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Business Plan

Business Plan. Karisha Devlin Agricultural Business Specialist. Agenda. Introduction The importance of a business plan Key elements of a business plan Tools Computer time & questions. What is a Business Plan?. Written document that: Defines your business

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Business Plan

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  1. Business Plan Karisha Devlin Agricultural Business Specialist

  2. Agenda • Introduction • The importance of a business plan • Key elements of a business plan • Tools • Computer time & questions

  3. What is a Business Plan? • Written document that: • Defines your business • Identifies your goals and mission • Serves as your business “resume”

  4. Why is a Business Plan Important? • Roadmap for your business • Gives you a better chance for success • Required by financial institutions • Helps communicate goals and objectives • Forces you to look at whole business • Stimulates development of new/future business opportunities

  5. Elements of a Business Plan • Executive summary • Farm description • Strategic plan • Production & operation • Marketing plan • Personnel plan • Financial plan

  6. Executive Summary • Doorway of business plan • A one-page overview of business • Placed in the front, but done last • Summarize key points • Content depends on purpose of plan

  7. Farm Description • Business type and size • Location • Facilities • History • Ownership structure

  8. Strategic Plan • Mission statement • Goals • Business Strategy • Where you want the business to go and how to get there • SWOT

  9. Mission Statement • A description of what you and/or your business hope to do and be • Values • Vision • Purpose

  10. Goals and Objectives • Goals • Dream with a deadline • Desired outcomes for your business • Short term (within one year) • Long term (2-5 years) • Objectives • Strategies for reaching goals

  11. Production and Operation • Crop system • Livestock system • Other enterprises

  12. Marketing Plan • Marketing strategy • Marketing resources • Promotion and distribution • Inventory and storage management

  13. Personnel Plan • Family and hired labor • Management team • Consultants • Personnel management

  14. Financial Plan • Financial statement • Balance sheet • Income statement • Cash flow statement • Long range projections • Projected profitability • Capital required • Asset management

  15. Tools • Books • Agricultural Business Specialist • Examples • Assistance • Software • FINPACK Business Plan

  16. Questions Karisha Devlin devlink@missouri.edu 573-633-2640

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