Build A Practical Business Plan

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Many small businesses don't have a business plan because it seems too complicated to build one and then it is too complicated to actually use. They need a more simple method and a practical planning process that they will actually use to run the business.
Most books and templates for building a business plan are overwhelming in the information they need. Learn to filter down to the necessary planning items you need to run your business, a practical business plan that you will use.
- Defining the market for your business
- Evaluate changing market conditions
- Create a practical business plan for daily decisions

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Build A Practical Business Plan

  1. 1. Sigma Free Presents… Build a Practical Business Plan for  Your Business Tuesday, April 6, 2010 6pm – 8pm Sigma College of Small Business 6611 Jefferson St. Haymarket, VA  20169 Provided by Sigma College of Small Business, Inc.
  2. 2. Agenda Introductions Keynote Topic Build a Practical Business Plan for Your Business Break – Refreshments and Networking Ask  Keynote Conclusion Questions  Build a Practical Business Plan Any Time for Your Business Build a Practical Business Plan for Your Business 2 Copyright 2010 Sigma College of Small Business, Inc.
  3. 3. Going Into Business Which answer best describes how YOU decided to  go into business? – I had a product or skill and decided to build a market  for it. – I saw a specific need in the market and built a product  or skill to fill the need – I bought into a business where there was already a  defined market and product/services. – The whole thing was thrust upon me! – Other _____________________________________ Build a Practical Business Plan for Your Business 3 Copyright 2010 Sigma College of Small Business, Inc.
  4. 4. Product, Need and Value The Core Planning Process Product Value Match Market  How Much Can or  Need Needs to be Made Build a Practical Business Plan for Your Business 4 Copyright 2010 Sigma College of Small Business, Inc.
  5. 5. Execution The Essential Element Product Value Execution: Specific Actions Match for Desired  Outcomes Market  How Much Can or  Need Needs to be Made Build a Practical Business Plan for Your Business 5 Copyright 2010 Sigma College of Small Business, Inc.
  6. 6. Your Business Plan Choose the answer that BEST matches your  company's business plan. – I use my written business plan daily in the operation  of my business. – We review and update parts of our written plan  periodically as a guide to planning decisions – We have a plan that we hire someone to update every  year or so. – I have one somewhere that we did a few years ago. – Business Plan? ‐It's all up here baby! – Other _______________________________________ Build a Practical Business Plan for Your Business 6 Copyright 2010 Sigma College of Small Business, Inc.
  7. 7. Types of Business Plans Business Management Plans • Used to run the business • Communicates business   Investor Plans decisions to managers • Communicate business  • Process for guiding business  concept to others decisions • Primarily to raise capital – Consolidates information – Debt or Equity – Facilitates decision making – Find Partners – Decision history and reasoning – Execution • Selling “The Business” • Links actions to – Not necessarily the  desired product outcomes Get Money    vs.    Make Money Build a Practical Business Plan for Your Business 7 Copyright 2010 Sigma College of Small Business, Inc.
  8. 8. The Practical Business Plan Core Elements Market Opportunity Match Product to Need Budget Opportunity Value and Cost Marketing and Sales Method for Exchanging Product  for Cash Build a Practical Business Plan for Your Business 8 Copyright 2010 Sigma College of Small Business, Inc.
  9. 9. Investment Build a Practical Business Plan for  9 Copyright 2010 Sigma College of Small Business, Inc.
  10. 10. Market Opportunity • Gap in the Market – The specific need or desire – Potential buyers and users – Reason for Gap • Product Definition – Basic description – How it fills the gap • Match Product and Need with Value – Describe how the match will create value in the  market Build a Practical Business Plan for Your Business 10 Copyright 2010 Sigma College of Small Business, Inc.
  11. 11. Budget • Revenue – Market Potential Approach – Break Even Approach • Expenses – Cost to build – Cost to market, sell and  manage • Cash Flow • Profitability Build a Practical Business Plan for Your Business 11 Copyright 2010 Sigma College of Small Business, Inc.
  12. 12. Marketing and Sales • Packaging – Sizes, combinations, service levels • Price – Strategy for pricing the product portfolio • Message – Key points to communicate for each product and  segment – Show value and differentiate • Promotion and Communication – Methods and media for communicating the  message – Includes advertising, discounts, promotion events,  etc… • Sales and delivery Build a Practical Business Plan for Your Business 12 Copyright 2010 Sigma College of Small Business, Inc.
  13. 13. Building on the Business Plan Core Elements Market Opportunity Operations Detail Business Strategy Match Product to Need Procedures Vision ‐ New Opportunities Organization Mission Budget and Forecast HR Plan Objectives Opportunity and Cost Development Legal Structure ‐ Financial Plan Facilities Marketing and Sales Method for Exchanging  Product for Cash ‐ Marketing Plan Build a Practical Business Plan for Your Business 13 Copyright 2010 Sigma College of Small Business, Inc.
  14. 14. Sigma College of Small Business • Upcoming SigmaFree Classes Critical Business  – 4/13 – What’s In a Name?  The Power of  Areas Your Brand Strategy and Planning – 4/20 – There’s Gotta be a Better Way!  Marketing and Sales Happier Customers and Higher Profits Accounting and  Finance • Focus Workshop Operations and  – Leveraging the Online Social Network Quality • Tuesday, May 4, 2010 Leadership and  • 10am – 2pm, $199 Administration Technology and  Innovation Dedicated to the Learning Needs of Small Business! 14 Copyright 2010 Sigma College of Small Business, Inc.

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