Using & Updating Your Business Plan

HBIF Meeting 12-09

Finding and Staying on the Path

to Small Business Success!

Administrator

Nicole RoachMarketing Coordinator

BizCentral USA

Key Speaker

Nina Lopez

Small Business Consultant

BizCentral USA

• 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

• Introduction to Business Plans

• Business Plan Components & How to

Use Them

• Benefits of a Business Plan

• Where to Go From Here

90% of new

businesses fail in

the first two years.

Failure is often

attributed to a

lack of planning.

• Taking time to 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…

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.

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.

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.

Executive Summary

Company Summary

Products or Services

Market Analysis

Strategy and Implementation Summary

Management Summary

Financial Plan

• A persuasive

summary that will

entice a reader to

take the plan

seriously and read on.

• Communicate with your Customers

– Website, About Us, Marketing Materials

• Company Vision Snapshot

• Communicate with your Management

Team, Board of Directors, Business

Partners

– Objectives, Goals, Solutions, Conclusions

• A company summary should discuss

in detail the business’s ownership

and legal status.

• Also includes information on the

company’s start-up.

• Reach your target 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

• It is important 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?

• Classify your business according to your economic activity

• Analyze, collect, and publish data about your business

• Measure growth and potential for expansion into new products or services

• Knowing the market'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

• What resources and 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.

• Develop a detailed 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

• Investors must feel confident that the

management team knows its market,

product and

has the ability to

implement the

plan.

• Update the skills 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

• One of the 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

• Snapshot of your business financials

• Track Progress

• Adjust Future Goals and Sales Objectives

• Resumes

• Credit information

• 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

• Business plans are 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.

• BizCentral Small Business Services

• Business Plan Writing

• Business Certifications

• Incorporation

• Website Development

• Graphic Design

• Marketing

• Bookkeeping & Accounting

• Nonprofit Services

• Contact Us

• Nicole Roach: Nicole@bizcentralusa.com

• Nina Lopez: Nina@bizcentralusa.com

• Visit www.BizCentralUSA.com or Call 407-857-9002

www.twitter.com/bizcentralusa Facebook Fan Page:

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