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Transcript of Business Plan
Business Plan Outline
Break this section down into subsections:
General Business Overview
Products, Services & Market Analysis
Business Plan Writing
Typical Table of Contents:
Market Analysis Summary
Strategy and Implementation
In spite of the fact that it appears first, it is actually the final section to be written.
The executive summary should be no longer than two pages.
It summarizes the whole plan in a nutshell.
Make it dynamic and exciting to capture the reader’s interest.
Write it as if you were a consultant who was hired to write this plan for someone else.
Contains only a paragraph or two about each of the other 7 sections.
Like all other sections, it is written in the third person.
Not everybody reads the details.
Make sure that your Executive Summary is clear, concise and easy to understand.
Market yourself here.
Write your entire plan in the 3rd person.
Refer to the business, the owner, ABC Company, The Company, The Store etc.
DO NOT use I, we, our, mine, my or any other possessive terms when writing your business plan.
Accentuate the positives.
Avoid “Wishing and Hoping” Change words like “think” to “know”, change “if” to “when”, change “hope” to “will” etc.
This is the section where you introduce the business in more detail.
Outline the type of business.
Products and Services.
1. General Business Overview
2. Company Structure
4. Key Personnel
5. Goals and Objectives
6. Strengths and Weaknesses
7. Mission and Vision Statements
A description of the business and where it fits into the marketplace.
Describe what needs the business will be filling and how it will go about filling them.
Describe the markets that will use your business and any business history.
Describe the location, its benefits, amenities and accessibility to customer traffic.
Indicate freight routes, traffic statistics (municipality), area demographics (newspaper) and growth rate.
Details of parking and zoning.
Cost of Lease or Mortgage plus taxes & utilities.
Explain why you chose this location.
Outline any renovations or alterations to be done.
Include a brief profile of all key partners and employees outlining their duties and experience.
Include their resumes in the appendix.
Highlight their relevant education and expertise, business qualifications, work history and references.
Goals and Objectives
Outline the goals and objectives of the company.
State long and short term goals.
Make them SMART goals.
What will be the strengths of the business?
Stress where & why you excel.
DO NOT include marketing strengths and weaknesses as they will be covered in the marketing section.
Discuss any weaknesses and vulnerabilities of the business and what the plan is for mitigating or overcoming them.
Mission and Vision Statements
The Mission Statement describes your company philosophy in a few sentences (very few)
The Vision Statement describes how you see your company in the future.
Study other mission statements and design one that is uniquely yours.
The Mission Statement shows your commitment to the business and its customers and provides a written promise for you to uphold.
Products and Services
Describe your products and/or services.
List the benefits of your products or service.
Describe your advantages over the competition.
Realistically assess the volume you can do (output).
Describe the business developmental stage.
List any potential or current contracts.
If you have orders or letters of intent include them in the appendix.
Don’t make sweeping generalizations that you can’t back up.
Be prepared to support any statement you make with facts.
Quote your sources when citing demographics etc.
Include a copy of the source in the appendix.
Add a note like “See appendix 3a” in brackets near the statement or insert numbered footnotes in the footer.
Make sure your pages are numbered and your company name appears at least once on every page.
REMINDER TIME AGAIN
Identify the current competition, their size and market share.
Analyze the strengths and weaknesses of the competition.
Outline how you plan to overcome their strengths and target their weaknesses.
Your Company’s SWOT analysis.
What makes your company unique?
What will it cost to remain competitive?
Marketing and Sales Strategies
The plan within the plan. The marketing plan will outline exactly how you will find potential customers.
A sound marketing plan includes a mix of methods, including the use of various media, promotional methods, and potential one on one techniques.
Overhead Costs: Explain your estimated overhead costs and demonstrate a break even point; detail will be included in your financial projections – don’t go into great detail here; summarize monthly expenses.
Suppliers: Who are they? What are their terms of credit? How much lead time between order and delivery?
Quality Control: Describe quality control policies; describe hazards or environmental risks and how you propose to deal with these obstacles; describe special safety measures or procedures relevant to the production of your product.
Distribution: Outline how your products will be delivered & any competitive advantages to your methods.
Employees : List any staff positions, their job descriptions, areas of responsibility & expected salaries.
Advisory Board: Identify the members of your advisory board & give their backgrounds & qualifications.
Licenses & permits: List any licenses or permits that your business requires to operate and their assorted costs; list your business registration information & your business permit.
Insurance policies: List the various insurance policies that you will take out and their individual costs. Include the following: Liability, Fire and Theft, Worker’s Compensation, Employment Insurance, Key Management and/or Key Employee Insurance.
The viability of your business culminates in this section when you prepare projections of income & expenses, cash flow forecasts and when you review how much money you may require.
Even if you plan to be self funding, projections and cash flows facilitate making sound management decisions now and in the future.
Projections of income & expenses
Include a month by month estimation of sales and expenses.
Include start up costs.
Itemize by the month that revenue was generated and the month when the costs were incurred.
Be conservative with revenues and practical with expenses.
Make sure the bottom line indicates profits or losses.
Review the various sections frequently.
Save in more than one location.
Get someone to proof read it and edit it.
Get more than one person to proof read it.
Present it to your advisory board and request feedback.
Spell check it.
Print it on high quality paper and bind it in a quality cover.
Getting it done!
Examples: Sample Business Plans
I’ll be Denim
No Place Like Home
a formal, written statement with a set of goals and a plan for reaching those goals; it typically contains background information about the organization, a marketing strategy, and financial information