Using & Updating Your Business Plan
-
Upload
bizcentralusa -
Category
Business
-
view
1.845 -
download
0
description
Transcript of Using & Updating Your Business Plan
![Page 1: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/1.jpg)
HBIF Meeting 12-09
Finding and Staying on the Path
to Small Business Success!
Administrator
Nicole RoachMarketing Coordinator
BizCentral USA
Key Speaker
Nina Lopez
Small Business Consultant
BizCentral USA
![Page 2: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/2.jpg)
• BizCentral USA: A “One-stop” resource
center for small business resources
nationwide!
• Key Speaker: Nina Lopez
• Questions
• Recorded Webinar Available At:
– http://vimeo.com/channels/smallbusinesswebinars
![Page 3: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/3.jpg)
• Introduction to Business Plans
• Business Plan Components & How to
Use Them
• Benefits of a Business Plan
• Where to Go From Here
![Page 4: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/4.jpg)
90% of new
businesses fail in
the first two years.
Failure is often
attributed to a
lack of planning.
![Page 5: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/5.jpg)
• Taking time to create an extensive business
plan provides a company with insight into
your business.
• For a business to be successful and
profitable, the owners and the managing
directors must have a clear understanding
of the firm's customers, strengths, and
competition.
• Not to Mention…
![Page 6: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/6.jpg)
![Page 7: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/7.jpg)
![Page 8: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/8.jpg)
1. Puts a business idea to the test.
2. Turns a good idea into a viable business or a
working enterprise.
3. Helps you come up with creative ways to make
your business work.
4. Shows what you are up against with
competition.
![Page 9: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/9.jpg)
5. Creates a detailed
action plan to keep the
competitive advantage.
6. Specifies what you need
to start the business.
7. No nonsense list of
equipment needs.
![Page 10: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/10.jpg)
8. Provides a timetable of
items on your to-do list.
9. Helps you get the
funding you need.
10. Tells the world who you
are.
![Page 11: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/11.jpg)
![Page 12: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/12.jpg)
Executive Summary
Company Summary
Products or Services
Market Analysis
Strategy and Implementation Summary
Management Summary
Financial Plan
![Page 13: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/13.jpg)
• A persuasive
summary that will
entice a reader to
take the plan
seriously and read on.
![Page 14: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/14.jpg)
• Communicate with your Customers
– Website, About Us, Marketing Materials
• Company Vision Snapshot
• Communicate with your Management
Team, Board of Directors, Business
Partners
– Objectives, Goals, Solutions, Conclusions
![Page 15: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/15.jpg)
• A company summary should discuss
in detail the business’s ownership
and legal status.
• Also includes information on the
company’s start-up.
![Page 16: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/16.jpg)
• Reach your target audiences,
customers
– Website, press releases, brochures,
pamphlets
• Implemented in sales calls for various
sales strategies and prospecting
• Company overview snapshot
– About your company and your products
![Page 17: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/17.jpg)
• It is important to discuss the competitive
advantage a business’ product or service
has over the competition .
• What makes your product
or service unique?
• Can you price it
competitively?
![Page 18: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/18.jpg)
• Classify your business according to your economic activity
• Analyze, collect, and publish data about your business
• Measure growth and potential for expansion into new products or services
![Page 19: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/19.jpg)
![Page 20: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/20.jpg)
• Knowing the market's needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan
• Conducting a market analysis will help you:
1.Prepare to enter a new market
2.Launch a new product/service
3.Start a new business
![Page 21: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/21.jpg)
• What resources and processes are
necessary to get the product to
market? This section should describe the
manufacturing, R&D, purchasing,
staffing, equipment and facilities
required for your business.
![Page 22: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/22.jpg)
• Develop a detailed action plan with chronological lists of action steps (tactics)
• Measure if the organization's current structure is appropriate to the intended strategy
• Allows management to think about the organization's communication needs
![Page 23: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/23.jpg)
• Investors must feel confident that the
management team knows its market,
product and
has the ability to
implement the
plan.
![Page 24: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/24.jpg)
• Update the skills of your internal
management staff members
• Describe how each member
contributes to the company
• Set expectations and duties of each
member of the management team
• Used as an organizational chart
![Page 25: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/25.jpg)
• One of the first steps to having a profitable
business is to establish a bookkeeping system
which provides data in the following four
areas:
Balance Sheet
Break-Even Analysis
Profit and Loss Statement
Cash Flow
![Page 26: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/26.jpg)
• Snapshot of your business financials
• Track Progress
• Adjust Future Goals and Sales Objectives
![Page 27: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/27.jpg)
• Resumes
• Credit information
• Quotes or Estimates
• Letters of Intent from prospective customers
• Letters of Support from credible people who know you
• Leases or Buy/Sell Agreements
• Legal Documents relevant to the business
![Page 28: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/28.jpg)
![Page 29: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/29.jpg)
• Business plans are useful at all stages of a companies existence.
• A common myth is that business plans are only useful for startups
• The reality is that every business needs a business plan!
• On average, a start-up plan will take anywhere from 160 to 640 hours to research and write.
![Page 30: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/30.jpg)
• BizCentral Small Business Services
• Business Plan Writing
• Business Certifications
• Incorporation
• Website Development
• Graphic Design
• Marketing
• Bookkeeping & Accounting
• Nonprofit Services
![Page 31: Using & Updating Your Business Plan](https://reader034.fdocuments.us/reader034/viewer/2022052523/5552368cb4c905b00e8b4b37/html5/thumbnails/31.jpg)
• Contact Us
• Nicole Roach: [email protected]
• Nina Lopez: [email protected]
• Visit www.BizCentralUSA.com or Call 407-857-9002
www.twitter.com/bizcentralusa Facebook Fan Page:
BizCentral USA/CharityNet USA