Planning for Success seminar notes


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A seminar on activity based business planning for owners of small businesses to produce a plan they will use every day.

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Planning for Success seminar notes

  1. 1. PromotingFor GrowingBusinesses
  2. 2. The 4 x 4 Plan The Best Business Life By Far Each Month• Get 4 hours personal development• Spend 4 hours set & review SMART objectives• Gift 4 hours mentoring another business• Buy 4 hours insourced skill locally The 4 x 4 plan will lead to a better organised more focused, better networked, more profitable business with a more fulfilled business life. Try it for 4 months and see the difference.
  3. 3. Planning For
  4. 4. Top 6 Excuses For not having a written plan1. I do not need outside funding – why bother2. I know what’s wrong – I’m just not selling enough3. It will be wrong anyway4. I have it all in my head5. I always deal with challenges as they arise really well6. A business plan won’t help me after start-up Top 10 Reasons For Business Failure1. The maths just does not add up  Demand at the price does not add up to a (enough) profit2. The owner gets in the way  Stubborn, risk averse, conflict averse, perfectionist, greedy, self-righteous, paranoid, indignant, insecure……3. Out of control growth  Added; products; markets; team members; borrowing. less can be more4. Poor accounting (you do not know what’s going on)  Flying blind always results in a crash - get accounting visibility5. Lack of cash cushion  Stuff happens, pay, borrow, or go bust?6. Operational mediocrity  Referral business is vital to success, who will refer mediocrity?7. Operational Inefficiency  Over-priced labour, rent, materials, as economy tightens and competition gains8. Dysfunctional Management  Lack of vision, focus, planning, standards. Add pressure and arguments9. Succession Plan  Nepotism and favouritism, replace effective performers with incompetents10.Declining Market  Failing to keep in-touch with what customers want to buy. Change the offer The Biggest and most Successful businesses plan every year. Do they just like admin?
  5. 5. Top 7 Uses For a Business Plan1. Money  Bankers, VC’s, Angels , all lenders need to understand your chances of success2. Goal setting  The map for your vision sets milestone targets3. Daily Operations  Policies, operating procedures, quantified daily tasks that add up to a profit4. Foresee Issues  Test the feasibility of your idea, know it will work, measure results against plan5. Customer centric  Research your customers, understand them thoroughly, supply a need6. Value creation  Paying your bills and yourself is a start point, know how to create value7. Leadership  Staff, advisors, mentors, all need to understand your vision, your route map and your current position. Sat-Nav for your business Advanced Marketing for Maximum Profits
  6. 6. Your Business Plan The Essentials1. Idea  What will the business do?2. Market  Who will your customers be? What competition is there?3. Operations  How will you deliver the idea? Promote it? Provide great service?4. Financials  Can you earn more than you spend? How much cash do you need before you generate enough cash internally?5. Supporters  Do you have specialist advisors in each area? Can you partner? Team?6. Review and Revise  Build in measurement, reporting and milestone review Setting it Out1. Title and Scope  Name of Company, Period covered2. Contents  Executive Summary (something to hand to the bank) o Idea, Market, Operations, Financials, Supporters  Idea o ‘Elevator Pitch’ why anyone will buy from you - said in one minute or less  Market o Customers who? How many? Their profile? Data to back up your guess o Competition Who? How are you different? Strengths & weaknesses?  Operations o CEO who? Why best qualified? o Sourcing where you get it and how it is made (applies to services)
  7. 7.  Marketing o How will you promote your offer to your customers? Your plan…..  Press,  how many press releases? Which publications?  Online  will you have a website? Blog? Who will you link with?  Social Media  which? How will you use it?  Partners  Who will you tie up with selling to same audience? o You know who the customers are. Show how will you talk to them Sales o How will you identify prospects? o How will you follow up prospects? o How will you recycle rejections? o How will you close sales? o How will you handle up-sell? o How will you manage customers? Fulfilment o How will you capture orders?  When / how will you get paid? o How will you deliver? o How will you handle enquiries and failures? Infrastructure o Which IT systems will you use?  How will you support them? o What staff will you need?  Engagement, training, evaluation? o What advisory board will you have?  How will that work? o What reporting will you have?  How will you review? Re-plan? Manage change?
  8. 8.  Financials o Effort to generate orders  Convert effort to cost o Orders generated?  Convert orders to £revenue o Cost of sales  Match sales with the £costs to supply o Overheads  Match staff deployed with cost of employment  List all outgoings and costs including rent, utilities, professional services and taxes o Convert the profit and loss to cash flow o Produce a balance sheet o Set Assumptions, inflation, prices & changes
  9. 9.  Key Objectives o Sales growth target o Make price increase stick o New product development o Key marketing achievement (new brochure / website) o Recruit partners o Set up new system o Win investment Specific, Measurable, Achievable, Relevant, Time specific (SMART) Using Your Plan To Raise Finance? AVOID GIVING A PERSONAL GUARANTEEEVER! – THERE WILL ALWAYS BE ANOTHER WAY StartUp Suffolk is a not for profit organisation sponsored by New Media Business Group Enquiries: New Media Business Academy Limited, a not for profit company The Enterprise Centre PO Box 656, Woolpit, Bury St Edmunds IP30 9WR Tel 0203 086 9386