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Business PlanBusiness Plan
Essential steps towards preparingEssential steps towards preparing
a professional plana professional plan
Sections of a business planSections of a business plan
cover page.cover page.
table of contentstable of contents
executive summary or overviewexecutive summary or overview
management and organisationmanagement and organisation
product/service planproduct/service plan
marketing planmarketing plan
financial planfinancial plan
operating and control systemsoperating and control systems
growth plangrowth plan
appendixappendix
Cover pageCover page
Name of companyName of company
Address, fax, phone, email, webAddress, fax, phone, email, web
LogoLogo
Picture of product if appropriatePicture of product if appropriate
Protection statementProtection statement
““The contents of this plan are proprietaryThe contents of this plan are proprietary
and confidential. It is not to be copied orand confidential. It is not to be copied or
duplicated in any way.”duplicated in any way.”
Table of contentsTable of contents
Sections of plan with page numbersSections of plan with page numbers
Maybe add tabs to the plan for easyMaybe add tabs to the plan for easy
referencereference
Include a table of contents page forInclude a table of contents page for
your appendicesyour appendices
Include a title page for every exhibit inInclude a title page for every exhibit in
the appendixthe appendix
Executive SummaryExecutive Summary
Owner/CEOOwner/CEO’s vision of the future for the business’s vision of the future for the business
Company history if any - very briefCompany history if any - very brief
What is the business area?What is the business area?
What is the current stage of development?What is the current stage of development?
What is unique about the product or service?What is unique about the product or service?
What form of organisation?What form of organisation?
Key management. Key support groups.Key management. Key support groups.
Overview of marketing plan.Overview of marketing plan.
Competitors.Competitors.
How much funding is needed? How much is already invested?How much funding is needed? How much is already invested?
How long to break even?How long to break even?
Debt or equity?Debt or equity?
Exit strategyExit strategy
Management & OrganisationManagement & Organisation
Management teamManagement team
Compensation and ownershipCompensation and ownership
Contracts and franchise agreementsContracts and franchise agreements
Board of directors/Advisory councilBoard of directors/Advisory council
Infrastructure/outside advisorsInfrastructure/outside advisors
InsuranceInsurance
ESOP and other incentivesESOP and other incentives
Organisation chartsOrganisation charts
Common mistakesCommon mistakes
Hiring friends or relativesHiring friends or relatives
Too low qualifications levelsToo low qualifications levels
No non-compete contractsNo non-compete contracts
Giving away too much ownershipGiving away too much ownership
Not enough incentives for good staffNot enough incentives for good staff
No highly qualified outside directorsNo highly qualified outside directors
Product/Service PlanProduct/Service Plan
Purpose of the productPurpose of the product
Unique featuresUnique features
Stage of developmentStage of development
Future research and developmentFuture research and development
Trademarks, copyrights, licences and royaltiesTrademarks, copyrights, licences and royalties
Government approvalsGovernment approvals
Production limitationsProduction limitations
Product liabilityProduct liability
Related services and spinoffsRelated services and spinoffs
ProductionProduction
Manufacturing facilities, if applicableManufacturing facilities, if applicable
Environmental factorsEnvironmental factors
Common mistakesCommon mistakes
Too technical or too broadToo technical or too broad
No unique features or special benefitsNo unique features or special benefits
Failure to show all product costsFailure to show all product costs
Failure to list requirements of regulatoryFailure to list requirements of regulatory
agenciesagencies
Not proving the product is technically feasibleNot proving the product is technically feasible
No backup suppliers or subcontractorsNo backup suppliers or subcontractors
No innovative production procedures early onNo innovative production procedures early on
Marketing PlanMarketing Plan
Industry profileIndustry profile
Competition profileCompetition profile
Customer profileCustomer profile
Target-market profileTarget-market profile
Pricing profilePricing profile
Gross margins on productsGross margins on products
Market penetrationMarket penetration
Advertising and promotionAdvertising and promotion
Packaging and labelingPackaging and labeling
Service and warrantiesService and warranties
Trade showsTrade shows
Future marketsFuture markets
Common mistakesCommon mistakes
Deciding there is noDeciding there is no
competitioncompetition
Under or over estimationUnder or over estimation
strength of the competitionstrength of the competition
No strategy for counteringNo strategy for countering
competitioncompetition
Unrealistic market shareUnrealistic market share
projectionsprojections
Pricing not in line withPricing not in line with
market realitiesmarket realities
Addressing the marketAddressing the market
universally, not segmentallyuniversally, not segmentally
No adequate sales trainingNo adequate sales training
Misjudging true cost ofMisjudging true cost of
penetrating the marketpenetrating the market
Assuming the distributionAssuming the distribution
system will give yoursystem will give your
product/service equal timeproduct/service equal time
Selecting the largest targetSelecting the largest target
market instead of the easiestmarket instead of the easiest
Failure to explain and defendFailure to explain and defend
pricing strategypricing strategy
Establishing pricing basedEstablishing pricing based
only on costsonly on costs
Failing to recognise priceFailing to recognise price
sensitivitysensitivity
Financial PlanFinancial Plan
AssumptionsAssumptions
Cash-Flow ProjectionsCash-Flow Projections
Profit and Loss StatementProfit and Loss Statement
Balance SheetBalance Sheet
Common mistakesCommon mistakes
Unrealistic sales and profit projections.Unrealistic sales and profit projections.
No reasonable assumptionsNo reasonable assumptions
Failure to identify hidden costs.Failure to identify hidden costs.
Too high a risk when considering potential ROIToo high a risk when considering potential ROI
Salaries and other benefits out of line for a startup.Salaries and other benefits out of line for a startup.
Failure to project downside if sales forecasts unmetFailure to project downside if sales forecasts unmet
Financially documents mathematically in errorFinancially documents mathematically in error
Figures on various financial documents notFigures on various financial documents not
consistentconsistent
Operating & Control SystemsOperating & Control Systems
Administrative policies, procedures andAdministrative policies, procedures and
controlscontrols
Documents and paper flowDocuments and paper flow
Planning chart (Gantt Chart, CPA)Planning chart (Gantt Chart, CPA)
Risk analysis and alternative plans ofRisk analysis and alternative plans of
actionaction
Salvaging assets (firesale value ifSalvaging assets (firesale value if
business fails)business fails)
Common mistakesCommon mistakes
Failure to keep importantFailure to keep important
business records.business records.
Failure to establishFailure to establish
procedures that trace andprocedures that trace and
control the flow of cash.control the flow of cash.
No control over receivablesNo control over receivables
No control over inventory.No control over inventory.
No policy and proceduresNo policy and procedures
manual.manual.
No security system to protectNo security system to protect
trade secrets, customer lists.trade secrets, customer lists.
Failure to prioritise majorFailure to prioritise major
goalsgoals
Failure to have a fallbackFailure to have a fallback
Failure to identify keyFailure to identify key
responsibilities of theresponsibilities of the
management teammanagement team
No contingency plans ifNo contingency plans if
schedule cannot be met.schedule cannot be met.
Failure to review schedule ifFailure to review schedule if
conditions change.conditions change.
Failure to identify key goals.Failure to identify key goals.
Failure to identifyFailure to identify
uncontrollable variables.uncontrollable variables.
Failure to assess riskFailure to assess risk
Failure to mention legalFailure to mention legal
liabilityliability
Growth PlanGrowth Plan
New offerings to marketNew offerings to market
Capital requirementsCapital requirements
Personnel requirementsPersonnel requirements
Exit strategyExit strategy
Common mistakesCommon mistakes
Failure to identify and prioritise major new productsFailure to identify and prioritise major new products
or services to support future growth.or services to support future growth.
Overestimating revenue from these new products.Overestimating revenue from these new products.
Not planning the exit needed for investors.Not planning the exit needed for investors.
Inadequate management team and support groups toInadequate management team and support groups to
execute the growth plan.execute the growth plan.
Failure to identify capital expenditure costs neededFailure to identify capital expenditure costs needed
for growth.for growth.
Failure to have a proper system to control operationsFailure to have a proper system to control operations
during periods of growth.during periods of growth.
AppendixAppendix
Detailed resumes of theDetailed resumes of the
management team. Highlightmanagement team. Highlight
relevant qualificationsrelevant qualifications
All employee contracts, ESOPSAll employee contracts, ESOPS
Personal financial statementsPersonal financial statements
for each of the principalsfor each of the principals
Copies of patents, copyrightsCopies of patents, copyrights
Actual documents of;Actual documents of;
partnershipspartnerships
distributor contractsdistributor contracts
non-compete contractsnon-compete contracts
corporate bylawscorporate bylaws
all other relevant documentsall other relevant documents
Copies of product/serviceCopies of product/service
brochuresbrochures
Reference lettersReference letters
Market studiesMarket studies
Business or operating manualsBusiness or operating manuals
Customer signed orders or LOICustomer signed orders or LOI
Magazine articles, demographicMagazine articles, demographic
Detailed description of high techDetailed description of high tech
productsproducts
A map showing location of theA map showing location of the
businessbusiness
A copy of credit reports on theA copy of credit reports on the
businessbusiness
Last three years of tax returnsLast three years of tax returns
and any other historical financialand any other historical financial
informationinformation
Common mistakesCommon mistakes
Exhibits difficult to readExhibits difficult to read
No explanation on how to read andNo explanation on how to read and
interpret technical information giveninterpret technical information given
Failure to list the source of informationFailure to list the source of information
Failure to list the date of informationFailure to list the date of information
Inconsistencies in the dataInconsistencies in the data
Misspelled words in the exhibitsMisspelled words in the exhibits
Evaluating the Business PlanEvaluating the Business Plan
Business Plan EvaluationBusiness Plan Evaluation
QuestionsQuestions
What is the business concept?What is the business concept?
List key members of the teamList key members of the team
Compare salaries with similarCompare salaries with similar
industries.industries.
List company advisorsList company advisors
List proprietary rightsList proprietary rights
Describe uniqueness of theDescribe uniqueness of the
product/serviceproduct/service
Shelf life of the product/serviceShelf life of the product/service
List customer needsList customer needs
What is the payback to the endWhat is the payback to the end
user?user?
List target markets and indicateList target markets and indicate
how much money the companyhow much money the company
can obtain from each.can obtain from each.
Explain the methods of targetExplain the methods of target
market penetration, showingmarket penetration, showing
they are compatible withthey are compatible with
industry standards.industry standards.
List cost of each marketList cost of each market
penetration strategy.penetration strategy.
Is the marketplace big enoughIs the marketplace big enough
for this management team?for this management team?
Does the company have theDoes the company have the
financial resources needed tofinancial resources needed to
succeed in this venture. Wheresucceed in this venture. Where
is any extra money sourced?is any extra money sourced?
Examine the financialExamine the financial
assumptions section. List anyassumptions section. List any
unsound assumptionsunsound assumptions
Business Plan EvaluationBusiness Plan Evaluation
QuestionsQuestions
Can the entrepreneur explain allCan the entrepreneur explain all
financial projections withoutfinancial projections without
outside assistance?outside assistance?
Has the entrepreneur been inHas the entrepreneur been in
this business before?this business before?
Are the companyAre the company’s control’s control
systems adequate? List areassystems adequate? List areas
that could be improved.that could be improved.
What information has beenWhat information has been
learned from talking to others inlearned from talking to others in
the same industry.the same industry.
What was said about theWhat was said about the
venture after it was critiqued byventure after it was critiqued by
accountants, lawyers,accountants, lawyers,
management consultants?management consultants?
What was said about theWhat was said about the
management team after youmanagement team after you
talked with people who knowtalked with people who know
them?them?
Describe whatDescribe what
advantages/disadvantages theadvantages/disadvantages the
venture has over competition.venture has over competition.
Is the pricing structure adequateIs the pricing structure adequate
List the major problems thatList the major problems that
could occur in the future, andcould occur in the future, and
note if the business plannote if the business plan
provided an adequate solution.provided an adequate solution.
Identify the money sourcesIdentify the money sources
needed by the company forneeded by the company for
growth.growth.
Business Plan EvaluationBusiness Plan Evaluation
QuestionsQuestions
Describe the exit the companyDescribe the exit the company
will take to satisfy thewill take to satisfy the
management team, banks,management team, banks,
investors. List the projected timeinvestors. List the projected time
frames for the exit.frames for the exit.
Describe how the company orDescribe how the company or
subcontractors will producesubcontractors will produce
needed products/services toneeded products/services to
satisfy sales projections.satisfy sales projections.
List all backup suppliers.List all backup suppliers.
List the capital expendituresList the capital expenditures
needed for the companyneeded for the company’s’s
growth. Are these expendituresgrowth. Are these expenditures
adequate?adequate?
Does this ventureDoes this venture
have a high chancehave a high chance
of success?of success?
If yes, what are theIf yes, what are the
most importantmost important
reasons why?reasons why?
If not, list theIf not, list the
negative factors.negative factors.

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Business Plan for Everyone. Made easy

  • 1. Business PlanBusiness Plan Essential steps towards preparingEssential steps towards preparing a professional plana professional plan
  • 2. Sections of a business planSections of a business plan cover page.cover page. table of contentstable of contents executive summary or overviewexecutive summary or overview management and organisationmanagement and organisation product/service planproduct/service plan marketing planmarketing plan financial planfinancial plan operating and control systemsoperating and control systems growth plangrowth plan appendixappendix
  • 3. Cover pageCover page Name of companyName of company Address, fax, phone, email, webAddress, fax, phone, email, web LogoLogo Picture of product if appropriatePicture of product if appropriate Protection statementProtection statement ““The contents of this plan are proprietaryThe contents of this plan are proprietary and confidential. It is not to be copied orand confidential. It is not to be copied or duplicated in any way.”duplicated in any way.”
  • 4. Table of contentsTable of contents Sections of plan with page numbersSections of plan with page numbers Maybe add tabs to the plan for easyMaybe add tabs to the plan for easy referencereference Include a table of contents page forInclude a table of contents page for your appendicesyour appendices Include a title page for every exhibit inInclude a title page for every exhibit in the appendixthe appendix
  • 5. Executive SummaryExecutive Summary Owner/CEOOwner/CEO’s vision of the future for the business’s vision of the future for the business Company history if any - very briefCompany history if any - very brief What is the business area?What is the business area? What is the current stage of development?What is the current stage of development? What is unique about the product or service?What is unique about the product or service? What form of organisation?What form of organisation? Key management. Key support groups.Key management. Key support groups. Overview of marketing plan.Overview of marketing plan. Competitors.Competitors. How much funding is needed? How much is already invested?How much funding is needed? How much is already invested? How long to break even?How long to break even? Debt or equity?Debt or equity? Exit strategyExit strategy
  • 6. Management & OrganisationManagement & Organisation Management teamManagement team Compensation and ownershipCompensation and ownership Contracts and franchise agreementsContracts and franchise agreements Board of directors/Advisory councilBoard of directors/Advisory council Infrastructure/outside advisorsInfrastructure/outside advisors InsuranceInsurance ESOP and other incentivesESOP and other incentives Organisation chartsOrganisation charts
  • 7. Common mistakesCommon mistakes Hiring friends or relativesHiring friends or relatives Too low qualifications levelsToo low qualifications levels No non-compete contractsNo non-compete contracts Giving away too much ownershipGiving away too much ownership Not enough incentives for good staffNot enough incentives for good staff No highly qualified outside directorsNo highly qualified outside directors
  • 8. Product/Service PlanProduct/Service Plan Purpose of the productPurpose of the product Unique featuresUnique features Stage of developmentStage of development Future research and developmentFuture research and development Trademarks, copyrights, licences and royaltiesTrademarks, copyrights, licences and royalties Government approvalsGovernment approvals Production limitationsProduction limitations Product liabilityProduct liability Related services and spinoffsRelated services and spinoffs ProductionProduction Manufacturing facilities, if applicableManufacturing facilities, if applicable Environmental factorsEnvironmental factors
  • 9. Common mistakesCommon mistakes Too technical or too broadToo technical or too broad No unique features or special benefitsNo unique features or special benefits Failure to show all product costsFailure to show all product costs Failure to list requirements of regulatoryFailure to list requirements of regulatory agenciesagencies Not proving the product is technically feasibleNot proving the product is technically feasible No backup suppliers or subcontractorsNo backup suppliers or subcontractors No innovative production procedures early onNo innovative production procedures early on
  • 10. Marketing PlanMarketing Plan Industry profileIndustry profile Competition profileCompetition profile Customer profileCustomer profile Target-market profileTarget-market profile Pricing profilePricing profile Gross margins on productsGross margins on products Market penetrationMarket penetration Advertising and promotionAdvertising and promotion Packaging and labelingPackaging and labeling Service and warrantiesService and warranties Trade showsTrade shows Future marketsFuture markets
  • 11. Common mistakesCommon mistakes Deciding there is noDeciding there is no competitioncompetition Under or over estimationUnder or over estimation strength of the competitionstrength of the competition No strategy for counteringNo strategy for countering competitioncompetition Unrealistic market shareUnrealistic market share projectionsprojections Pricing not in line withPricing not in line with market realitiesmarket realities Addressing the marketAddressing the market universally, not segmentallyuniversally, not segmentally No adequate sales trainingNo adequate sales training Misjudging true cost ofMisjudging true cost of penetrating the marketpenetrating the market Assuming the distributionAssuming the distribution system will give yoursystem will give your product/service equal timeproduct/service equal time Selecting the largest targetSelecting the largest target market instead of the easiestmarket instead of the easiest Failure to explain and defendFailure to explain and defend pricing strategypricing strategy Establishing pricing basedEstablishing pricing based only on costsonly on costs Failing to recognise priceFailing to recognise price sensitivitysensitivity
  • 12. Financial PlanFinancial Plan AssumptionsAssumptions Cash-Flow ProjectionsCash-Flow Projections Profit and Loss StatementProfit and Loss Statement Balance SheetBalance Sheet
  • 13. Common mistakesCommon mistakes Unrealistic sales and profit projections.Unrealistic sales and profit projections. No reasonable assumptionsNo reasonable assumptions Failure to identify hidden costs.Failure to identify hidden costs. Too high a risk when considering potential ROIToo high a risk when considering potential ROI Salaries and other benefits out of line for a startup.Salaries and other benefits out of line for a startup. Failure to project downside if sales forecasts unmetFailure to project downside if sales forecasts unmet Financially documents mathematically in errorFinancially documents mathematically in error Figures on various financial documents notFigures on various financial documents not consistentconsistent
  • 14. Operating & Control SystemsOperating & Control Systems Administrative policies, procedures andAdministrative policies, procedures and controlscontrols Documents and paper flowDocuments and paper flow Planning chart (Gantt Chart, CPA)Planning chart (Gantt Chart, CPA) Risk analysis and alternative plans ofRisk analysis and alternative plans of actionaction Salvaging assets (firesale value ifSalvaging assets (firesale value if business fails)business fails)
  • 15. Common mistakesCommon mistakes Failure to keep importantFailure to keep important business records.business records. Failure to establishFailure to establish procedures that trace andprocedures that trace and control the flow of cash.control the flow of cash. No control over receivablesNo control over receivables No control over inventory.No control over inventory. No policy and proceduresNo policy and procedures manual.manual. No security system to protectNo security system to protect trade secrets, customer lists.trade secrets, customer lists. Failure to prioritise majorFailure to prioritise major goalsgoals Failure to have a fallbackFailure to have a fallback Failure to identify keyFailure to identify key responsibilities of theresponsibilities of the management teammanagement team No contingency plans ifNo contingency plans if schedule cannot be met.schedule cannot be met. Failure to review schedule ifFailure to review schedule if conditions change.conditions change. Failure to identify key goals.Failure to identify key goals. Failure to identifyFailure to identify uncontrollable variables.uncontrollable variables. Failure to assess riskFailure to assess risk Failure to mention legalFailure to mention legal liabilityliability
  • 16. Growth PlanGrowth Plan New offerings to marketNew offerings to market Capital requirementsCapital requirements Personnel requirementsPersonnel requirements Exit strategyExit strategy
  • 17. Common mistakesCommon mistakes Failure to identify and prioritise major new productsFailure to identify and prioritise major new products or services to support future growth.or services to support future growth. Overestimating revenue from these new products.Overestimating revenue from these new products. Not planning the exit needed for investors.Not planning the exit needed for investors. Inadequate management team and support groups toInadequate management team and support groups to execute the growth plan.execute the growth plan. Failure to identify capital expenditure costs neededFailure to identify capital expenditure costs needed for growth.for growth. Failure to have a proper system to control operationsFailure to have a proper system to control operations during periods of growth.during periods of growth.
  • 18. AppendixAppendix Detailed resumes of theDetailed resumes of the management team. Highlightmanagement team. Highlight relevant qualificationsrelevant qualifications All employee contracts, ESOPSAll employee contracts, ESOPS Personal financial statementsPersonal financial statements for each of the principalsfor each of the principals Copies of patents, copyrightsCopies of patents, copyrights Actual documents of;Actual documents of; partnershipspartnerships distributor contractsdistributor contracts non-compete contractsnon-compete contracts corporate bylawscorporate bylaws all other relevant documentsall other relevant documents Copies of product/serviceCopies of product/service brochuresbrochures Reference lettersReference letters Market studiesMarket studies Business or operating manualsBusiness or operating manuals Customer signed orders or LOICustomer signed orders or LOI Magazine articles, demographicMagazine articles, demographic Detailed description of high techDetailed description of high tech productsproducts A map showing location of theA map showing location of the businessbusiness A copy of credit reports on theA copy of credit reports on the businessbusiness Last three years of tax returnsLast three years of tax returns and any other historical financialand any other historical financial informationinformation
  • 19. Common mistakesCommon mistakes Exhibits difficult to readExhibits difficult to read No explanation on how to read andNo explanation on how to read and interpret technical information giveninterpret technical information given Failure to list the source of informationFailure to list the source of information Failure to list the date of informationFailure to list the date of information Inconsistencies in the dataInconsistencies in the data Misspelled words in the exhibitsMisspelled words in the exhibits
  • 20. Evaluating the Business PlanEvaluating the Business Plan
  • 21. Business Plan EvaluationBusiness Plan Evaluation QuestionsQuestions What is the business concept?What is the business concept? List key members of the teamList key members of the team Compare salaries with similarCompare salaries with similar industries.industries. List company advisorsList company advisors List proprietary rightsList proprietary rights Describe uniqueness of theDescribe uniqueness of the product/serviceproduct/service Shelf life of the product/serviceShelf life of the product/service List customer needsList customer needs What is the payback to the endWhat is the payback to the end user?user? List target markets and indicateList target markets and indicate how much money the companyhow much money the company can obtain from each.can obtain from each. Explain the methods of targetExplain the methods of target market penetration, showingmarket penetration, showing they are compatible withthey are compatible with industry standards.industry standards. List cost of each marketList cost of each market penetration strategy.penetration strategy. Is the marketplace big enoughIs the marketplace big enough for this management team?for this management team? Does the company have theDoes the company have the financial resources needed tofinancial resources needed to succeed in this venture. Wheresucceed in this venture. Where is any extra money sourced?is any extra money sourced? Examine the financialExamine the financial assumptions section. List anyassumptions section. List any unsound assumptionsunsound assumptions
  • 22. Business Plan EvaluationBusiness Plan Evaluation QuestionsQuestions Can the entrepreneur explain allCan the entrepreneur explain all financial projections withoutfinancial projections without outside assistance?outside assistance? Has the entrepreneur been inHas the entrepreneur been in this business before?this business before? Are the companyAre the company’s control’s control systems adequate? List areassystems adequate? List areas that could be improved.that could be improved. What information has beenWhat information has been learned from talking to others inlearned from talking to others in the same industry.the same industry. What was said about theWhat was said about the venture after it was critiqued byventure after it was critiqued by accountants, lawyers,accountants, lawyers, management consultants?management consultants? What was said about theWhat was said about the management team after youmanagement team after you talked with people who knowtalked with people who know them?them? Describe whatDescribe what advantages/disadvantages theadvantages/disadvantages the venture has over competition.venture has over competition. Is the pricing structure adequateIs the pricing structure adequate List the major problems thatList the major problems that could occur in the future, andcould occur in the future, and note if the business plannote if the business plan provided an adequate solution.provided an adequate solution. Identify the money sourcesIdentify the money sources needed by the company forneeded by the company for growth.growth.
  • 23. Business Plan EvaluationBusiness Plan Evaluation QuestionsQuestions Describe the exit the companyDescribe the exit the company will take to satisfy thewill take to satisfy the management team, banks,management team, banks, investors. List the projected timeinvestors. List the projected time frames for the exit.frames for the exit. Describe how the company orDescribe how the company or subcontractors will producesubcontractors will produce needed products/services toneeded products/services to satisfy sales projections.satisfy sales projections. List all backup suppliers.List all backup suppliers. List the capital expendituresList the capital expenditures needed for the companyneeded for the company’s’s growth. Are these expendituresgrowth. Are these expenditures adequate?adequate? Does this ventureDoes this venture have a high chancehave a high chance of success?of success? If yes, what are theIf yes, what are the most importantmost important reasons why?reasons why? If not, list theIf not, list the negative factors.negative factors.