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Getting a standard business plan for your startups or existing businesses is the cogent foundation of a successful business.
This is a note guide that talks on business plan, financial plan, financial forecast, it benefit, important, and how to get a standard and comprehensive business plan for a startup and existing businesses.
A Business Plan can be defined as any document which identifies, describes, and analyses the techno-economic and financial feasibility of a startup or an already existing business.
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1. Building a Business Plan
Create a Business Plan as the
first step on your path to
success
2. Learning Objectives
At the end of this module, you will be able to:
– Identify the essential elements of a Business Plan.
– Identify how a good Business Plan can create an anchor for continued success.
– List additional resources that can help you develop an effective Business Plan.
Building a Business Plan
2
3. About FDIC Small Business
Resource Effort
The Federal Deposit Insurance Corporation (“FDIC”) recognizes the
important contributions made by small, veteran, and minority and
women-owned businesses to our economy. For that reason, we strive to
provide small businesses with opportunities to contract with the FDIC. In
furtherance of this goal, the FDIC has initiated the FDIC Small Business
Resource Effort to assist the small vendors that provide products, services,
and solutions to the FDIC.
The objective of the Small Business Resource Effort is to provide
information and the tools small vendors need to become better
positioned to compete for contracts and subcontracts at the FDIC. To
achieve this objective, the Small Business Resource Effort references
outside resources critical for qualified vendors, leverages technology to
provide education according to perceived needs, and offers connectivity
through resourcing, accessibility, counseling, coaching, and guidance
where applicable.
This product was developed by the FDIC Office of Minority and Women
Inclusion (OMWI). OMWI has responsibility for oversight of the Small
Business Resource Effort.
Building a Business Plan
3
4. Executive Summary
A Business Plan identifies key areas of your business so you can maximize
the time you spend on generating income.
Key investors will want to look at your Business Plan before providing
capital.
A Business Plan helps you start and keep your business on a successful
path.
You should prepare a Business Plan, although, in reality, many small
business owners do not.
Building a Business Plan
4
5. What is a Business Plan?
A Business Plan is a written document that defines the goals of your
business and describes how you will attain those goals.
A Business Plan is worth your considerable investment of time, effort, and
energy.
A Business Plan sets objectives, defines budgets, engages partners, and
anticipates problems before they occur.
Building a Business Plan
5
6. 10 Reasons Why You Need a
Strong Business Plan
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
To attract investors.
To see if your business ideas will work.
To outline each area of the business.
To set up milestones.
To learn about the market.
To secure additional funding or loans.
To determine your financial needs.
To attract top-level people.
To monitor your business.
To devise contingency plans.
Building a Business Plan
6
7. How Detailed Should
Your Plan Be?
Business plans differ widely in their length, appearance, content, and the
emphasis placed on different aspects of the business.
Depending on your business and your intended use, you may need a very
different type of Business Plan:
– Mini-plan: Less emphasis on critical details. Used to test your assumptions,
concept, and measure the interest of potential investors.
– Working Plan: Almost total emphasis on details. Used continuously to review
business operations and progress.
– Presentation Plan: Emphasis on marketability of the business concept. Used to
give information about the business to bankers, venture capitalists, and other
external resources.
Building a Business Plan
7
8. Assembling a Business Plan
Every Business Plan should include some essential components:
– Overview of the Business: Describes the business, including its products and
services.
– The Marketing Plan: Describes the target market for your product and explains
how you will reach that market.
– The Financial Management Plan: Details the costs associated with operating
your business and explains how you will pay for those costs, including the
amount of financing you may need.
– The Operations and Management Plan: Describes how you will manage the
core processes of your business, including use of human resources.
Building a Business Plan
8
9. Seven Common Parts of a
Good Business Plan
Business plans must help investors understand and gain confidence on
how you will meet your customers’ needs.
Seven common parts of a good Business Plan are:
1.
2.
3.
4.
5.
6.
7.
Executive Summary
Business Concept
Market Analysis
Management Team
Marketing Plan
Financial Plan
Operations and Management Plan
Building a Business Plan
9
10. Part 1: Executive Summary
The Executive Summary of a Business Plan is a 3-5 page introduction to
your Business Plan.
The Executive Summary is critical, because many individuals (including
venture capitalists) only read the summary.
The Executive Summary section includes:
– A first paragraph that introduces your business.
•
•
•
•
Your business name and location.
A brief explanation of customer needs and your products or services.
The ways that the product or service meets or exceeds the customer needs.
An introduction of the team that will execute the Business Plan.
– Subsequent paragraphs that provide key details about your business, including
projected sales and profits, unit sales, profitability, and keys to success.
– Visuals that help the reader see important information, including highlight
charts, market share projections, and customer demand charts.
Building a Business Plan
10
11. Part 2: Business Concept
The business concept shows evidence that a product or service is viable
and capable of fulfilling an organization's particular needs.
The Business Concept section:
– Articulates the vision of the company, how you plan to meet the unique needs
of your customer, and how you plan to make money doing that.
– Discusses feasibility studies that you have conducted for your products.
– Discusses diagnostics sessions you had with prospective customers for your
services.
– Captures and highlights the value proposition in your product or service
offerings.
Building a Business Plan
11
12. Part 3: Market Analysis
A Market Analysis defines the target market so that you can position your
business to get its share of sales.
A Market Analysis section:
–
–
–
–
–
–
Defines your market.
Segments your customers.
Projects your market share.
Positions your products and services.
Discusses pricing and promotions.
Identifies communication, sales, and distribution channels.
Building a Business Plan
12
13. Part 4: Management Team
The Management Team section outlines:
– Organizational Structure: Highlights the hierarchy and outlines responsibilities
and decision-making powers.
– Management Team: Highlights the track record of the company’s managers.
You may also offer details about key employees including qualifications,
experiences, or outstanding skills, which could add a competitive edge to the
image of the business.
– Working Structure: Highlights how your management team will operate within
your defined organizational structure.
– Expertise: Highlights the business expertise of your management and senior
team. You may also include special knowledge of budget control, personnel
management, public relations, and strategic planning.
– Skills Gap: Highlights plans to improve your company’s overall skills or
expertise. In this section, you should discuss opportunities and plans to acquire
new information and knowledge that will add value.
– Personnel Plan: Highlights current and future staffing requirements and
related costs.
Building a Business Plan
13
14. Part 5: Marketing Plan
The Marketing Plan section details what you propose to
accomplish, and is critical in obtaining funding to pursue new
initiatives.
The Marketing Plan section:
– Explains (from an internal perspective) the impacts and results of past marketing
decisions.
– Explains the external market in which the business is competing.
– Sets goals to direct future marketing efforts.
– Sets clear, realistic, and measurable targets.
– Includes deadlines for meeting those targets.
– Provides a budget for all marketing activities.
– Specifies accountability and measures for all activities.
Building a Business Plan
14
15. Part 6: Financial Plan
(Slide 1 of 2)
The Financial Plan translates your company's goals into specific financial
targets.
The Financial Plan section:
– Clearly defines what a successful outcome entails. The plan isn't merely a
prediction; it implies a commitment to making the targeted results happen and
establishes milestones for gauging progress.
– Provides you with a vital feedback-and-control tool. Variances from
projections provide early warnings of problems. When variances occur, the
plan can provide a framework for determining the financial impact and the
effects of various corrective actions.
– Anticipate problems. If rapid growth creates a cash shortage due to
investment in receivables and inventory, the forecast should show this. If next
year's projections depend on certain milestones this year, the assumptions
should spell this out.
Building a Business Plan
15
16. Part 6: Financial Plan
(Slide 2 of 2)
The Financial Plan is the most essential part of your Business Plan. It
shows investors the timeframes you have scheduled to make profits.
Some elements of the Financial Plan include:
–
–
–
–
–
–
–
–
Important Assumptions
Key Financial Indicators
Break-even Analysis
Projected Profit and Loss
Projected Cash Flow
Projected Balance Sheet
Business Ratios
Long-term Plan
Building a Business Plan
16
17. Different Financial Planning
Options (Slide 1 of 2)
Short-term Forecast: Projects either the current year or a rolling 12month period by month. This type of forecast should be updated at least
monthly and become the main planning and monitoring vehicle.
Budget: Translates goals into detailed actions and interim targets. A
budget should provide details, such as specific staffing plans and line-item
expenditures.
– The size of a company may determine whether the same model used to
prepare the 12-month forecast can be appropriate for budgeting.
– In any case, unlike the 12-month forecast, a budget should generally be frozen
at the time they are approved.
Building a Business Plan
17
18. Different Financial Planning
Options (Slide 2 of 2)
Strategic Forecast: Incorporates the strategic goals of the company into
the projections. For startup companies, the initial Business Plan should
include a month-by-month projection for the first year, followed by annual
projections for a minimum of three years.
Cash Forecast: Breaks down the budget and 12-month forecast into more
detail. The focus of these forecasts is on cash flow, rather than accounting
profit, and periods may be as short as a week in order to capture
fluctuations.
Building a Business Plan
18
19. Part 7: Operations and
Management
The Operations and Management section outlines how your company will
operate.
The Operations and Management section includes:
– Organizational structure of the company. Provides a basis for projected
operating expenses and financial statements. Because these statements are
heavily scrutinized by investors, the organizational structure has to be welldefined and realistic within the parameters of the business.
– Expense and capital requirements to support the organizational structure.
Provides a basis to identify personnel expenses, overhead expenses, and costs
of products/services sold. These expenses/costs can then be matched with
capital requirements.
Building a Business Plan
19
20. Key Takeaways From This
Module
Business Plans are critical for the success of a company.
Different businesses will require different types of Business Plans.
All Business Plans have some essential sections that explain the core
aspects of the company.
In order to help your company have a better chance of gaining interest
and investors, a Business Plan should include seven essential sections:
1.
2.
3.
4.
5.
6.
7.
Executive Summary
Business Concept
Market Analysis
Management Team
Marketing Plan
Financial Plan
Operations and Management Plan
Building a Business Plan
20
21. Sources and Citations
Small Business Administration, Business Planning, How To Prepare a
Business Plan
Gary Cadenhead, No Longer Moot
Shirleen Glasin, ProSidian Consulting, Building a Business Plan
Entrepreneur.com, Small Business Encyclopedia, Business Plans
AllBusiness, A D&B Company, 10 Reasons Why You Need a Strong
Business Plan
Business Owners Toolkit, Total Know-How for Small Businesses
Building a Business Plan
21