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BUSINESS PLAN OUTLINE 1) Concept Objectives This is where you can outl
BUSINESS PLAN OUTLINE 1) Concept Objectives This is where you can outline your overall objectives of your selected business Vision/Mission/Guiding Principles A vision statement is a declaration of an organization's objectives, ideally based on economic foresight, intended to guide its internal decision-making. A mission statement is a statement which is used as a way of communicating the purpose of the organization. Although most of the time it will remain the same for a long period of time, it is not uncommon for organizations to update their mission statement and generally happens when an organization evolves. Mission statements are normally short and simple statements which outline what the organization's purpose is and are related to the specific sector an organization operates in. Guiding principles are any principles or precepts that guide an organization throughout its life in all circumstances, irrespective of changes in its goals, strategies, type of work, or the top management. 2) Company Company Summary A summary or overview of your selected business Ownership This is how the business is structured. It could be a sole proprietorship, partnership, Sub S, LLC or a C corporation. 3) What Are You Selling Product/Service Summary This is self-explanatory 4) Market Market Analysis Summary An overall summary of the entire market for your products or services Market Segmentation How do you plan to carve up the market for a successful venture Target Market Segment Strategy How will you specifically to a specified group. For example: Teens, adults, geographic regions, etc… or some combination 5) Industry Service Business Analysis · Here is an example: The market for XYZ electrical contracting services is very fragmented and crowded. Among these, only a few are large firms with 20 or more electricians on staff. The remainder are small firms with less than three full-time electricians. XYZ’s current niche is its strong relationship with former customers of A & B. But this will not be sufficient for growth in a competitive market. By focusing on data, communication and electrical installation and maintenance, XYZ reduces the direct competitors to two large electrical firms that bid on the area's largest projects. Though, one day, XYZ plans to be a force in the area's largest projects, an opportunity exists now for new customers whose smaller projects are not being pursued aggressively by competitors. Competition and Buying Patterns Explain the nature of competition in this market. This topic is still in the general area of describing the industry, or type of business. Explain the general nature of competition in this business, and how the customers seem to choose one provider over another. 6) Sales Forecast Sales Strategy and explanation · Sales Plan – [taken from https://www.sba.gov/content/sales-strategy] Sales goals: These goals should be specific and measurable, not something like selling a million units. Base them on the nature of your product and try to break them down into manageable parts. For example, sell 50 units to end-users in 30 days and sell 100 units to local independent retailers in six months. Sales activities: These are your tactics -- how you plan to make the sale. You may say you'll sell direct-to-consumer through a website or via craft shows, for instance. Or this part of the plan may include activities like developing a sell sheet to send to independent retail stores. Target accounts: Your sales plan should also include the accounts you want to sell to. If it's end-users, for example, plan how you're going to reach them through eBay, classified ads or your website. Timelines: Put dates to all of the above elements so you can define your steps within a realistic timeline. Don't forget that your timelines should be fluid--if you're underachieving, your sales plan can help you figure out why and define the corrective steps you need to take. Expand to new markets. Once you have established success in your current market, consider expanding to include other markets. This will open doors to bigger buyers. Get the correct buyer: One of your biggest challenges is finding the right buyer within a large organization, so do your homework. If you're experiencing roadblocks, consider hiring a distributor or manufacturer's rep who already has established relationships in your industry Be prepared: Develop a presentation and have professional-looking sell sheets ready. Your product should also have packaging that's ready to go. Know your target: Understand what products they already carry and how yours will fit in. Don't waste your time pitching to a retailer who's unlikely to carry your product. Take advantage of special programs: Some mass retailers, such as Wal-Mart, have local purchase programs that give managers authority to try local items. And other retailers may have different initiatives, such as minority business programs. Be patient: It can take up to a year or longer before you see your product on store shelves, so don't get frustrated. And if the final answer is no, try to turn it into a learning experience. 7) Marketing Plan SWOT Analysis Strengths, Weaknesses, Opportunities & Threats. You can use a matrix with bullet points. Competitive Edge (Niche) Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not 'exist' but are 'created' by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond. Also called micromarketing. Taken from [http://www.businessdictionary.com/definition/niche-marketing.html] Strategy Summary Overall summary of the sales plan Milestones Specific timetables with measurable outcomes 8) Web Plan – Self Explanatory – I have had team actually create a working website. A home page is sufficient. Web Plan Summary Web Plan Marketing Strategy Development Requirements 9) Management Team Management Summary This is where you list the management team along with their experiences and roles within the organization Personnel Table A matrix of non-management personnel along with forecasted hire dates and salaries. This table should be a three year table with the first year by month and years two and three annually. Explain Personnel Table Rationale for your staffing 10) Bottom Line Start-up Funding and explanation What will be the cash requirement and how did you determine the level General Assumptions and explanation Any assumptions that you make regarding the factors that facilitated your levels of cash required Profit & Loss Table [Pro-Forma] and explanation Also known as an income statement. The text has a great example of a sample income statement or P & L. I would like the first year done by month and then annually for years two and three. You should strive to not have more 65% as your cost of sales or cost of goods sold. Breakeven Analysis – Excel with allow you to graphically illustrate this. Q or Breakeven point = Fixed costs / (Sales price / Variable costs) 11) Cash Cash Flow Table [Pro Forma] and explanation Again, I would like to see this by month for the first year and then annually for years two and three. Balance Sheet (Pro Forma) The balance sheet is snapshot of the health of the business at any point in time. This changes daily based on the activity of the business. The text provides a great example. When you see the components of the sheet, you will see what I mean by its fluidity. 12) Financial Plan Summary A summary of your analysis regarding the financial aspect of your selected business. 13) Conclusion – Self explanatory Strategy & Implementation Summary A summary of how you are going to accomplish what your analysis outlines Review Milestones A brief narrative explaining your intended milestones and what contingencies you might have if you do not meet them Executive Summary The most important piece of the analysis. This should be done last and it will consist of a one page overall summary of your intent. This will be at the beginning of your plan right after the table of contents. The lens that you will need is as follows: You want to captivate your reader with enough data to entice them to review your entire plan. Cover page Business name, group members and date Table of Contents Self-explanatory Legal Page (Optional) Would be necessary if you were doing a plan that was being reviewed for an actual business. This is not necessary for our purposes. Please use the 12 point font and Times New Roman.

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