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Using & Updating Your Business Plan
- 1. Finding and Stayingon the Path to Small Business Success! Key Speaker Nina Lopez Small Business Consultant BizCentral USA Administrator Nicole Roach Marketing Coordinator HBIF Meeting 12-09 BizCentral USA
- 2. • BizCentral USA:A “One-stop” resource center for small business resources nationwide! • Key Speaker: Nina Lopez • Questions • Recorded Webinar Available At: – http://vimeo.com/channels/smallbusinesswebinars
- 3. • Introduction to Business Plans • Business Plan Components & How to Use Them • Benefits of a Business Plan • Where to Go From Here
- 4. 90% of new businesses fail in the first two years. Failure is often attributed to a lack of planning.
- 5. • Taking timeto create an extensive business plan provides a company with insight into your business. • For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths, and competition. • Not to Mention…
- 8. 1. Puts a business idea to the test. 2. Turns a good idea into a viable business or a working enterprise. 3. Helps you come up with creative ways to make your business work. 4. Shows what you are up against with competition.
- 9. 5. Creates a detailed action plan to keep the competitive advantage. 6. Specifies what you need to start the business. 7. No nonsense list of equipment needs.
- 10. 8. Provides a timetable of items on your to-do list. 9. Helps you get the funding you need. 10. Tells the world who you are.
- 12. Executive Summary Company Summary Products or Services Market Analysis Strategy and Implementation Summary Management Summary Financial Plan
- 13. • A persuasive summary that will entice a reader to take the plan seriously and read on.
- 14. • Communicate withyour Customers – Website, About Us, Marketing Materials • Company Vision Snapshot • Communicate with your Management Team, Board of Directors, Business Partners – Objectives, Goals, Solutions, Conclusions
- 15. • A companysummary should discuss in detail the business’s ownership and legal status. • Also includes information on the company’s start-up.
- 16. • Reach yourtarget audiences, customers – Website, press releases, brochures, pamphlets • Implemented in sales calls for various sales strategies and prospecting • Company overview snapshot – About your company and your products
- 17. • It isimportant to discuss the competitive advantage a business’ product or service has over the competition . • What makes your product or service unique? • Can you price it competitively?
- 18. • Classify yourbusiness according to your economic activity • Analyze, collect, and publish data about your business • Measure growth and potential for expansion into new products or services
- 20. • Knowing themarket's needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan • Conducting a market analysis will help you: 1.Prepare to enter a new market 2.Launch a new product/service 3.Start a new business
- 21. • What resourcesand processes are necessary to get the product to market? This section should describe the manufacturing, R&D, purchasing, staffing, equipment and facilities required for your business.
- 22. • Develop adetailed action plan with chronological lists of action steps (tactics) • Measure if the organization's current structure is appropriate to the intended strategy • Allows management to think about the organization's communication needs
- 23. • Investors mustfeel confident that the management team knows its market, product and has the ability to implement the plan.
- 24. • Update theskills of your internal management staff members • Describe how each member contributes to the company • Set expectations and duties of each member of the management team • Used as an organizational chart
- 25. • One ofthe first steps to having a profitable business is to establish a bookkeeping system which provides data in the following four areas: Balance Sheet Break-Even Analysis Profit and Loss Statement Cash Flow
- 26. • Snapshot ofyour business financials • Track Progress • Adjust Future Goals and Sales Objectives
- 27. • Resumes • Creditinformation • Quotes or Estimates • Letters of Intent from prospective customers • Letters of Support from credible people who know you • Leases or Buy/Sell Agreements • Legal Documents relevant to the business
- 29. • Business plansare useful at all stages of a companies existence. • A common myth is that business plans are only useful for startups • The reality is that every business needs a business plan! • On average, a start-up plan will take anywhere from 160 to 640 hours to research and write.
- 30. • BizCentral SmallBusiness Services • Business Plan Writing • Business Certifications • Incorporation • Website Development • Graphic Design • Marketing • Bookkeeping & Accounting • Nonprofit Services
- 31. • Contact Us • Nicole Roach: [email protected] • Nina Lopez: [email protected] • Visit www.BizCentralUSA.com or Call 407-857-9002 www.twitter.com/bizcentralusa Facebook Fan Page: BizCentral USA/CharityNet USA