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BUSINESS PLANNING

BUSINESS PLANNING. SCORE Counselors to America’s Small Business Sponsored by: U.S. Small Business Administration.

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BUSINESS PLANNING

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  1. BUSINESS PLANNING SCORE Counselors to America’s Small Business Sponsored by: U.S. Small Business Administration

  2. AGENDA8:45 Registration9:00 Welcome & SCORE Overview Dave Ward9:15 SBA Overview Tammi Bennett9:30 Business Plan Basics Dave Ward10:15 Break10:30 Sales & Marketing Process Greg Evershed

  3. 12:15 LUNCH

  4. Afternoon Agenda1:30 Financial Overview Larry Elliott2:30 The Business, Management, References Dave Ward3:30 Wrap-Up & AdjournPresenters: Tammi Bennett, Greg Evershed, Larry Elliott & Dave Ward

  5. SCOREOVERVIEWDave Ward

  6. SMALL BUSINESSADMINISTRATIONOVERVIEWTammi Bennett

  7. Business Plan Basics

  8. WORKSHOP OBJECTIVES • HELP YOU TO UNDERSTAND THE ROLE OF THE BUSINESS PLAN • KNOW THE REASONS FOR DEVELOPING A BUSINESS PLAN • KNOW THE TYPE OF INFORMATION TO INCLUDE IN A BUSINESS PLAN • UNDERSTAND THE OUTLINE OF A BUSINESS PLAN

  9. WHAT IS BUSINESS PLANNING • Creating a strategic vision for your company • An important communication tool • A vehicle to obtain capital • A vehicle to obtain capital improvement investment • A basis for sound decision making • A way to motivate people

  10. WHY DO IT • Reality check • Performance tool • Message sender • Motivational tool • Management development tool • Road map

  11. WHAT SHOULD IT PROVIDE • Evidence of focus • Understanding of who your customers are • An appreciation of investor needs

  12. PLANNING Planning entails analyzing the business or organization and it’s environment, as it is today, in order to create a formal program for guiding its development and success tomorrow.

  13. PURPOSE OF PLANNING To place the business or organization at a competitive advantage for the future.

  14. ELEMENTS OF A BUSINESS PLAN • Executive Summary • Company Overview & Description • Market Analysis & Market & Sales Strategies • Financial Plan • Action Plan • Supporting Documents

  15. VALUES/ETHICS A value statement is a set of beliefs and principles that guides the activities and operations of your company. Values versus the law

  16. SALES AND MARKETING Greg Evershed

  17. Marketing • A Marketing Plan Should Identify Your Target Market By Segment • Examples – Consumers Age 50 Plus • Teenagers • Businesses With Less Than 100 Employees

  18. Marketing Plans • A Market Plan Defines How you will Reach Your Target Market. Tools Include: • Telemarketing • Direct Mail • Media Advertising • Special Events • Trade Shows

  19. Marketing • Your Market Plan is a Critical Element of your Business Plan • The Market Plan Helps to Define Market Potential for your Business • Size of Market • Average Expenditure for your Product / Service

  20. Marketing • Your Market Plan Defines your Selling Process • The Sales Plan Represents to Day to Day Activities Necessary to Accomplish the Market Plan

  21. Understanding the Sales Process • The Four Basic Selling Categories are: • Business to Business (B to B) • Business to Consumer (B to C) • Retail • E-Commerce

  22. Each Selling Category has Unique Attributes • B to B –buying decision isn’t usually personal. Buyers are looking for solutions to business problems and needs • B to C – buyers are making a personal decision –can involve status, emotion • Retail – buyers always want convenience, selection, brands • E Commerce – depends on which category

  23. Marketing Approach • Different for each category • B to B may use trade magazines • B to C may use direct mail and telemarketing • Regardless of the category, every business should have a marketing plan and a strategic sales plan

  24. The Sales Plan • Actionable – defines who to target by account type, decision maker or consumer characteristics • Includes measurable goals with realistic timelines –example – increase sales revenue by 10% in 2005 • Sales plan is evaluated and revised as market conditions change

  25. Overview of the Sales Process • Every contact whether by phone, e mail, direct mail or other means, should present a concise message that creates interest in learning more.

  26. Value Proposition • Your message is your value proposition • It should explain clearly what you offer and how your prospects will benefit from buying from your company • A value proposition, like a sales strategy, can be modified as you come to better understand market needs.

  27. Overview of the Sales ProcessB to B and sometimes B to C • Qualify your prospects: • Qualify need and ability to buy ! • Do they need what you offer? • Can they afford it? • Are they the decision maker? • What is their timeline to decide?

  28. Overview of the Sales Process • Closing the sale: • Gain agreement as you proceed –is there a clear need you can fulfill? • Emphasize the value not the cost • Prospect should acknowledge the value • Understand your sales cycle • Move to close the sale as soon as practical

  29. LUNCH

  30. FINANCIAL OVERVIEW Larry Elliott

  31. THE BUSINESS, MANAGEMENT & REFERENCES Dave Ward

  32. THE BUSINESS PLAN It is a story about your business. It works because it forces you to stop and think about what you are doing. It prompts you to figure out what you want your company to become in the future and how you intend to make it happen!

  33. What is the business What is the product or service you are going to offer Where will it be located When will your business be available to your customers Who are your competitors What makes you different from them Why will you be successful How will your customers know about your business How will you charge for your product/service How much money do you need to start your business How will you pay it back QUESTIONS

  34. Identify your vision Imagine it Seek agreement Make some assumptions Develop Financial & Operating plans SWOTS Strengths Weaknesses Opportunities Threats MECAS Market Environment Competitive Assessment THE PROCESS

  35. THEN • SWOT yourself and your business • Communicate, Communicate, Communicate • Start all over again

  36. PREPARING THE PLAN • Identify your objectives • Outline your plan • Review your outline • Write your plan - gather info, prepare drafts & write a summary • Have your plan reviewed

  37. ELEMENTS OF A BUSINESS PLAN • Executive Summary • Company Overview & Description • Market Analysis & Market & Sales Strategies • Financial Plan • Action Plan • Supporting Documents

  38. EXECUTIVE SUMMARY • Most important section of your plan • A concise overview of the entire plan • Last section you write

  39. Mission statement Date business began Who started it & what do they do Employee info Location of the business Description of plan/store/etc. Product/services description Banking/financial relationships Summary of company, market, financial growth Summary of management’s future plans EXECUTIVE SUMMARY CONTENTS

  40. THE MISSION STATEMENT • Highlight your business activities, including the markets that you serve, the geographic areas you cover and the products and services you offer • Emphasize what your company does that sets it apart from every other business out there • Include major accomplishments that you anticipate to achieve over the next few years • Convey what you have to say in a clear, concise, informative and interesting manner

  41. PLANNING DOES NOT GUARANTEE SUCCESS BUT IT GOES A LONG WAY TOWARD BETTERING YOUR CHANCES!!

  42. NOAH DIDN’T WAIT UNTIL IT STARTED RAINING BEFORE HE BUILT THE ARKPlanning Pays Off

  43. www.sba.gov www.irs.gov/smallbiz www.nifb.com www.score.org www.nolo.com Trade Associations Libraries www.tax.state.ny.us City of Rochester Dept. of Economic Development Monroe County COMIDA www.monroecounty.gov www.growmonroe.com www.state.ny.us www.empire.state.ny.us REFERENCES

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