Build A Practical Business Plan

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Many small businesses don't have a business plan because it seems too complicated to build one and then it is too complicated to actually use. They need a more simple method and a practical planning process that they will actually use to run the business. Most books and templates for building a business plan are overwhelming in the information they need. Learn to filter down to the necessary planning items you need to run your business, a practical business plan that you will use. - Defining the market for your business - Evaluate changing market conditions - Create a practical business plan for daily decisions
  • 1. Sigma Free Presents… Build a Practical Business Plan for  Your Business Tuesday, April 6, 2010 6pm – 8pm Sigma College of Small Business 6611 Jefferson St. Haymarket, VA  20169 Provided by Sigma College of Small Business, Inc.
  • 2. Agenda Introductions Keynote Topic Build a Practical Business Plan for Your Business Break – Refreshments and Networking Ask  Keynote Conclusion Questions  Build a Practical Business Plan Any Time for Your Business Build a Practical Business Plan for Your Business 2 Copyright 2010 Sigma College of Small Business, Inc.
  • 3. Going Into Business Which answer best describes how YOU decided to  go into business? – I had a product or skill and decided to build a market  for it. – I saw a specific need in the market and built a product  or skill to fill the need – I bought into a business where there was already a  defined market and product/services. – The whole thing was thrust upon me! – Other _____________________________________ Build a Practical Business Plan for Your Business 3 Copyright 2010 Sigma College of Small Business, Inc.
  • 4. Product, Need and Value The Core Planning Process Product Value Match Market  How Much Can or  Need Needs to be Made Build a Practical Business Plan for Your Business 4 Copyright 2010 Sigma College of Small Business, Inc.
  • 5. Execution The Essential Element Product Value Execution: Specific Actions Match for Desired  Outcomes Market  How Much Can or  Need Needs to be Made Build a Practical Business Plan for Your Business 5 Copyright 2010 Sigma College of Small Business, Inc.
  • 6. Your Business Plan Choose the answer that BEST matches your  company's business plan. – I use my written business plan daily in the operation  of my business. – We review and update parts of our written plan  periodically as a guide to planning decisions – We have a plan that we hire someone to update every  year or so. – I have one somewhere that we did a few years ago. – Business Plan? ‐It's all up here baby! – Other _______________________________________ Build a Practical Business Plan for Your Business 6 Copyright 2010 Sigma College of Small Business, Inc.
  • 7. Types of Business Plans Business Management Plans • Used to run the business • Communicates business   Investor Plans decisions to managers • Communicate business  • Process for guiding business  concept to others decisions • Primarily to raise capital – Consolidates information – Debt or Equity – Facilitates decision making – Find Partners – Decision history and reasoning – Execution • Selling “The Business” • Links actions to – Not necessarily the  desired product outcomes Get Money    vs.    Make Money Build a Practical Business Plan for Your Business 7 Copyright 2010 Sigma College of Small Business, Inc.
  • 8. The Practical Business Plan Core Elements Market Opportunity Match Product to Need Budget Opportunity Value and Cost Marketing and Sales Method for Exchanging Product  for Cash Build a Practical Business Plan for Your Business 8 Copyright 2010 Sigma College of Small Business, Inc.
  • 9. Investment Build a Practical Business Plan for  9 Copyright 2010 Sigma College of Small Business, Inc.
  • 10. Market Opportunity • Gap in the Market – The specific need or desire – Potential buyers and users – Reason for Gap • Product Definition – Basic description – How it fills the gap • Match Product and Need with Value – Describe how the match will create value in the  market Build a Practical Business Plan for Your Business 10 Copyright 2010 Sigma College of Small Business, Inc.
  • 11. Budget • Revenue – Market Potential Approach – Break Even Approach • Expenses – Cost to build – Cost to market, sell and  manage • Cash Flow • Profitability Build a Practical Business Plan for Your Business 11 Copyright 2010 Sigma College of Small Business, Inc.
  • 12. Marketing and Sales • Packaging – Sizes, combinations, service levels • Price – Strategy for pricing the product portfolio • Message – Key points to communicate for each product and  segment – Show value and differentiate • Promotion and Communication – Methods and media for communicating the  message – Includes advertising, discounts, promotion events,  etc… • Sales and delivery Build a Practical Business Plan for Your Business 12 Copyright 2010 Sigma College of Small Business, Inc.
  • 13. Building on the Business Plan Core Elements Market Opportunity Operations Detail Business Strategy Match Product to Need Procedures Vision ‐ New Opportunities Organization Mission Budget and Forecast HR Plan Objectives Opportunity and Cost Development Legal Structure ‐ Financial Plan Facilities Marketing and Sales Method for Exchanging  Product for Cash ‐ Marketing Plan Build a Practical Business Plan for Your Business 13 Copyright 2010 Sigma College of Small Business, Inc.
  • 14. Sigma College of Small Business • Upcoming SigmaFree Classes Critical Business  – 4/13 – What’s In a Name?  The Power of  Areas Your Brand Strategy and Planning – 4/20 – There’s Gotta be a Better Way!  Marketing and Sales Happier Customers and Higher Profits Accounting and  Finance • Focus Workshop Operations and  – Leveraging the Online Social Network Quality • Tuesday, May 4, 2010 Leadership and  • 10am – 2pm, $199 Administration Technology and  Innovation Dedicated to the Learning Needs of Small Business! 14 Copyright 2010 Sigma College of Small Business, Inc.
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