Lesson 24: Writing a Business Plan

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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson24

This lesson is the final chapter in the Novus Business Curriculum. It describes the purpose of a business plan and its core elements. The lesson provides an overview of what type of information should be included in each part of a business plan, key questions to ask yourself as the business plan is prepared, and what other Novus lessons can be reviewed in order to effectively write each section.

The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.

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Lesson 24: Writing a Business Plan

  1. 1. Writing a Business Plan Objective: To understand the important of having and updating a business plan, the main sections of a typical business plan, and what other Novus lessons can be referenced for further information.Novus Business and IT Training Program
  2. 2. What is a Business Plan?• All businesses should have a business plan• Combination of all factors that influence your business and how your business will operate• How do you write one?Novus Business and IT Training Program 1
  3. 3. Why do you need a Business Plan?• Focus your strategy, goals, and objectives• Investors will often require a written plan• Identify risks and plan to mitigate themNovus Business and IT Training Program 2
  4. 4. A Business Plan…Should: Should Not:• Be a roadmap • Be overly optimistic• List the resources needed • Be too technical or for a business contain too much jargon• Answer • Be needlessly long or Who?, What?, Where?, redundant When?, Why?, and How? questions• Be relevantNovus Business and IT Training Program 3
  5. 5. Components of the Plan1. Executive Summary2. Market Analysis 13. Company Description 8 24. Organization and Management Structure5. Marketing and Sales Strategy 7 36. Goods and Services Description7. Historical Financial Information and Financial 6 4 Forecasts 58. Capital Need and Funding Request Novus Business and IT Training Program 4
  6. 6. Section 2: Market Analysis• Research should focus on – The industry 1 8 2 – The target market 7 3 – The competition in the target market 6 5 4 – Regulations and other restrictions Review the following Novus Lessons: Market Analysis and SWOT, Essential Economic Principles, Market Research, and Porter’s Five Forces TheoryNovus Business and IT Training Program 5
  7. 7. Section 3: Company Description• Include information about – Type of business 1 8 2 – Needs of your customers 7 3 – How your business fills those needs 6 5 4 differently than the competition Review the following Novus Lessons: Market Analysis and SWOT, Market Research, Managerial Economics, Competitive Analysis, and Core Competency and Competitive AdvantageNovus Business and IT Training Program 6
  8. 8. Section 4: Business Structure• Include information about – Management team and experience 1 8 2 – Investors and ownership structure 7 3 – Board of Directors 6 5 4 Review the following Novus Lessons: Startup Capital, Managing People, and Leadership and TeambuildingNovus Business and IT Training Program 7
  9. 9. Section 5: Marketing and Sales• Marketing Strategy• Advertising Methods 8 1 2• Sales Strategy 7 3• Customer Relationships 6 4 5 Review the following Novus Lessons: Market Analysis and SWOT, Placement and Promotion, Brands, and Customer Relationship ManagementNovus Business and IT Training Program 8
  10. 10. Section 6: Product Description• Detail about your goods or services• Use customer’s perspective 8 1 2• Intellectual Property? 7 3• Research and Development? 6 4 5 Review the following Novus Lessons: Market Analysis and SWOT and Market ResearchNovus Business and IT Training Program 9
  11. 11. Section 7: Financial Information• Historical Financial Results• Forecasts and Predictions 8 1 2• Ratio Analysis 7 3• Comparison to Industry Averages 6 4 5 Review the following Novus Lessons: Startup Capital and Financing, Forecasting, Managerial Economics, The Income Statement, The Balance Sheet and Key Financial Ratios, Working Capital Management, and Analyzing Cash FlowNovus Business and IT Training Program 10
  12. 12. Section 8: Capital Need• How much $$$ do you need?• How will the $$$ be used? 1 8 2 7 3• How will you pay back the $$$? 6 5 4 Review the following Novus Lessons: Startup Capital and ForecastingNovus Business and IT Training Program 11
  13. 13. Section 1: Executive Summary• Strategy, Vision, and Mission• Goals and Objectives 1 8 2 7 3• Summary of other sections 6 5 4 Review the following Novus Lessons: Vision and Mission Statements, Essential Economic Principles, and Strategic PlanningNovus Business and IT Training Program 12
  14. 14. Conclusion• Business plans should be regularly reviewed and updated• Can be used for new business and existing businesses evaluation new opportunities GOOD LUCK!Novus Business and IT Training Program 13

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