Writing the Winning Business Plan
16 important questions on Writing the Winning Business Plan
What is a Business Plan?
What "interest groups" are considered crucial to success?
- Financial interests
- Employees
- Marketers
- Vendors, suppliers, and associates
- Partners
- Entrepreneur
In which ways can writing a Business Plan determine business to be successful?
- Test the feasibility of the business concept
- Increase the likelihood of the venture's success
- Improve your business planning process to become more manageable and effective
- Attract bank loans and investors
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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What are the three essential Reasons to prepare a Business Plan?
- Entrepreneurs reap benefits from the planning activity itself.
- The plan provides a basis for measuring actual performance against expected performance.
- The plan acts as a vehicle for communicating to others what it is that the business is trying to accomplish.
What are the five steps in writing a Business Plan?
- Identify the Objectives
- Draft the Outline
- Review the Outline
- Draft the Plan
- Have the Plan Reviewed and Updated
What does the last element of the Plan, Executive Summary, consist?
- Business concept
- Success Factors
- Current Position
- Financial Features
What types of Business Plans exists?
- Full Business Plan
- Executive Summary Plan
- Action Plan
Which Target Groups could be reached with a Business Plan?
- Bankers (loans for expansion)
- Business Brokers (sell business)
- New and Potential Employees (learn about company)
- Investors (invest)
- Small Business Administration (SBA approve business loans)
- Investment Bankers (prospectus for an IPO)
- Suppliers (credit for purchases)
How is a typical Business Plan Format?
- Title Page and Table of Contents
- Executive Summary
- Overview of the Company, Industry, Products, and Services
- Marketing Analysis
- Marketing and Sales Plans
- Operations
- Management Team
- Financial Plan
- Funds required and uses
What are the information that should be presented in Financial Plan?
- Set of Assumptions
- Projected Income Statements
- Projected Cash Flow Statements
- Current Balance Sheet
- Other Financial Projections
What are the important issues to address in the Management Team?
- Management Talents and Skills
- Organizational Chart
- Policy and Strategy for Employees
- Board of Directors and Advisory Board
What are the important issues to address in the Operations?
- Product/Service Development
- Manufacturing
- Maintenance and Support
What type of Distribution Channels are there?
- Direct Sales
- Original Equipment Manufacturer (OEM) Sales
- Manufacturer's Representatives
- Brokers
- Web E-commerce
What Pricing Methods are considered to generate profit?
- Cost-Plus pricing
- Demand pricing
- Value pricing
- Competitive pricing
- Markup pricing
What should be included in the section of Products and Services?
- Physical Description
- Statement regarding Use and Appeal
- Statement regarding Stage of Development
- Testimonials
What are the important issues to address in the Marketing Analysis?
- Marketing Opportunity
- Competition
- Marketing Strategy
- Market Research
- Sales Forecasts
- Support Material
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