Download - Business plan - Entrepreneurship
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BUSINESS PLAN
Prepared By:
Nijaz N
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BUSINESS PLAN
• A written document that outlines the future activity for an
existing or proposed business venture.
• Is the formal written expression of the entrepreneurial vision,
describing the strategy and operations of the proposed venture.
• A business plan is a document that brings together the key
elements of a business that include details about the products
and services, the cost, sales and expected profits.
• Blue Print
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Purpose of a Business Plan
• Alignment of team(s)
• Operating plan
• Communication across company, division, department, business
partners
• Investment capital
• Expansion capital (banks, leases)
• Merger/acquisition process
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BUSINESS PLAN DriversClear Vision of Purpose The direction the business venture wants to
achieve.
A long term view
Satisfy Real Customers Needs & Serve Real Customers
Exceptional customer service that results
in the loyalty of customers, repeat purchases
by them and greater customer retention.
Differentiate from Competitors Positioning unique differentiating factors.
Continuously making improvements to
sustain a leadership position.
Resource Focus, Organization & Commitment to satisfy Customer needs
Resources should be optimally utilized to
ensure that maximum possible value gets
added to satisfy customer needs.
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What Investors Look For
• How does the team think?• How detail oriented is the team?• How big is this market?• Is there sustainable competitive advantage?• What’s the growth plan? • What does the technology roadmap look like, short
term or long term play
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Financial Projections
• Build 5 years• Detail near years, extrapolate out years• Build from single unit economics• Document assumptions• Compare against top down• Validate with market comparables
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10 Must Answer Questions
• How large is your addressable market?
• How fast is the market growing?
• Who’s make up your management team?
• What’s your “secret sauce?”
• What are the barriers to entry/competitive advantage?
• What do your 5 year financials look like?
• What’s your path to profitability?
• Why is this a company versus a product/service?
• Who’s your competition and how do you beat them?
• Why can’t Microsoft or Google do this? (or name any big, established
company…)
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Creating Your Company’s Strategy
• Building a strategy is harder work than building your
product
• Think about
– What do you want your business to be when it grows up
– Looking back from 5 years in future
– Perspectives of all stakeholders
– Anything that could go wrong
• Hope is not a strategy
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Competitive Analysis
• You always have competitors
• Dig deep, be detailed, be honest
• Compare features and benefits
• Technology comparison
• Whole product offering (pricing, support, etc.)
• Channels, funding, customers…
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Sustainable Competitive Advantage
• Create barriers to entry
• Continually add value for your customers (and your
investors)
• Anticipate competition and make plans for dealing with it
– Better widget, price erosion, market share, different business
model…..
• Avoid the trap of believing that your main competitor is
your exit strategy
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Format of Business Plan
• TITLE PAGE
Name of the business
Owner /Owners
Contact Details (Addresses, Phone & email etc)
EXECUTIVE SUMARY
Business ideas & Goals : Over view of business
Marketing : Products & services being sold?
Operations : Business Location & staff
Finances : Breakeven period, finance
required.
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Format of Business Plan
• BACKGROUND
Mission Statement
Company history ( existing business)
Business Goals (Short term/Long term)
MARKETING
Market Research
Market Analysis (Industry / Seasonality /Competitors /SWOT )
Marketing Plan (Target market/ distribution channel /pricing)
Evaluation of Marketing
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Format of Business Plan
• OPERATIONS & PRODUCTION
Legal & Licensing requirements
Management details
Organization structure & staffing
Insurance & Security needs
FINANCIAL PROJECTIONS
Income & Expenses
Financial forecasts
IMPLEMENTATION TIME TABLE
Time needed to set up & run the business