Writing a Winning Business Plan Part 1...Writing a Winning Business Plan Part 1 Presented By: Mickey...
Transcript of Writing a Winning Business Plan Part 1...Writing a Winning Business Plan Part 1 Presented By: Mickey...
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Writing a Winning Business
Plan Part 1
Presented By: Mickey Shattow
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With SCORE, You Are Not Alone on Your Journey
For over 50 years, SCORE has served
as America’s premier source of free
business mentoring and education.
As a resource partner of the U.S.
Small Business Administration (SBA),
SCORE has helped more than 11
million entrepreneurs through
mentoring, workshops and educational
resources since 1964.
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SCORE Can Help You Find the Way Ahead
• Free one-on-one business
counseling and mentoring
• Business advisory services
• Low cost local workshops
• Free templates and recorded
webinars
To meet with a mentor or learn more
about SCORE’s resources, visit
washingtondc.score.org
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• Before You Begin Writing
• Purpose of a business plan
• Business planning process
• Analyzing your strengths & weaknesses
• Content of the Business Plan
• Business Description
• Product/Service
• Marketing Plan
• Operational Plan
• Management and Organization
• Startup Expenses and Capitalization
• Financial Statements
• Executive Summary
• Case Study
• Sources of Research
Workshop Outline – What We’ll Cover This Morning
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“If you don’t know where you’re
going, any road will do.”
The White Rabbit in Alice in Wonderland,
Lewis Carroll
What’s Your Plan?
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• Figure it out: Is this a feasible idea???• Tell your story• Know your audience• Get organized and focused• Set SMART goals (Specific, Measurable, Attainable, Realistic, Time-bound)• Enhance market knowledge• Set priorities• Become aware of strengths, weaknesses and risks• Serves as the Company’s resume for investors, suppliers, personnel,
partners• Raise money—Included uses of cash and repayment process
Don’t rely on business plan templates
Purpose of a Business Plan
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Define
Product
Identify
Market
Identify
Competition
Define
Marketing
Plan
Project Sales
Plan
OperationsDefine
Organization
Estimate
Needed
Resources
Analyze
Finances
Value Proposition
Target Market
Competition SWOT
Marketing Campaign
Sales Projection
Profit/Loss
Cash Flow
Balance Sheet
Breakeven Point
Benchmarks
Start up Funds
Sources of Funds
Process of Business Planning
Repeat until you’re comfortable it can be done!Idea???
Creating a
business plan is
an iterative
process
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SWOT
Strengths (S)
What are your key strengths?•Product/Service?•Key Staff?•Funding?
Weaknesses (W)
Where are you weak? • Staff?• Finances?• Experience?
Opportunities (O)
External Changes• Markets• Technology• Cultural/Social Trends
Threats (T)
What are major threats to your success?• Competition• Technology Advances• Legal/Regulation
Positive Negative
External
Internal
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Content of Business Plan
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• Cover Letter – introduces the company and engages the reader
• Non-Disclosure Statement
• Table of Contents
• Executive Summary
• Company Overview/Direction
• Products and Services
• Market Analysis
• Marketing Plan
• Financial Plan
• Supporting Documentation
Business Plan Format
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• What business am I in?
• Give the context of the plan and the scope of operation
• Business Type
• Merchandising
• Service
• Manufacturing
• Product or Service
• New, Franchise, Purchased
• Why Business will Grow and Be Profitable?
• Source of Personal Knowledge of Business
Company Overview/Direction
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• Description
• Solves What Need? And for Who?
• Consumer Offering and/or Business to Business (B to B) offering?
• Comparison with Competitive Offering
• What Niche?
• Follow-On Offering
• Value Proposition
Product/Service
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• Define the Characteristics of the Customer
• Age
• Gender
• Income Level
• Occupation
• Education
• Location
• Other Characteristics of Target
Market Analysis – Business to Consumer (B2C)
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• Type of Business
• Size of Business
• Location
• Product Line/Service
• Who Makes Buying Decisions?
• When Do They Buy?
• Why Do They Buy?
• Characteristics of Buying Decision
• Purchase Financing Approach
• Hot Buttons & Top Ten Prospects
Market Analysis – Business to Business (B2B)
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• Agency(ies) Targeted
• Primary product/service needs
• Preferred contract vehicles
• GWAC
• GSA
• Individual contracts
• Small Business
• Set Asides
• Agency Annual Budget (nominal)
• Location
• Company/Personal Security Clearances Required?
• Teaming partners available/necessary?
Market Analysis – Business-Government
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• Price
• Packaging
• Service
• Advertising
• Product Line/Service
• Employee Training
Market Analysis – Competitive Analysis
Know Your Competition!
• Quality
• Location
• Image
• Their Target Market
• Finance: Method/Strength
• Strengths/Weaknesses
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• Current Trends
• Projected Trends
• Develop Future Action
Market Analysis – Industry Trends
Relate these to your Target Market
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Marketing Strategies – Pricing – “The Dark Art”
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• Know the costs for manufacturing/delivering your product
• Add Profit Levels
• Compare With Competition
• Sell Benefits, not the process
• Test Prices Against Market Research Data
• Evaluate Volume Discounting
• Select Price
• Some Thoughts on Pricing…
https://youtu.be/XiJqSUTZUTA?list=PLjqbtC2k1wXr-BKfFCSfhceIDwQN7mcLy
Market Strategies – Pricing – “The Dark Art”
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• Inexpensive
• Word of Mouth
• Door to Door Flyers
• News Releases
• “Social Media”
• Events
Marketing Strategies – Classical Promotion Tools
• More Expensive
• Brochures
• Internet Web Site
• Classified Ads
• Yellow Pages
• Radio/TV
• Advertising Agency
• Mailing List
• Trade Shows
• Educational and Social
Events
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• Channels of Distribution
• Direct vs. Indirect
• Salespeople
• Representatives
• Distribution Systems
• Location
• (‘Brick ‘n Mortar’)
• Accessibility
• Visibility
• Esthetics (internal & external)
• Safety
• Parking
• Closeness to Customers
• Zoning Laws
Sales Strategies– Placement/Delivery
• Online (Web Site)
• Ease of use
• Optimized for Search Engines
(SEO)
• Purchase & delivery process
• 3rd Party Sites
• Social Media
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Your Web Site is the Focal Point
WEB
SITE(SEO)
Social
Media
campaigns
Web
Advertising
Review
Sites
Partner
Links
Internet Marketing
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Popular Social Media Technology
Social Networking
> Target your audience by
age, gender, seniority,
geography, or job function
> Pay per click or by
impressions
> Stop your ads at any time
Social Networking
> Connect with more than 955
million potential customers
> Choose you audience by
location, age, and interests
> Test simple image and text-
based ads and use what works
Microblogging
> Connect with customers and
quickly share information
> Gather market intelligence
> Build relationships with people that
care about your company
YouTube Billions of daily views
Online Video Community
> Promote your content
> Share promotional videos and
customer testimonials
> Target audience by keyword
Google Places
Business Finder> Be found by your customers
> Stand out by engaging customers
with photos, offers, etc.
> Get insight on your listing to make
smarter business decisions
Blogs
Online Conversation
> Word of mouth
> Communicate promptly
> Obtain feedback on
products, service, trends, and
industry
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Developing Sales Projections
Pull it all together and estimate what your sales will be.
•Be explicit in your assumptions•Be realistic•Get documentation wherever possible•Avoid “hockey stick” sales forecasts
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• Overview of operations
• Location Considerations
• Staffing Plan
• Compensation Approach
• Training Plan Highlights
• Recruitment of Key Players
• Suppliers
• Distribution Chain
Operational Plan
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• Forms of Organization
• Sole Proprietorship
• Partnership
• Limited Liability Company
• Tax Classification (“C” or “S”)
• Not for Profit
• Board of Directors (if applicable)
• Officers
• Management Team – Include bios for all senior team members
• Advisors/Consultants
• Define Future Needs
Management & Organization
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• Identify the initial expenses you will need to cover:
• Rent deposits
• Leasehold improvements
• Equipment, furniture, and fixtures
• Pre-opening expenses (staff, licenses, etc.)
• Inventory
• Initial Operating Expenses
• Where will the money come from?
• Owners cash infusion
• The “3 Fs”
• Investor funding
• Commercial loans/mortgages
• Understand the timelines involved!
Startup Expenses & Capitalization
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• Income (Profit/Loss) Statement
• Monthly for First Year & Annual for Three*-Year Projection
• Cash Flow statement
• Monthly for First Year & Annual for Three-Year Projection
• Balance Sheet
• These analyses allow you to do:
• Breakeven Analysis
• Benchmark Comparisons
* 3-year projections ok for basic plans, VCs/Angels may want up to 5 years
Financial Statements
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• Source Depends on level of Requirement Needed
• Requirement: <$25,000
• Personal Funds (Savings, Credit Cards, 401(k), etc.)
• Requirement: $25,000 - $250,000
• Personal Funds
• Home Equity
• Friends & Family
• Angel Investors
• Requirement: $250,000-$1,000,000
• Angel Investors
• Venture Capital Firms
• Requirement: $1M - $10M+
• Venture Capital Firms
• New – e.g. Crowd Funding
Funding Sources
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• Written Last
• Top Priority
• Highlight Value Proposition
• 1 to 2 Pages Maximum
• Pitch Your Business
• Compelling business concept
• How you will Generate Revenue
• Marketing plan to capture customers
• Identify market opportunity and size
• Supply Key Assumptions for Financials
• Highlight 12-month Cash Flow Projection
• What do you want?
Executive Summary
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SOURCES OF RESEARCH
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• Competition (advertising, web sites, annual reports)
• Suppliers
• Customers
• Employees
Sources for Research
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• SCORE (www.score.org) 202-169-1000
• SBA (www.sba.gov) 202-272-0345
• Local County Economic Development
• Local County Public Library (both in-house and online)
• Research USA (profiles of 10M+ companies)
• Local County Employment Center
• Chambers of Commerce
• Banks
• Market Research Firms
Sources for Research
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• Thomas Register of American Manufacturers –
www.thomasregister.com
• Annual Statement Studies, RMA – http://www.rmahq.org/RMA/.
(available at pubic libraries and online thru library)
• Trade Associations – Encyclopedia of Associations (available at
SCORE or public libraries)
• Small Business Sourcesbook (available at SCORE or public libraries)
• State Governments – Check each jurisdiction
• Dun and Bradstreet (company profile) www.dnb.com
Sources for Research
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Example: RMA
Note: data derived from corporate tax returns which are optimized for lowest possible tax liabilities.
(Maximize current expenses, minimize profits. Balance sheet might show slightly different profile.)
Industry Data
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The American Community Survey (ACS) is an ongoing survey that
provides data every year – giving communities the current
information they need to plan investments and services.
American Community Survey
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CASE STUDY REVIEW
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• No non-disclosure
• Owner/Investor funding too low
• Relevant owner experience non-existent
• No signed lease for location
• Low cost per square foot for lease (assumed $30 when $45 is more
likely)
• Assumed that business could fully ramp up in 30 days
• No seasonality to the sales projection
• No details/sources for market analysis
• No details for competitive analysis
Case Study Deficiencies
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• Your business plan is a reflection of you and your business
• Make sure it:
• Is complete and consistent
• Includes contact info
• Has a non-disclosure statement
• Is current and reflects the latest info and assumptions
Some Final Thoughts
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Be Sure to Complete Your Course Evaluation
Sign up for a Mentor Today
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