"The Essentials: Writing Your Business Plan"

THE ESSENTIALS: writing your business Mrs. Wendy v. planmba marquez,  What Business? Do you know how to do business? 4 Business Plan Feasibility Study Marketing Plan 5  written summary of an entrepreneur's proposed business venture, its operatio...

THE ESSENTIALS: writing your business Mrs. Wendy v. planmba marquez,  What Business? Do you know how to do business? 4 Business Plan Feasibility Study Marketing Plan 5  written summary of an entrepreneur's proposed business venture, its operational and financial details, its marketing opportunities and strategy, and its managers’ skills and abilities  serves as an entrepreneur’s road map on the journey toward building a successful business Reasons why we need a business plan To Map Out Your Business Future  Gives directions as you start your business To Develop A Marketing and Sales Strategy  All marketing efforts and team members will know exactly what is expected To hit business milestones  allows you to track progress, allocate resources effectively, and ensure you are taking the necessary steps to achieve key achievements at specific points in your business development. To Support Growth And Secure Funding  Armed with the business plan, the Investor will have a clear understanding of your business’ past and future To reduce potential risks A solid business plan requires a deep analysis of market conditions, financial forecasts, and operational challenges. This helps you spot potential issues before they escalate.  Craft your Business Plan  > Business Idea  What is the concept that you are thinking?  > Who is your target market  Profile?  > The problem that you are solving  How are you helping your customers? What problem will they go to you to solve?  > Find a solution  How are you helping your customers? What problem will they go to you to solve? > Develop the product > Know your Capital > Know your Capital > Selling price  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS TITLE You need a solid understanding of your business — its purpose, vision, mission and target audience. The business name must reflect that and should be the guiding principle for your brand identity. 24  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY EXECUTIVE SUMMARY  Highlights of the business plan summarized in two or three pages.  summarize the presentation to each potential financial institution or investors 25  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  PRODUCTS  SIZE OF BUSINESS  MISSION STATEMENT & CORE VALUES  BACKGROUND & OWNERS OF ENTREPRENEURS 26  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  It should describe the company's overall product PRODUCTS line, giving an overview of how customers use its goods or services 27  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  Drawings, diagrams, and PRODUCTS illustrations may be required if the product is highly technical 28  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  It should include an honest comparison of the company's product or service with those of competitors, citing specific PRODUCTS advantages or improvements that make its goods or services unique and indicating plans for creating the next generation of goods and services that will evolve from the present product line 29  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION SIZE OF  the scale of the organization, which is THE typically measured by the number of employees, revenue, or market reach. BUSINESS 30  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION SIZE OF THE BUSINESS 31  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  A mission statement expresses an entrepreneur's vision for what the MISSION company is, what it is to become, and STATEMENT what it stands for. & CORE  It is the broadest expression of a VALUES company's purpose  It defines the direction in which it will move. 32  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  details the relevant experience, BACKGROUND education, and skills of the individuals OF BUSINESS who will be running the business, OWNERS & essentially demonstrating their ENTREPRENEUR qualifications and ability to S successfully execute the business plan; 33  KEY ELEMENTS OF A BUSINESS PLAN I. EXECUTIVE SUMMARY BUSINESS DESCRIPTION  details the relevant experience, it BACKGROUND typically includes information about OF BUSINESS their past entrepreneurial ventures, OWNERS & industry knowledge, and specific roles ENTREPRENEUR within the company. S 34  KEY ELEMENTS OF A BUSINESS PLAN II. MANAGEMENT ASPECT BUSINESS LEADER  Indicates the name and address of business owners/entrepreneurs 35  KEY ELEMENTS OF A BUSINESS PLAN II. MANAGEMENT ASPECT NATURE OF BUSINESS  describes the core type of business you are operating, including the products or services you offer, the industry you belong to, your target market, and the primary goals you aim to achieve 36  KEY ELEMENTS OF A BUSINESS PLAN II. MANAGEMENT ASPECT ORGANIZATIONAL CHART FORMS OF OWNERSHIP OF BUSINESS 37  KEY ELEMENTS OF A BUSINESS PLAN II. MANAGEMENT ASPECT ORGANIZATIONAL CHART  includes information about the team's BACKGROUND education, experience, and OF qualifications. This information is used MANAGEMENT to show investors that the team is TEAM capable of leading the business to its goals. 38  KEY ELEMENTS OF A BUSINESS PLAN II. MANAGEMENT ASPECT ORGANIZATIONAL CHART  outlines the specific duties and ROLES AND leadership functions of key individuals RESPONSIBILITIES OF within the company; it essentially MANAGEMENT demonstrate the team's capability to manage the business effectively. 39  KEY ELEMENTS OF A BUSINESS PLAN PRODUCT AND SERVICE DESCRIPTION PRODUCTS/SERVICES OFFERED PRODUCT/  Indicates a short description of the SERVICE NAME product 40  KEY ELEMENTS OF A BUSINESS PLAN PRODUCT AND SERVICE DESCRIPTION PRODUCTION PLAN MANUFACTURING  details the specific steps involved in PROCESS producing your product 41  KEY ELEMENTS OF A BUSINESS PLAN PRODUCT AND SERVICE DESCRIPTION PRODUCTION PLAN  details the specific tools, machines, and technology required to operate your MACHINERY business, including their specifications, AND estimated costs, and justification for EQUIPMENT their selection, essentially outlining the physical assets necessary to produce your goods or services. 42  KEY ELEMENTS OF A BUSINESS PLAN PRODUCT AND SERVICE DESCRIPTION PRODUCTION PLAN  refers to the essential components a company needs to produce its goods or services, SUPPLIES AND including the basic materials directly used in RAW manufacturing (raw materials) and any additional items required for operations, like MATERIALS packaging, cleaning supplies, or office materials (supplies) - essentially, all the inputs needed to run the production process. 43  KEY ELEMENTS OF A BUSINESS PLAN MARKET & MARKETING ASPECT MARKETING PLAN TARGET MARKET COSTING PROMOTION SALES FORECAST 44  KEY ELEMENTS OF A BUSINESS PLAN TECHNICAL ASPECT STANDARD OPERATING PROCEDURE a detailed, step-by-step guide outlining how a specific routine task or process will be carried out within the company, ensuring consistency, efficiency, and quality control across all operations; it essentially acts as a documented set of instructions for employees to follow when performing their daily duties. 45  KEY ELEMENTS OF A BUSINESS PLAN TECHNICAL ASPECT STANDARD OPERATING PROCEDURE 46  KEY ELEMENTS OF A BUSINESS PLAN TECHNICAL ASPECT ASSESSMENT OF RISK  Could include: economic downturns, intense competition, changes in consumer preferences, POTENTIAL supply chain disruptions, regulatory changes, RISKS technological obsolescence, natural disasters, negative publicity, operational failures, inadequate funding, poor management decisions, and lack of market fit; 47  KEY ELEMENTS OF A BUSINESS PLAN TECHNICAL ASPECT ASSESSMENT OF RISK  you can implement strategies like: conducting STRATEGIES thorough risk assessments, developing FOR contingency plans, diversifying investments, PREVENTING utilizing risk transfer mechanisms like insurance, training employees, monitoring OR risks regularly, and prioritizing critical risks MINIMIZING based on their potential impact and likelihood RISK of occurrence. 48  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN SOURCES OF FUND 49  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN SOURCES OF FUND 50  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN SOURCES OF FUND 51  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN BREAKEVEN  a financial calculation that ANALYSIS determines the point at which a business's total costs equal its total revenue 52  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN BREAKEVEN ANALYSIS 53  KEY ELEMENTS OF A BUSINESS PLAN FINANCIAL ASPECT FINANCIAL PLAN BREAKEVEN ANALYSIS 54  Facilitating supplementary services 2. Order-taking. includes applications, order entry, and reservations or check-ins. Order entry can be received through a variety of sources such as through sales personnel, phone and email, or online 55  Facilitating supplementary services 3. Billing. Inaccurate, illegible, or incomplete bills risk disappointing customers 56  Facilitating supplementary services 4. Payments. A variety of payment options exist, but all customers expect ease and convenience. 57  Enhancing Supplementary Services 1. Consultation. involves a dialog to probe customer requirements and then develop a tailored solution.  Enhancing Supplementary Services 2. Hospitality. Hospitality-related services should, ideally, reflect pleasure at meeting new customers and greeting old ones when they return. COURTESY & CONSIDERATION  Enhancing Supplementary Services 3. Safekeeping. When customers are visiting a service site, they often want assistance with their personal possessions.  Enhancing Supplementary Services 4. Exceptions. involve supplementary services that fall outside the routine of normal service delivery 4 TYPES 1. Special Requests 2. Problem solving 3. Handling of complaints/suggestions/compliments 4. Restitution  understanding the central component that supplies the principal, problem-solving benefits customers seek A. Core Product B. Supplementary services C. Delivery Processes D. Positioning 63 63  understanding involve supplementary services that fall outside the routine of normal service delivery A. Consultation B. Safekeeping C. Exceptions D. Hospitality 64 64  understanding involves a dialog to probe customer requirements and then develop a tailored solution. A. Consultation B. Safekeeping C. Exceptions D. Hospitality 65 65