writing a winning business plan part i · 2019-06-25 · writing a winning business plan part i...
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Writing a Winning Business PlanPart I
Presented by SCORE, Chapter One, Washington, DC
washingtondc.score.org 202-619-1000
Suzanne McGrath and Matt Evans Presenting
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If you’re an entrepreneur, don’t go it alone—SCORE’s more than 10,000 business experts can give you real-world advice and know-how. Our counselors represent every business area. Some have worked as executives at Fortune 500 companies, while others were small business owners themselves.
Your relationship with SCORE can last just a few sessions or a number of years, based on your needs. You decide the level of assistance you’d like, and SCORE will ensure that you make the most of your time.
Don’t Go Alone!SCORE Can Help You Find the Way Ahead
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SCORE, a national, non-profit Association with over 10,000 volunteers in 370 chapters, is a resource partner of the US Small Business Administration (SBA). SCORE Chapter One (Washington, DC Chapter) has over 80 Counselors located in D.C., Maryland and Northern Virginia.
SCORE offers the following services:• Low-cost workshops - listing and registration at washingtondc.score.org• Individual free one-on-one counseling/mentoring • Free onsite team visits to local businesses
SCORE teams provide counseling to assist you to:• Increase the value of your business• Identify and solve operating problems • Recognize and capitalize on new business opportunities • Develop business plans • Find sources and qualify for financing
SCORE Services
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Workshop OutlineWhat we’ll cover this morning
• 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
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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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Purpose of a Business Plan
• 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 only rely on business plan templates
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Process of Business PlanningRepeat until you’re comfortable it can be done!
Define Product
Identify Market
Identify Competition
Define Marketing
Plan
Project Sales
Plan Operations
Define Organization
Estimate Needed
Resources
Analyze Finances
Value Proposition
Target Market
Competition SWOT
Marketing Campaign
Sales Projection
Profit/LossCash FlowBalance SheetBreakeven PointBenchmarksStart up FundsSources of Funds
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 NegativeExternal
Internal
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CONTENT OF BUSINESS PLAN
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Business Plan Format
• 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
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Company Overview/Direction
• 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 Will Your Business Grow and Be Profitable?
• Source of Personal Knowledge of Business
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Product/Service
• Description
• Solves What Need? For Who?
• Consumer Offering and/or Business to Business (B to B) offering?
• Comparison with Competitive Offering
• What Niche?
• Follow-On Offering
• Value Proposition
a Need?
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Market AnalysisBusiness to Consumer (B2C)
• Define the Characteristics of the Customer– Age– Gender– Income Level– Occupation– Education– Location– Other Characteristics of Target
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Market AnalysisBusiness to Business (B2B)
• 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
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Market AnalysisBusiness-Government
• 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?
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Market Analysis (cont.)Competitive Analysis
• Price
• Packaging• Service
• Advertising
• Product Line/Service• Employee Training
Investigate Key Competitors
• Quality
• Location• Image
• Their Target Market
• Finance: Method/Strength
• Strengths/ Weaknesses
Know Your Competition!!!
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Market Analysis (cont.)Industry Trends
• Current Trends• Projected Trends
• Develop Future Action
Industry Trends
Relate these to your Target Market
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Marketing StrategiesPricing — ”The Dark Art”
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Marketing StrategiesPricing — ”The Dark Art”
• 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
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Marketing Strategies (cont.)Classical Promotion Tools
Inexpensive – Word of Mouth– Door to Door Flyers– News Releases– “Social Media”– Events– Your Company Web Site– Free Posting Sites
More Expensive– Brochures– Classified Ads– Yellow Pages– Radio/TV– Advertising Agency– Mailing List– Trade Shows– Educational and Social Events
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Sales StrategiesPlacement/Delivery
• Channels of Distribution– Direct vs. Indirect
• Salespeople• Representatives• Distributors
• Location– (‘Brick ‘n Mortar’)
• Accessibility• Visibility• Esthetics (internal & external)• Safety• Parking• Closeness to Customers• Zoning Laws
• 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
WEBSITE(SEO)
SocialMedia
E-mail campaigns
Web Advertising
Review Sites
PartnerLinks
Internet Marketing
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Popular Social Media Technology
LinkedIn 147 million users
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
Facebook 2 billion users
Social Networking> Connect with more than 2 billion potential customers
> Choose you audience by location, age, and interests> Test simple image and text-based ads and use what works
Twitter 336 million users
Microblogging> Connect with customers and quickly share information > Gather market intelligence
> Build relationships with people that care about your company
YouTube 2 billion 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 160 million internet 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 inyour assumptions
• Be realistic• Get documentation
wherever possible• Avoid “hockey stick”
sales forecasts
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Operational Plan
• Overview of operations
• Location Considerations
• Staffing Plan
– Compensation Approach
– Training Plan Highlights
– Recruitment of Key Players
• Suppliers
• Distribution Chain
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Management & Organization
• Forms of Organization– Sole Proprietorship
– Partnership– Limited Liability Company– Tax Classification (“C” or “S”)– Not for Profit
• Board of Directors (if applicable)• Management Team — Include bios for all senior team members • Advisors/Consultants
• Define Future Needs
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Startup Expenses & Capitalization
• 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 F’s”
– Investor funding– Commercial loans/mortgages
• Understand the timelines involved!
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Financial Statements
• Income (Profit/Loss) Statement– Monthly for First Year & Quarterly for Three*-Year Projection
• Cash Flow statement– Monthly for First Year & Quarterly for Three-Year Projection
• Balance Sheet
These analyses allow you to do Breakeven AnalysisBenchmark Comparisons
* 3-year projections ok for basic plans, VCs/Angels may want up to 5 years
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Funding Sources• 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
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Executive Summary
• 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?
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SOURCES OF RESEARCH
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Sources for Research
• Competition (advertising, web sites, annual reports)• Suppliers• Customers• Employees
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Sources for Research (cont’d)
• 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
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Sources for Research (cont’d)
• Thomas Register of American Manufacturers – www.thomasregister.com
• Annual Statement Studies, Risk Management Association (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
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Example: RMAIndustry Data
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.)
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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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