Session 2: The Business Plan. What is a Business Plan? Why prepare a business plan? What to avoid in your business plan. Business Plan Format. Vision statement. Get instant access to hundreds of business forms, templates, and contracts online today. Find documents for almost every kind of business such as purchase. Business Plan Template. Business Plan Presentation Powerpoint Template. The people. Business profile. Economic assessment. Eight Steps to a Great Business Plan. Set time aside to prepare. 120 business plan templates and related forms you can edit. Each free business plan template is available in Microsoft Word (DOC). General Business Plans. Small Business Plans Online BUSINESS PLAN TEMPLATE. Get started with your business plan. Business Plan Template Download PDF. All you need to develop a comprehensive and creative business plan. Used by venture capitalists, startups, consultants, and leading established firms. Buy Business Plan Powerpoint by DesignDistrict on GraphicRiver. This presentation template is so versatile that it can be used in many different businesses. View author portfolio. Use, by you or one client. Business Plan presentation template is designed based on the envelope concept. It's very neat and contains various types of diagrams that. Focus and refine concept. Gather data. Outline the specifics of your business. Include experience. Put your plan into a compelling form. Enhance with graphics. Share draft with trusted advisers. Does Your Plan Include the Following Necessary Factors. A sound business concept. Understanding your market. Healthy, growing and stable industry. Capable management. Able financial control. Consistent business focus. Mindset to anticipate change. Plans for online business. Formulate (and Reformulate) Your Business Plan. Top Ten Do's and Don'ts. Session 1 and 2 Business Plans. What Is A Business Plan? The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. We believe that preparing and maintaining a business plan is important for any business regardless of its size or nature. But it will not ensure your success. If you maintain a correct assessment of the changing economics of your business, your plan will provide a useful roadmap as well as a financing tool. But if you have miscalculated the potential, then your business plan could become a roadmap leading to failure. Since the My Own Business Institute (MOBI) course is broken down into fifteen of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. You can download the business plan template included in this session, fill it in and print. Search engines, libraries and bookstores provide sources that sell ready- made plans for specific businesses. But it is our recommendation that you be sole author of your plan. Write out the plan yourself, in your own words. Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course. Be aware now that most start- up entrepreneurs are reluctant to write down their business plan. It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course. Do not expect that all of your plan's initial assumptions will be correct. Instead, look at your business plan as an ongoing assessment that you will frequently review and change to conform to actual operating experiences. For example, your cash flow projection should be updated frequently to ensure ongoing liquidity (not running out of cash). Your business plan will become your roadmap to chart the course of your business. But at the outset you cannot predict all of the changing conditions that will surface. So after you have opened for business, it is important that you periodically review and update your plan. Why Prepare A Business Plan? Your business plan is going to be useful in a number of ways. First and foremost, it will define and focus your objective using appropriate information and analysis. You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks. Your business plan can uncover omissions and/or weaknesses in your planning process. You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead (. To help get started in lining up appointments, you can fill in and use the Key People to Review My Business Plan template. People to meet with include your investors, family members, banker, lawyer, attorney, business mentors, trusted business friends, potential customers, competitors (distant ones), potential landlords, and the U. S. Small Business Administration. What to Avoid in Your Business Plan. Place some reasonable limits on long- term, future projections. Too often, long- range planning becomes meaningless because the reality of your business can be different from your initial concept. Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required. Avoid language or explanations that are difficult to understand. Spell out your strategies in the event of business adversities. Don't depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions. Business Plan Format. The Business Plan format is a systematic assessment of all the factors critical to your business purpose and goals. Here are some suggested topics you can tailor into your plan: A Vision Statement: This will be a concise outline of your business purpose and goals. The People: By far, the most important ingredient for your success will be yourself. Focus on how your prior experiences will be applicable to your new business. Be factual and avoid hype. This part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. Templates for preparing r. Session 2 of our Business Expansion course, Getting Your Team in Place, provides detailed recommendations on delegating authority, employee motivation, training and other key management tools. However, you cannot be someone who you are not. If you lack the ability to perform a key function, include this in your business plan. For example, if you lack the ability to train staff, include an explanation how you will compensate for this deficiency. You could add a partner to your plan (discussed in Session 5) or plan to hire key people who will provide skills you don't have. Include biographies of all your intended management. Your Business Profile: Define and describe your intended business and exactly how you plan to go about it. Try to stay focused on the specialized market you intend to serve. As a rule, specialists do better than non- specialists. Economic Assessment: Provide a complete assessment of the economic environment in which your business will become a part. Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. If appropriate, provide demographic studies and traffic flow data normally available from local planning departments. Cash Flow Assessment: Include a one- year cash flow that will incorporate your capital requirements (covered in Session 1. Include your assessment of what could go wrong and how you would plan to handle problems. Marketing Plan and Expansion Plans: Your expansion plan should describe how you plan to test markets and products before rolling out. SCORE offers a great marketing plan guide: https: //www. Damage Control Plan: All businesses will experience episodes of distress. Survival will depend on how well you are prepared to cope with them. Your damage control plan should anticipate potential threats to your business and how you plan to overcome them. Here are three examples: Plan for 3. During economic downturns, your survival will depend on your ability to maintain liquidity for a period of at least 1. Can your Damage Control cash flow plan show how to avoid running out of cash? Session 1. 1 will explain cash flow control. Plan for a catastrophic incident: Businesses can be overturned by unforeseen disasters which can be avoided by maintaining appropriate insurance. You will need the assistance of a qualified business insurance agent. Plan for product obsolescence: If your business is in a rapidly changing technology area such as Netflix's home delivered DVDs, you will need to plan now to keep a step ahead of technical changes or advancements. Eight Steps To A Great Business Plan. Start- up entrepreneurs often have difficulty writing out business plans. This discipline is going to help you in many ways so don't skip this planning tool! To make it easier, here are eight steps that will produce a worthwhile plan: Set time aside to prepare your business plan as you work through the MOBI courses. Focus and refine your concept based on the information you have collected. Gather all the data you can on the feasibility and the specifics of your business concept. Outline the specifics of your business, using a . The best way to learn about your prospective business is to work for someone else in that business before beginning your own. There can be a huge gap between your concept of a fine business and reality. Understanding of Your Market: A good way to test your understanding is to test market your product or service before your start. Do you think you have a great kite that will capture the imagination of kite fliers throughout the world? Then craft some kites and try selling them first. A Healthy, Growing and Stable Industry: Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit for many of those who tried to exploit these great advances. For example, the cumulative earnings of all airlines since Wilber Wright flew that first plane are less than zero. Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind. Capable Management: Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths. Able Financial Control: You will learn later the importance of becoming qualified in accounting, computer software and cash flow management.
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December 2016
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