GoSolo Workshop 3: Business Planning

agenda introduction to tandem and the team what is a business plan? why write a business plan? structuring your business plan q & a session with entrepreneur upcoming GoSolo workshops

“ tandem strives to nurture innovation, entrepreneurship and SMEs through quality, strategic services” about us startups small business medium business financial consulting startup services business intelligence investment services

our services startup services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],financial consulting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],business intelligence ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],investment services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

what is a business plan? A business plan is… a written description of the future of your business. It’s a document that describes what you plan to do, why and how you plan to do it. It is NOT… a financial forecast for the business A business plan should be… ,[object Object],[object Object],[object Object]

why write a business plan? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

structuring your business plan overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The length of the business plan entirely depends on the nature of the business and the degree of detail you would like to go into.

structuring your business plan the structure 1 3 4 5 6 7 8 EXECUTIVE SUMMARY PRODUCT/SERVICE OFFERING MARKET OVERVIEW STRATEGY ORGANIZATIONAL STRUCTURE FINANCIAL FORECAST MILESTONES 2 VISION/MISSION

structuring your business plan executive summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The executive summary should be written last and is a condensed version of the business plan, no longer than two pages. It should highlight the main points: The executive summary should be enticing the reader to continue. Good executive summaries are compelling and written in a story-like, non-technical format.

structuring your business plan vision/mission Examples of vision and mission statements: ,[object Object],[object Object],[object Object],[object Object],A vision statement outlines what the organization wants to be, or how it wants the world in which it operates to be. It is a source of inspiration. A mission statement tells you the fundamental purpose of the organization. It describes what it will do to achieve its vision. ,[object Object],[object Object],[object Object]

structuring your business plan product/service offering Depending on the complexity of the product/service, this should be no longer than two pages. It should highlight: ,[object Object],[object Object],[object Object],The offering should be clear and simple. You must focus on the core product/service and what really will make your offering different and valuable to the customer.

structuring your business plan market overview The information in this section affects the strategy and the financial outlook of the business. This is the research section of the business plan. The outcome can validate or destroy your idea. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],If you are looking for an investment then you should include a section on successful transactions in the industry (globally).

structuring your business plan strategy This section highlights how you plan on reaching the market, distributing your product/service and competing. A good starting point is to analyze how your competitors operate. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Try and be as innovative as possible here. A SWOT analysis is often useful here to highlight a summary of the strengths, weaknesses, opportunities and threats of your business.

structuring your business plan organizational structure Deriving an appropriate organization structure depends a lot on the business in question. The key components that will be highlighted here is: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

structuring your business plan financial forecast Developing an appropriate financial forecast is hugely important in determining how much capital is required to invest. Typically, financial forecasts are done over 5 years. 1. Gather data from the market as assumptions for your forecast How big is the market in # of customers? How many customers are you targeting each year? How much are you charging for your products? How many staff do you require at how much per year? What are your startup costs? How much is rent? How much will be spent on marketing? 2. Develop a Profit & Loss Statement, Balance Sheet and Cash Flow Statement Based on the assumptions, develop financial statements over a 5 year period. Look at the cash flow statement to see how much money is required to fund your business through to cash flow break-even. 3. Provide 3 cases – worst case, base case and best case Analyze the numbers to see if it is worth pursuing. If you’re looking for investment, then a valuation would need to be done through a discounted-cash flow/multiples-based approach.

structuring your business plan milestones This is not present in every business plan, but serves as a good roadmap for the first 12 to 18 months. It can serve as a benchmark post business plan. This should highlight what key targets need to be implemented over a period. ,[object Object],[object Object],[object Object],The result should be a high-level plan with key milestones over the period. It should be used as a strategic document for them management team (and Board of Directors) to ensure that the company is on the right track.

structuring your business plan summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

upcoming GoSolo workshops ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

GoSolo Workshop 3: Business Planning

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