Your Value Proposition is the reason that customers choose to buy from you, it needs to be a core business skill. This slideshare shows you how to develop compelling value propositions with a focus on B2B companies
Uitleg over hoe je een ondernemerspln kunt maken. Uitleg in drie niveau's van detail: eerst op hoofd-termen, dan met korte uitleg en video's en vervolgens met zeer veel details (in Engelse taal). De details zijn voorbeelden en zijn naar eigen inzicht te benoemen of niet, dan wel zelf elementen toe te voegen.
This is a presentation in a meetup called "Business of Data Science". Data science is being leveraged extensively in the field of Banking and Financial Services and this presentation will give a brief and fundamental highlight to the evergreen field.
The Power of Discovery for Increasing Win RatesMike Kunkle
This is the webinar I delivered on 11/08/2017 on how to conduct a highly-effective consultative discovery to improve sales effectiveness and win rates.
Sales Process Engineering: Marketing Planning and Automationpropatrea
This document discusses how Sales Process Engineering can help companies cut sales costs, increase revenue and profits. It involves designing a systematic, integrated sales and marketing process aligned with how buyers make decisions. This includes planning, generating awareness and leads, qualifying and influencing buyers, developing solutions, and retention. It ensures sales and marketing alignment, provides metrics to measure performance, and helps companies understand buyer behavior and scalability.
The document provides guidance on developing an effective business plan, noting that a plan is important to clarify strategy, raise capital, and attract collaboration. It outlines the main components of a comprehensive business plan, including an executive summary, company overview, products/services, marketing plan, operations plan, management/organization, financial documents, and appendices. The document gives detailed advice on what to include under each section to clearly present the business concept, operations, marketing strategy, management team, and financial projections.
Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
The CVP is the strategic guidepost for product design and product marketing (campaigns and messaging to the customers). All product management activities (market intelligence, customer research, product market position analysis) are in effect an input in defining the CVP (for new products) and enhancing the CVP appeal (for existing products). As such, formulating a CVP is a core element of product strategy process and output.
Defining Customer Value Proposition elements
At its highest level, a CVP is a statement defining your promise to your (target) customers, stating the benefits (value) they will receive by buying your product/service – it sets the value/price equation to the intended target market. The CVP should be a succinct customer centric statement that articulates how the product/service will benefit customers.
The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
See below the visualization of the CVP design elements and where it fits between high level corporate strategy and marketing- the high level strategy shapes the CVP and marketing communicates and sells the CVP.
The CVP summarizes the sum of all the benefits provided to the customer– it is the total sum of functional and emotional benefits that a company promise to deliver through its product/service
Another description of CVP from Harvard Business Review article (Customer Value Propositions in Business Markets- March 2006).
Translating the CVP into tangible product/service offerings
The CVP statement then needs to be translated in detailed into the product/service offerings
• design attributes (design, quality, features, functionalities)
• price (pricing model and setting)
• experience (customer journey from applying to use & servicing).
• channels of distribution
Those elements need to have clear value outcome (driving functional, emotional, economic customer benefits) with points of distinction.
Another way to visualise the CVP is as per below - starting from the core (the proposition) then expanding to the additional product /service offering layers.
Why the CVP is important?
For customers, the CVP statement is the promise of the value to be received. For a company, it sets strategic guidepost on the product design/marketing positioning, framing
• the company value position (determining what value you will deliver to customer),
• method of delivery (elements of value)
• the value messaging to its customers as part of the marketing mix
In addition, the CVP will help defining the product roadmap
Your Value Proposition is the reason that customers choose to buy from you, it needs to be a core business skill. This slideshare shows you how to develop compelling value propositions with a focus on B2B companies
Uitleg over hoe je een ondernemerspln kunt maken. Uitleg in drie niveau's van detail: eerst op hoofd-termen, dan met korte uitleg en video's en vervolgens met zeer veel details (in Engelse taal). De details zijn voorbeelden en zijn naar eigen inzicht te benoemen of niet, dan wel zelf elementen toe te voegen.
This is a presentation in a meetup called "Business of Data Science". Data science is being leveraged extensively in the field of Banking and Financial Services and this presentation will give a brief and fundamental highlight to the evergreen field.
The Power of Discovery for Increasing Win RatesMike Kunkle
This is the webinar I delivered on 11/08/2017 on how to conduct a highly-effective consultative discovery to improve sales effectiveness and win rates.
Sales Process Engineering: Marketing Planning and Automationpropatrea
This document discusses how Sales Process Engineering can help companies cut sales costs, increase revenue and profits. It involves designing a systematic, integrated sales and marketing process aligned with how buyers make decisions. This includes planning, generating awareness and leads, qualifying and influencing buyers, developing solutions, and retention. It ensures sales and marketing alignment, provides metrics to measure performance, and helps companies understand buyer behavior and scalability.
The document provides guidance on developing an effective business plan, noting that a plan is important to clarify strategy, raise capital, and attract collaboration. It outlines the main components of a comprehensive business plan, including an executive summary, company overview, products/services, marketing plan, operations plan, management/organization, financial documents, and appendices. The document gives detailed advice on what to include under each section to clearly present the business concept, operations, marketing strategy, management team, and financial projections.
Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
The CVP is the strategic guidepost for product design and product marketing (campaigns and messaging to the customers). All product management activities (market intelligence, customer research, product market position analysis) are in effect an input in defining the CVP (for new products) and enhancing the CVP appeal (for existing products). As such, formulating a CVP is a core element of product strategy process and output.
Defining Customer Value Proposition elements
At its highest level, a CVP is a statement defining your promise to your (target) customers, stating the benefits (value) they will receive by buying your product/service – it sets the value/price equation to the intended target market. The CVP should be a succinct customer centric statement that articulates how the product/service will benefit customers.
The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
See below the visualization of the CVP design elements and where it fits between high level corporate strategy and marketing- the high level strategy shapes the CVP and marketing communicates and sells the CVP.
The CVP summarizes the sum of all the benefits provided to the customer– it is the total sum of functional and emotional benefits that a company promise to deliver through its product/service
Another description of CVP from Harvard Business Review article (Customer Value Propositions in Business Markets- March 2006).
Translating the CVP into tangible product/service offerings
The CVP statement then needs to be translated in detailed into the product/service offerings
• design attributes (design, quality, features, functionalities)
• price (pricing model and setting)
• experience (customer journey from applying to use & servicing).
• channels of distribution
Those elements need to have clear value outcome (driving functional, emotional, economic customer benefits) with points of distinction.
Another way to visualise the CVP is as per below - starting from the core (the proposition) then expanding to the additional product /service offering layers.
Why the CVP is important?
For customers, the CVP statement is the promise of the value to be received. For a company, it sets strategic guidepost on the product design/marketing positioning, framing
• the company value position (determining what value you will deliver to customer),
• method of delivery (elements of value)
• the value messaging to its customers as part of the marketing mix
In addition, the CVP will help defining the product roadmap
Tony Shepherd from Christian Doppler Consulting presented to Large Technology Organisation on building better businesses. The session objectives were to introduce mutual introductions, understand the company's current situation, introduce the CDC Client Value methodology, agree next steps, provide a summary and call to action. Tony discussed gathering market intelligence through PESTEL and SWOT analyses. He outlined the CDC approach of identifying client pain points and gains, understanding key market and client knowledge, and positioning clients within risk/value and ease of change matrices. The presentation provided guidance on developing key account strategies, addressing price perceptions, and next steps for support from Christian Doppler Consulting.
This document discusses the importance of developing an effective business plan that goes beyond just a checklist. It emphasizes answering the key questions of what the business is, why it is needed, and how it will operate. The document recommends including a business model canvas, financial projections, and addressing risks and growth opportunities. An effective plan also clearly conveys the vision and opportunity, operations and marketing strategies, financial viability, and project milestones to potential investors.
Strategic Planning for Financial ServicesJenny Cavnar
The document discusses strategic planning and minimizing execution risk. It provides examples of strategic planning processes and components that work well, such as conducting planning sessions to establish a common fact base and agreeing upon a clear, shared vision and future direction. It also discusses evaluating opportunities and options at the business segment level to identify the best path to long-term value. Examples are provided of high performing community banks that effectively convert opportunities through customer-focused strategies and rigorous planning and execution processes.
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
The Power of Discovery for Increasing Win RatesMike Kunkle
Webinar Recording: http://bit.ly/SMMWebinar-04182018
_____________________________________________
Webinar Description from SMM Connect:
Depending on which sales research you’re reading, Win Rates hover under 50% and No Decision rates vary greatly from 25% to over 50%. The bottom-line? We can do better. And many of us must, to make our number.
What’s the single best thing you can do to radically move these numbers for your sales force? The answer is better sales discovery.
In this webinar, sales transformation expert Mike Kunkle will share a situation assessment framework that will enable your sales force to understand your customers better than ever before – especially the things that matter most to the decision makers – so your pursuit team can build a compelling case for change and co-create solutions that deliver what your buyers really value.
Join Mike for this webinar (where your questions are welcomed and expected) and learn how you can increase your Win Rates and decrease Losses and No Decisions, through the power of effective discovery.
The Value Initiative tool suite provides a set of tools to help clients identify value-creating ideas and optimize their project portfolios. The key tools include the Enterprise Value Map, ValueLink, MapIt!, PriorIt!, and Portfolio Landscape. The Enterprise Value Map depicts how value is created and can be used to measure performance, identify projects, and develop hypotheses. ValueLink electronically links improvement initiatives to the Value Map. MapIt! and PriorIt! help allocate projects across the Value Map and prioritize based on risk and value. Portfolio Landscape is a comprehensive tool that manages the full portfolio optimization process. The tools help clients focus on the right projects and initiatives to improve performance.
The document discusses market segmentation and target markets. It provides definitions of market segmentation and describes it as the process of dividing a market into distinct groups that have distinct needs, characteristics, or behaviors. It then discusses seven steps for successful segmentation for startups: 1) determine life cycle position, 2) create broad market ideas and sub-segments, 3) create customer profiles, 4) assess and eliminate flawed profiles, 5) assess against selection variables, 6) test target segment, 7) repeat if no segment apparent. It emphasizes using a "problem-need" cycle of iterative customer research, testing assumptions and adapting based on results to identify target customer problems and needs.
This document outlines a presentation on business models, growth, and value creation. It discusses defining business models, examples of innovative Indian companies, the business model canvas with its 9 building blocks, assessing the starting point of a business, setting goals and targets, analyzing sales and growth parameters, governance, valuation, and other considerations for growth. Key aspects covered include stocktaking, setting short, medium, and long-term goals, segmenting and analyzing sales, managing the sales pipeline, demonstrating value, and readiness for scaling.
Microsoft Ventures Masterclass - Business models growth and value creationAnjana Vivek
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Maryann is a Senior Portfolio Marketing Manager overseeing product marketing, content development, and brand strategy.
The purpose of this deck is to show her creative process, approach to marketing initiatives, and examples of work. This should be used as an extension of her resume. Enjoy!
Building a Successful Business - Key Demand Drivers, Trends and Best Practice...SSCG Consulting
It's a good time to be involved in the start-up scene. More funding available than ever before, capacity building support and content on how to start your own business are easily accessible, and community-driven coworking and innovation hubs are popping up everywhere.
Despite the rising popularity of entrepreneurship, starting up a venture and culture brings its own unique set of challenges and problems in a rapidly changing and complex global landscape that its leaders must overcome.
Listen2Data Consultancy provides customer analytics solutions and services to help small and medium enterprises (SMEs) utilize data and analytics. They offer predictive churn and segmentation models, targeting solutions to identify the best customers for campaigns, and flexible on-demand analytics services. Case studies demonstrate applying these services to challenges in industries like hospitality, telecom, and retail. The document outlines Listen2Data's offerings and methodology, providing high-level information on how they help SMEs leverage data and analytics.
How to start an e commerce start-up (A step by step guide)Amit Kumar
In a master class to a group of startup founders and enthusiasts, Amit Kumar (CEO of OLX Autos) presents a step by step guide to build an e-commerce business.
A whitepaper prepared by CMA’s Integrated Marketing and Customer Experience Council discusses the core aspects of a customer experience program and how they interconnect with corporate strategies.
The first of three capability building seminars for the Northern Ireland Food & Drink sector. This session looks at strategic planning, when, how and why you need to do it (whatever your business).
This document provides an overview of business principles including marketing, sales, financial management, and innovation. It discusses key topics such as defining business markets, organizational goals and factors that influence innovation, different business structures, marketing mix and techniques, importance of financial planning and budgets, and principles of market research. The objectives are to help understand customer interactions, external influences on business, legal obligations, and what drives new product development and marketing strategies. Various models of innovation and factors affecting organizational goals are presented.
Why Digital Marketing Should Be Half-man, Half-machineSalesEngine
In large complex B2B sales, it can spot interested buyers, respond to their digital behavior, and nurture them with engaging content, but it can’t qualify a lead. Only people can do that.
This webinar will discuss some of the mistakes companies make when they over-rely on marking automation. It discussed best practices in lead generation that combine marketing automation, telesales, social, and one-to-one email.
You never get a second chance at a first impression. Early-stage ventures seeking investment need to know how to target, locate, approach, and close with venture capitalists, angels, and strategic investors. Hear first-hand a successful pitch from an entrepreneur who has closed a funding round (or two) and how the company’s pitch evolved over time.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
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Tony Shepherd from Christian Doppler Consulting presented to Large Technology Organisation on building better businesses. The session objectives were to introduce mutual introductions, understand the company's current situation, introduce the CDC Client Value methodology, agree next steps, provide a summary and call to action. Tony discussed gathering market intelligence through PESTEL and SWOT analyses. He outlined the CDC approach of identifying client pain points and gains, understanding key market and client knowledge, and positioning clients within risk/value and ease of change matrices. The presentation provided guidance on developing key account strategies, addressing price perceptions, and next steps for support from Christian Doppler Consulting.
This document discusses the importance of developing an effective business plan that goes beyond just a checklist. It emphasizes answering the key questions of what the business is, why it is needed, and how it will operate. The document recommends including a business model canvas, financial projections, and addressing risks and growth opportunities. An effective plan also clearly conveys the vision and opportunity, operations and marketing strategies, financial viability, and project milestones to potential investors.
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The document discusses strategic planning and minimizing execution risk. It provides examples of strategic planning processes and components that work well, such as conducting planning sessions to establish a common fact base and agreeing upon a clear, shared vision and future direction. It also discusses evaluating opportunities and options at the business segment level to identify the best path to long-term value. Examples are provided of high performing community banks that effectively convert opportunities through customer-focused strategies and rigorous planning and execution processes.
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
The Power of Discovery for Increasing Win RatesMike Kunkle
Webinar Recording: http://bit.ly/SMMWebinar-04182018
_____________________________________________
Webinar Description from SMM Connect:
Depending on which sales research you’re reading, Win Rates hover under 50% and No Decision rates vary greatly from 25% to over 50%. The bottom-line? We can do better. And many of us must, to make our number.
What’s the single best thing you can do to radically move these numbers for your sales force? The answer is better sales discovery.
In this webinar, sales transformation expert Mike Kunkle will share a situation assessment framework that will enable your sales force to understand your customers better than ever before – especially the things that matter most to the decision makers – so your pursuit team can build a compelling case for change and co-create solutions that deliver what your buyers really value.
Join Mike for this webinar (where your questions are welcomed and expected) and learn how you can increase your Win Rates and decrease Losses and No Decisions, through the power of effective discovery.
The Value Initiative tool suite provides a set of tools to help clients identify value-creating ideas and optimize their project portfolios. The key tools include the Enterprise Value Map, ValueLink, MapIt!, PriorIt!, and Portfolio Landscape. The Enterprise Value Map depicts how value is created and can be used to measure performance, identify projects, and develop hypotheses. ValueLink electronically links improvement initiatives to the Value Map. MapIt! and PriorIt! help allocate projects across the Value Map and prioritize based on risk and value. Portfolio Landscape is a comprehensive tool that manages the full portfolio optimization process. The tools help clients focus on the right projects and initiatives to improve performance.
The document discusses market segmentation and target markets. It provides definitions of market segmentation and describes it as the process of dividing a market into distinct groups that have distinct needs, characteristics, or behaviors. It then discusses seven steps for successful segmentation for startups: 1) determine life cycle position, 2) create broad market ideas and sub-segments, 3) create customer profiles, 4) assess and eliminate flawed profiles, 5) assess against selection variables, 6) test target segment, 7) repeat if no segment apparent. It emphasizes using a "problem-need" cycle of iterative customer research, testing assumptions and adapting based on results to identify target customer problems and needs.
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It's a good time to be involved in the start-up scene. More funding available than ever before, capacity building support and content on how to start your own business are easily accessible, and community-driven coworking and innovation hubs are popping up everywhere.
Despite the rising popularity of entrepreneurship, starting up a venture and culture brings its own unique set of challenges and problems in a rapidly changing and complex global landscape that its leaders must overcome.
Listen2Data Consultancy provides customer analytics solutions and services to help small and medium enterprises (SMEs) utilize data and analytics. They offer predictive churn and segmentation models, targeting solutions to identify the best customers for campaigns, and flexible on-demand analytics services. Case studies demonstrate applying these services to challenges in industries like hospitality, telecom, and retail. The document outlines Listen2Data's offerings and methodology, providing high-level information on how they help SMEs leverage data and analytics.
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
2. Recap from Week 1
• Converting assumptions into numbers, measuring
activities, managing time
• Evaluating client’s skill level, learning style, abilities
• Understanding external factors:
• Clarity on what we know, don’t know and where to refer
3. What does your client know? Indicators
• Information and assumptions
effect choices.
• How did you know?
the best price?
target market?
Indicators:
• Increased wages $11-$15
• Square & POS Systems
• Millennials -Baby boomers
• Health insurance costs
• Local construction (bridge)
Adaptation by A. Shapiro
4. Strategic Questions
• How did you get to this point?
• Where do you want to be in 3-5 years?
• Describe your family/friend support?
• Where do you get information from?
• What is your learning style?
• Do you have a retirement plan? Will?
• What is easy and what is hard?
• What are your strengths and gaps?
5. Obstacles that small businesses
confront & How to overcome obstacles.
What is impact,%, assumptions?
Personal
• Lack of credit history
• Limit of personal assets
impact when starting, financing, growing
• Lack of business experience
client’s cooking = a great restaurant?
• Lack of industry knowledge
challenges to start and grow ?
• Lack of network/connections and
understanding of the economic
environment
Counselor’s role
Business
• High cost of goods
• Lack of customers
• Lack of cash
• Lack of qualified employees
• Lack of time
• Lack of efficiency
Use data to discuss information (worksheets, documents, 1-1 meetings) to
review obstacles with a client.
6. Table of Contents Module 2
• Learning Objective Overview of a Business Plan (M2:1)
• Overview of Business Planning (M2:2)
• Business Plan Outline (M2:3)
• Supporting Documents (M2:4)
• TA provider role in business planning (M2:5)
• Case Study (M2:6)
• Assessing Personal Financial Needs (M2:7)
• Leading Questions to help clients develop their ideas (M2:8)
• Requirements (M2:9)
• The Experiment – Test your Idea (M2:10)
• Mission Statement (M2:11)
• Price Quality Relationship (M2:12)
• SWOT Analysis (M2:13)
• Sales and Marketing: Features, Benefits and Customers (M2:14)
• Marketing Strategies (M2:15)
• Operating Controls (M2:16)
• Considerations (M2: 17)
• Credit Score (M2:18)
• Financial Strategy (M2:19)
• Income, Balance, Sources & Uses Financial Statements (M2:20)
• GOALS: List measurable objectives (2 slides) (M2:21 & 22)
• Loan Application Check List (M2:23)
• C’s of Lending (M2:24)
• Action Steps (M2:25)
• SBA Tools (M2:26)
• Tools: Calculate startup costs (M2:27)
• Lender Match (M2:28)
• Experiential Learning Project (M2:29)
7. Learning Objective
• Identify requirements to start a small business
– Realistic plan, Personal expenses covered, financing, good timing and
measurements to evaluate
• Calculate startup and operational assumptions
– Ask questions – convert to numbers: Sell 5 = $20 each = $100
– 3 labor hours = $12.75 + 13% (1.66)= $14.41 x 3= $43.22
– Utilities set-up fees?
• Understand the key components of a good business plan.
– Realistic, backed up with data, includes all the elements
• Explain the components of a balance sheet and income
statement
– General (more depth in next session)
M2:1
8. Overview of a Business Plan
Living analytical document for internal planning to make decisions
• Who needs to write a business plan? : Owner (w/assistance)
• When to write one, how long it should be?
– Early, expansion, financing - depends
• What can a business plan do and what it cannot do?
– Organize thoughts, road map - not a sure bet the business will succeed
• What are the risks of writing a business plan? Plan is not followed
• Describe your approach to develop a business and financial plan.
– Do your clients understand the importance of a plan? And why needed?
– What works and what doesn’t work?
– Ways to enhance getting business plan completed.
– Identify what blocks clients from the work, demystify the process
– Help them get started and give them bite size pieces of homework (data to collect)
M2:2
9. Business Plan Outline
• Executive Summary
• Business Description & Goals
• Background Information
• The Marketing Plan
• Operating Controls
• Legal Identity
• The Financial Plan
• Environmental Sustainability
• Feasibility Action Statement
• Supporting Documents
M2:3
10. Supporting Documents
• Resumes of key people
• Personal Financial Statements
• Photographs and pricing of product, equipment
• Samples of marketing materials, menu, signage
• Market survey results
• Business certificate
• Corporate legal papers
• Insurance
• Lease contract or letter of intend to lease from landlord. If financing will need
lease before loan closing.
• Estimates (if apply) for build out including plumbing, electrical, and estimates
for all costs associated to improving or building the commercial space
M2:4
11. TA provider role in business planning
• Ask strategic questions
• Listen and observe non verbal behavior
• Evaluate if answers make sense (ask clarifying questions)
• Determine if there is enough back up information
• Identify gaps in strategy
• Sharing information
• Collecting data
• Organizing information
• Write or improve the business plan with business client collaboration
• Use business plan for the purpose of obtaining financing or as a strategy for
the business to grow.
• Identify the client’s problem and solution
M2:5
12. Case Study: Rosab Academy LLC
Math & Reading Center in Wakefield
• Business Owner: Latha Uthayakumar, Instructor/Center Director
• Location: 382 Main Street, Wakefield, MA 01880
• Facebook: KumonMathReadingCenterWakefield
• Email: wakefield_ma@ikumon.com
• Phone: 781-245-6284
• Discovery of Business
• Business Plan Preparation for Financing
M2:6
13. Assessing Personal Financial Needs
2 2 2 2
0.05
1
1.25
2.25
YEAR 1 YEAR 2 YEAR 3 YEAR 4
Personal Business
How personal expenses impact business strategies and gives
TA provider insight to realistic needs
M2:7
14. Lean Canvas
Problem Solution Unique Value Prop. Unfair Advantage Customer Segments
Does my idea solve
a problem?
How does the idea
solve the problem?
What value the idea
provides to
consumers?
What does idea
possess that
others do not?
What is the market for
this idea?
Do people need it? What are the key
features of the
solution?
How that value is
unique & different?
How many people
populate that market?
Do people want it? Who populates this
market?
Which segments to
target ?
How that market is
segmented?
Existing
Alternatives
Key Metrics High-Level Concept Channels Early Adopters
Competitors are
the Competitors?
Sales, clicks,
inquires,
Mission Social media
platforms
Who are the first to
buy?
Total attendees Traditional
advertising
Cost Structure Revenue Streams
What are the most important costs?
( Labor, Space, Legal, Insurance, COGS )
Which key resources are most expensive?
What value are customers willing to pay?
What do they currently pay?
(Sales,Commissions, Hourly billing)
Leading Questions To Develop Ideas
M2:8
15. Licenses
Federal, State, Municipal
Division of Professional
Licensure
Business License
Register with city/town to receive a business certificate
(will need to be used to open business bank account)
State & Federal Certifications
Tax ID Numbers or EIN Numbers
IRS Form SS-4 (www.irs.gov)
MA Tax Connect (www.dor.state.ma.us)
Social Security Number
Permitting
Occupancy
Board of Health
Transportation
Contracting
Childcare (www.qualitychildcare.org)
Secretary of State
Check if business name is already in use.
www.sec.state.ma.us
Requirements
16. The Experiment – Test Idea
• Test the solution
• Do people care
• Industry Overview: Ibis & Mintel report
• Research: Boston Public Library – A-Z electronic
database
• Survey
• Focus groups
• Pivot or proceed
The importance of guiding clients towards gathering information outside of their
intuition and knowledge.
M2:10
17. Mission Statement
• Mission Statement that guides your work.
• General Description of the Business
A few sentences describing purpose,
who you are, what you do,
what’s important, and why you do it.
30 second elevator pitch
• Focusing Tool
All decisions fall underneath mission
Gives client something to say ASAP as they network
M2:11
18. Price Quality Relationship
Identifying the choices clients have when entering a market
PRICE
$$$
$$
$ _____________________________________
Q QQ QQQ
QUALITY
Promotional strategies
Packaging plan including business cards, flyers, advertisements, and
labels.
M2:12
20. Sales and Marketing:
Features, Benefits and Customers
• Describe the products or services by
– Features: tangible
– Benefits to the customer: intangible
– Seasonality: fluctuations
– Growth potential: expansion (sales/items)
• Provide analysis of the market by describing
– Customer’s demographics
– Competitor’s strengths and weaknesses,
– Market potential within the current trade area including
target market size and trends.
M2:14
21. Marketing Goals, Strategies, Tactics
• Branding
• Social Media
• Print Media
• Radio
• Collaborations
• Print Materials
• Networking
• Collaborations
• Sponsorships
When not familiar with
topics make a referral.
M2:15
Clarify Goals: What you want to happen
Identify Strategies: General plan of action
Determine Tactics: Specific techniques and tools
22. Operating Controls
• Process Mapping: A visual display the flow of a process
– Lean Manufacturing Principles https://youtu.be/wfsRAZUnonI
– https://youtu.be/CJSZj9bShAI. Lean process Improvement - funny
– Exercise: Coffee Shop
– Exercise: Hiring process
• Procedures: Cash Management
– Daily process: tracking & reporting income & expenses
• Internal management procedures related to:
– Day to day operations
– Purchasing
– Inventory control
– Customer service
– Pricing
– Quality control
• Identifying environmental costs & business impact
M2:16
23. Considerations
• Insurance:
Mandatory: Workers Comp, Auto,
Health (options 10+employees),
Essential: Liability, Fire, Product Liability
Desirable: Health, Crime, Business Interruption, Key Person, Bonding
• Protect Ideas: Patents, Trademarks, Copyrights
• Taxes: www.irs.gov & www.dor.state.ma.us
Self Employment Tax Sales & Use Tax (Meals Tax
Federal Income Tax. State Income Tax
Federal Withholding(FICA) Federal Unemployment (FUTA)
M2:17
24. Credit Score
“Good Credit Score 650+ “
– Manage revolving accounts
– Make payments on time
– Check accuracy of reports
M2:18
25. Financial Strategy Assumptions
• Create a cost of goods (COGS) analysis
• Identify Fixed & Variable Expenses
• Determine Profit or Loss goals
• Develop financial statements and projections
• -Develop startup statement and uses and sources statement
Product Cost Chart-
know your industry
COGS
Fixed &
Variable
Expenses
Profit
M2:19
26. Income, Balance, Sources & Uses
Financial Statements
• Income Statement – financial picture for a period of time
– Revenue, COGS, Expenses
• Balance Sheet - a snap shot in time
– Assets = Liabilities + Equity
• Sources and Uses – funds needed & used for financing
– Sources of Cash = Uses of Cash
M2:20
27. GOALS: List measurable objectives
SHORT TERM GOAL 1: Streams of Revenue: Sales $___ within 1-2
yrs
Product Service
OBJECTIVE A: Retail sales $ Counseling hours income
OBJECTIVE B: Wholesale sales $ Workshops participants tuition
OBJECTIVE C: Website sales $ Consulting clients income
SHORT TERM GOAL 2: Marketing strategy to reach customers
OBJECTIVE A: Advertising that increases customer inquiries by 20%
OBJECTIVE B: Social networking/ Networking that converts customer inquiry by 20%
OBJECTIVE C: Market Survey to obtain feedback from # of respondents
M2:21
28. GOALS: List measurable objectives
SHORT TERM GOAL 3: Operation strategy to reduce waste
10%
OBJECTIVE A: Administration that increases efficiencies
OBJECTIVE B: Production that decreases costs and waste
OBJECTIVE C: Sales that decreases customer acquisition expense
SHORT TERM GOAL 4: Financial strategy to have 20% net
profit
OBJECTIVE A: Maintain weekly financial records and review weekly
OBJECTIVE B: Stay current with all taxes and loans (meals, payroll, sales)
OBJECTIVE C: Monthly update of Product Cost Chart
M2:22
29. Loan Application Check List
• Completed Loan Application Form
• Completed Business Plan with description of the
purpose & activity & social/community benefit
• Two Year Cash Flow Projection by month with
Assumptions
• Inception Balance Sheet
• Copy of Lease (rented properties only)
• Schedule of Sources and uses of funds to
support project & owners equity
• Returns including all supporting statements and
schedules
• Property and/or Equipment Appraisals (if
available)
• Marketing Materials (logo, menu)
• Itemized list of existing business loans, lines of
credit owed & balances owed and monthly
payments
• Written quotes on equipment finance purchase
requests (install price where applicable)
• Building Trade Quotes from licensed
professionals (applicable for loan requests
funding lease hold and/or construction
improvements) – Please itemize
• Signed Purchase and Sale Agreement
• Personal Financial Statement (disclose all
debts including total & monthly payment
schedule)
• Past Three Years Personal Income Taxes and
Business Tax
• Resume of Owner and Key Managers/Employees
• Customer references
• Bank Rejection Letter (where applicable)
• Other
M2:23
30. C’s of Lending
Criteria used by lenders
• Credit History: What is the credit score of owner?
• Character: Does the owner have ability to manage?
• Collateral: What assets can guarantee the loan?
• Conditions: What is the long term & condition for the loan?
• Capital: What equity is available?
• Cash: How is the business cash flow to repay the loan?
• Concept: What is the concept & how is concept considered for
financing? Ex: Contractors, restaurant & liquor stores (license process with
community involvement, high turnaround health regulations), salon & barber
shops, money transfer and check cashing stores (regulated by the state and
treasury department), etc.
M2:24
31. Action Steps
Describe and prioritize the actions needed to move forward to implement the
plan.
To do list Who is responsible Completed
• Get certified Me
• Complete plan Me
• Talk with CPA Me
• Research Me
M2:25
32. Small Business Administration Tools
• Build Your Business Plan: https://www.sba.gov/tools/business-plan/1
• SCORE Business Plan Template for a Startup Business:
https://www.score.org/resource/business-plan-template-startup-business
• SCORE Business Plan Template for an Established
Business: https://www.score.org/resource/business-plan-template-established-
business
M2:26
33. Tools: Calculate startup costs
• This is a free fillable PDF spreadsheet to calculate your small business
startup costs from the Small Business Administration
https://www.sba.gov/sites/default/files/2017-07/Startup%20Costs%20Worksheet.pdf
• SCORE Personal Financial Statement: This is a free template that will
help you assist clients with setting up their personal financial
statement and allows for the breakdown of total assets and liabilities.
https://www.score.org/resource/personal-financial-statement-template
M2:27
34. This is a free online referral tool that
connects small businesses with
participating SBA-approved lenders.
https://www.sba.gov/funding-programs/loans/lender-match
Lender Match
35. From a case study, develop a
feasibility proposal for obtaining
financing.
Experiential Learning
Project
Editor's Notes
Converting assumptions into numbers, measuring activities, managing time
Evaluating client’s skill level, learning style and abilities
Strategic questions (organizational, financial, problem solving)
Understanding external factors:
Federal Reserve Bank
for women, minorities, immigrants, low moderate income people to start & get financed
Clarity on what we know and don’t know and where to refer
What else??? Add to the list
Turners Falls: Bridge construction effected lower revenue for many businesses because traffic was reduced
New technology improves efficiency: POS – The Cloud – Cyber Security –
Lecture: Overview –Identify requirements to start a small business 45 minutes
Case Study: Jim’s Hot dog Stand 15 minutes
Handout: Lean Canvas
Notes:
Who needs to write a business plan? Everyone for themselves as a living document. For financing and for evaluating ideas, strategies, direction. (challenging for different people, cultures to understand why)
When to write one, how long it should be? It is not the quantity but the quality: Ideally in the beginning and to review yearly
What can a business plan do and what it cannot do? Is only as good as the information presented, realistic, needs to be backed up. Fluff information is not useful – if others write it for the client is not helpful – client needs to own the plan! The TA provider can help them (write from their words, help them organize thoughts, start small and build)
What are the risks of writing a business plan? That clients don’t follow plan (example: bakery w/husband working and then new biz added soups not in plan)
What are the elements of a business plan?
Describe your approach to develop a business and financial plan.
What works and what doesn’t work?
Do your clients understand the importance of a plan?
Ways to enhance a business plan.
Stop afterwards and for Client
Strategic Questions: 10:30
Evaluate if answers make sense: Ask clarifying questions: ex: Deb/Mark: purchase a biz and Deb is keeping her good job./’ Eddie: starting a logging biz and mom is an accountant/CPA (family support)
Identify gaps in strategy: use mind mapping to organize strategy – break down parts: TA: intake – initial idea of the clients situation – stage of business, industry, legal, history – determine what they need +/-
household expenses, friends/family support, advisors, how much do they know about the product/service?, experience running a biz -
Early on: Assess personal needs to determine realistic timing for starting and growing Biz
Problem: Our clients have a problem and don’t know where to go for help.
Solution: our TA services features 1-1 and workshops, referrals
Unique Value Prop: Value provides support, trusting confidential help, no charge
Unfair Advantage: TA provider has experience, known in community,
Customer Segments: Start-ups, In trouble, existing poised to grow
Early Adopters: referrals for banks an past clients, or in need of services ASAP
Existing Alternatives: MSBDC, SCORE, fee for services, online
Key Metrics: # of hours served, loans, MGCC metrics
High – Level Concept: Sustainable communities, good jobs,
Channels: Networking, Social Media, Banks,
Cost: Operation, Outreach, Staffing
Revenue: MGCC, fee for service, CITC
Mintel for Milleneuims
Ibis for Cleaning Services : Camlot Carpet Cleaning and housecleaners
Discussion: Guiding a client to develop a meaningful mission statement and business description
Small Groups
common challenge – hard to determine – Client may know but can they carry it through?
Select a client product or service and team up to determine where they are on this chart
How would you help your client figure out where they are?
What questions would you ask?
What data do you need to find out?
Give them an item to describe
Process Map: 20 minutes
Current state vs Future State PROCESS MAPPING HANDOUT
Break into small groups;
Pretend you plan to hire for a new position. Describe the steps first in a high level flowchart then a more detailed one. (don’t go super deep) point is to see the connection from high to medium level)
Then Compare: How they differ, What was added and subtracted, features that aid communication, advantages to the chosen details
Lean Manufacturing – Mapping example steps
Examples: come up with assumptions and covert to numbers and use small post its to map the process (use case study)
3 places most important
Legal
Insurance
CPA for tax considerations
just and example
You will have time to practice looking at these and the next session will go into it deeper
To review for the case studies
Hour #3:
Lecture: Overview: Key components of a business plan -30 minutes
Guest speaker: Commercial lender (+/- observations of business plans) 15 minutes
Examples: Critique business plans 15 minutes
Discussion: Helping clients be realistic when planning
Hour #2:
Lecture: Overview: Calculate your startup and operational costs 30 minutes
Exercise: Gift wrapping business calculations 30 minutes
Questions:
What questions would you ask the client?
How would you assist in developing a business plan summary for a loan?
How would you explain this project to a lender?
