Business Plans Necessity or “nice to have”?

2. Business Plans Necessityor “nice to have”? • Roderic Rennison Director, The Ideas Lab

3. Objective of workshop • To enable you to decide if your firm needs a business plan to increase the chances of success and if so, how to go about writing it

4. A business plan is more than numbers

5. Agreeing what and who the plan is for • The Plan content should reflect its purpose and audience • To enable the firm to plan and manage its future activities • To set up a new business or venture • To raise finance • To sell the business

6. What to include and what to omit • What’s relevant! • “Less is more” • What you have been asked to– and sometimes not

7. Business Plan Content • Executive Summary • The business • Market demand • Competition • Strategy • Resources • Financials and forecasts • Risk, opportunity and sensitivity • Conclusion/Recommendations

8. Whether, how and where to get help • If in doubt, do – a second opinion is helpful • Sources of assistance • Business colleague • Accountant • Business consultant • Books/The web • “Writing a Business Plan” – Vaughan Evans FT Publishing

9. How to write the plan; get the resource,and buy-in • Writing the plan • Research • Preparation • Drafting • Review • Presentation • Getting resource • Ask! • Obtaining buy-in • Know your audience

10. Putting the Plan into operationand monitoring it • Implementation • Present clearly and effectively and disseminate • Allocate responsibilities • Agree timelines and reporting • Monitoring • “What get’s measured, get’s done” • Don’t let timelines slip • Update at appropriate intervals • Adapt to changing circumstances

11. Let’s debate!