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Business Plan Guide to accompany Small Business Management: Entrepreneurship an

Business Plan Guide to accompany Small Business Management: Entrepreneurship and Beyond 6th Edition Timothy S. Hatten Colorado Mesa University Business Plan Guide - 2 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly ac cessible website, in whole or in part. Elements of the Business Plan Suggested length Cover Page ................................................................................................ 1 page Table of Contents ......................................................................... 1-2 pages I. Executive Summary .............................................................. 1-2 pages A. Mission Statement B. Company Information C. Market Opportunity D. Financial Data II. Description of Your Company and Industry . 3-5 pages A. Company Background and History B. The Industry III. Description of the Product or Service .............. 3-4 pages A. Description of the Product or Service B. Competitive Advantages IV. Market Research and Evaluation ........................ 2-4 pages A. Markets B. Market Trends C. Competition D. Market Share V. Marketing Plan .................................................................. 12-15 pages A. Market Strategy B. Product C. Pricing D. Promotion E. Place F. Service Polices VI. Manufacturing and Operations Plan ................. 5-6 pages A. Production B. Geographic Location C. Facilities D. Make or Buy Policy E. Control Systems F. Labor Force G. Training H. Staffing Plan Suggested length VII. The Management Team .............................................. 2-4 pages A. Identification of Key People Business Plan Guide - 3 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly ac cessible website, in whole or in part. B. Succession Plan C. Management Philosophy D. Business/Organizational Structure E. Identification of Firms Assisting the Company VIII. Timeline .......................................... ……………………………..1 page or a table A. Key Events IX. Critical Risks and Assumptions ............................. 2-4 pages A. Risk Management Strategies X. Benefits to Community..................................................... 1 + pages A. Economic Development B. Community Development C. Human Development XI. Exit Strategy ..................................................................................... 1 page XII. Financial Plan…………………………………………………………..3 pages of text (and appropriate spreadsheets) A. Sources and Uses of Funds B. Financial Practices C. Cash Flow Statement D. Cash Budget E. Profit and Loss Statement F. Breakeven Analysis G. Financial Ratios H. Intangibles--Intellectual Property Appendices (as needed)……………………………………………….Varies by appendix A. Resumes/Biographies of Key Personnel B. Advertising Samples C. Organizational Chart D. Customer Profiles E. Competitor Profiles F. Product Profiles G. Site Study and Store Layout H. Financial Statements I. Global Issues Business Plan Guide - 4 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly ac cessible website, in whole or in part. I EXECUTIVE SUMMARY For help in completing this section, check SBMEB pp. 86-87. Suggestions for writing Executive Summary section 1. Think of this one- to two-page overview as the business plan in miniature. While there are a number of sections to it, each may only be a few sentences or paragraphs long. Note the example Figure 4.1(a) on page 88 is a way to condense information. 2. Write this section of the business plan last. Some will tell you to write it first to help focus your effort to build confidence as you tackle the plan, etc. Good reasons all. But in terms of economy of effort it will take far less time if you write it last. As you write the body of the plan, try highlighting key ideas/sentences in the various sections. Use these to write your Executive Summary. Also, as a summary of the key elements, you can’t really write it before you have all the key elements, which you won’t have until you’ve done a significant amount of work on the business plan. 3. Logically, we’ve placed the Executive Summary first - that’s where it will appear in the final document- but you should really write it after you’ve written and revised the entire plan. 4. This is your opportunity to make a good first impression. Often investors decide in a few minutes, while reading the Executive Summary, whether to read on and/or invest. This is the critical element of the business plan. Therefore:  make it concise; two pages maximum in length.  emphasize only the important elements of the business.  make the financial request clear. How much is needed, how will it be used in the business, and how/when will it be repaid?  write to capture the readers’ attention, to spark enthusiasm for your business. 5. Investors want to know who your attorney and accounting firms are. If you don’t have them, establish the relationships now. 6. Are there any international considerations for your business, either as potential markets or potential competitors? Resources needed to write your Executive Summary Start with a draft copy of the completed business plan with spreadsheets. Writing is ALWAYS made better by going through revisions. Lacking that, you will need the following items: 1. A paragraph-long mission statement worked out in advance. 2. Historical information on the company, when it was started, by whom, etc. 3. Quantified company-level goals and objective(s). 4. Biographies or resumes of the management team with their unique strengths highlighted. 5. Product/service description materials. 6. Market research information on the potential market and target market. 7. A justified estimate of the capital you need and a plan for repaying it. How much is needed and how did you determine the amount? 8. Financial data on: size of the market in units and dollars. Business Plan Guide - 5 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly ac cessible website, in whole or in part. projected revenues, profits, assets, and liabilities. Read the questions under each heading. Choose which questions will apply to your business plan. Then write any notes, your responses to the questions, etc., in the box that follows the questions. Mission Statement For help in completing this section, check SBM:EB pp. 66-67 (mission statement), pp. 55-56 (corporate ethical responsibilities), and pp. 222-223 (for capital requirements). 1. Why does your company exist? To serve a customer, to make a profit (of course), but why else? 2. What are the guiding principles or values for your company? How will you do business? What is your position on the environment, diversity, community responsibility, etc.? What is your responsibility to your customers, to your investors? Company Information For help in completing this section, check SBM:EB p. 76-78 (setting objectives) and pp. 69-75 (competitive advantage). 1. Objectives - What is it that you want to accomplish, and by when? They should be stated in such a way that their accomplishment creates a competitive advantage. Do you have any international aspirations? 2. What is/are your competitive advantage(s)? 3. Company history – give the background of the company. 4. The management team--who are you, and who are your key people? Market Opportunity For help in completing this section, check SBM:EB pp. 93-95, 276-278. 1. What is the expected size and growth rate of your market? 2. What is your fundamental marketing strategy? Cost leadership. Differentiation. Focus. Or.... 3. What relevant industry trends should your investors know about, early in this plan? Financial Data For help in completing this section, check SBM:EB pp. 97-103, 222-226. 1. The financial request How much do you want? How will you use it? How much debt and equity? Number of investors sought? Business Plan Guide - 6 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly ac cessible website, in whole or in part. What are the terms of the deal you are offering investors? What return are you offering? 2. Tables Summary of 3 years actual, 3 years projected ACTUAL 20XX PROJECTED 20XX Revenue _____ _____ Net Income _____ _____ Assets _____ _____ Liabilities _____ _____ Net Worth _____ _____ Summary of Financing CURRENT AMOUNT AMOUNT NEEDED Debt _____ _____ Debt with Warrants _____ _____ Convertible Debentures _____ _____ Stock--Preferred and Common _____ _____ II DESCRIPTION OF THE COMPANY AND INDUSTRY For help in completing this section, check SBM:EB pp. 92-93, 91-92. Suggestions for writing this section 1. The following sections are where you elaborate and explain the information provided in the Executive Summary. Be sure to cover in more depth everything you raise in the Executive Summary. 2. Accuracy and realism are important here. Do you know how your company and your product/services are perceived relative to competitors? Describe the areas that are rock solid and those that are shaky. 3. Write this section of the business plan first. Use it to remind yourself of where you’ve done well and what didn’t work. Your initial draft should be thorough, with no detail left unmentioned. Once you’ve written this, then review and edit. 4. Emphasize the accomplishment of significant objectives. You want the business to be attractive but not “too good to be true.” 5. Don’t forget it is also important to reveal any key negatives, problems, or failures. Every investor knows there is a downside. Be honest about yours. It will build trust. It shows a realistic approach to doing business. 6. It is very important that this section shows how uploads/Ingenierie_Lourd/ business-plan-guide-small-business-management-entrepreneurship-and-beyond-6th-edition.pdf