 5. What is a business plan? Document – plan for future, allocate resources, identify key decisions and prepare for problems or opportunities. Extra funding – Present information to banks, potential investors or business angels. Progress check – Can be used to check meeting objectives. Compare actual results against estimates.LO1) Understand the purpose and content of business plans.
    6. 6. 2) Business Description1) Executive summary • Start date/ how long trading. 3) Product or service• Main features of the • Type of business/ sector of business. market. • What selling.• 1-2 pages in length. • Legal structure and vision. • Difference from competitors.• Include highlights from the other sections of the plan. • Benefits to customers. • Future developments. • Protection.7) Strategy andImplementation• How to achieve objectives. 4) Financial Plan• Marketing – price, promotion, sales. • Key financial documents, such as:• Production – location, production, systems. • Cash Flow Forecast • Profit & Loss 6) Market Analysis 5) Management Team • Break-even • Data about size and growth of • The key members of the • Balance Sheet the market. business. • Customers. • Skills and experience. 1 • Competition. • No of employees and salaries. 2
    7. 7. Which part of the Business Plan? Balance Sheet Financial PlanLO1) Understand the purpose and content of business plans.
    8. 8. Which part of the Business Plan? Marketing – price, promotion, sales. Strategy and ImplementationLO1) Understand the purpose and content of business plans.
    9. 9. Which part of the Business Plan? Difference from competitors Product or serviceLO1) Understand the purpose and content of business plans.
    10. 10. Which part of the Business Plan? The key members of the business. Management TeamLO1) Understand the purpose and content of business plans.
    11. 11. Which part of the Business Plan? Type of business/ sector of market. Business DescriptionLO1) Understand the purpose and content of business plans.
    12. 12. Which part of the Business Plan? Main features of the business Executive summaryLO1) Understand the purpose and content of business plans.
    13. 13. What help is available for creating Business Plans?Carry out research in thefollowing areas: Small business advisors Banks Government How easy/ hardPrepare to feedback your was it to findfindings this information?
    14. 14. What type of guidance the following offer for writing business plans? Small business Accountants and bank Government agencies advisors managers • Business Link • How to write a • Department for • Advice on how to business plan Business, Enterprise construct • Provide information and Regulatory • What should be guides Reform included • A local business • Help and guidance • Examples manager • Grants • SeminarsLO2)LO Understand the sources of information and guidance available to help businesses plan forcompetitive advantage.
    15. 15. Resources required? Think about the resources that an entrepreneur requires to create a business plan. Pair and discuss your ideas. Share and discuss your team’s ideas.LO3) Explain the resources required to construct a successful business plan.
    16. 16. Resources needed? Time – Very important in getting a plan right. However, this is not a unlimited or free resource. Vision – clear idea of the business and its USP. Numbers – include financial information. Information about the business – is it clear what the focus is or the business idea?LO3) Explain the resources required to construct a successful business plan.
    17. 17. Test what you know!Task 1: Task 2:State three reasons why Explain three ways abanks and other lenders business plan for awant to see a business plan company’s first year ofbefore they will loan money business would differ fromto someone to start a its business plan forbusiness. subsequent years.
    18. 18. Finished!State three mainreasons why it isimportant for anentrepreneur to createa business plan.
    19. 19. Re-cap Learning ObjectivesYou should now be able to:1. Understand the purpose and content of business plans.2. Understand the sources of information and guidance available to help businesses plan for competitive advantage.3. Explain the resources required to construct a successful business plan.

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