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43 Cards in this Set
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It is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. |
business plan |
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•It lays out a written plan from a marketing, financial and operational viewpoint. •It is important to allow a company to lay out its goals and attract investment |
business plan |
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It is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. |
business plan |
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This document typically includes sections describing the company, the product or service your business will supply, market evaluations and your projected management team. Potential investors will also require a financial analysis with spreadsheets describing financial areas including, but not limited to, income, profit and cash flow projections. |
Start-Up Business Plans |
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It target a specific audience within the business, for example, the marketing team who need to evaluate a proposed project. This document will describe the company’s current state, including operational costs and profitability, then calculate if and how the business will repay any capital needed for the project. It provide information about project marketing, hiring and tech costs. They also typically include a market analysis illustrating target demographics, market size and the market’s positive effect on the company income. |
Internal Business Plans |
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It provides a high-level view of a company’s goals and how it will achievethem, laying out a foundational plan for the entire company. While the structure of this plan differs from company to company, most include five elements: business vision, mission statement, definition of critical success factors, strategies for achieving objectives and an implementation schedule. It brings all levels of the business into the big picture, inspiring employees to work together to create a successful culmination to the company’s goals. |
Strategic Business Plans |
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It answers two primary questions about a proposed business venture: who, ifanyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit. It include, but are not limited to, sections describing the need for the product or service, target demographics and required capital. A feasibility plan ends with recommendations for going forward. |
Feasibility Business Plans |
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These are internal plans that consist of elements related to company operations. This plan, specifies implementation markers and deadlines for the coming year. It outlines employees’ responsibilities. |
Operations Business Plans |
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Also known as expansion plans are in-depth descriptions of proposed growth and are written for internal or external purposes. It may include complete descriptions of the company, its management and officers. The plan must provide all company details to satisfy potential investors. If this plan needs no capital, the authors mayforego obvious company descriptions, but will include financial sales and expense projections. |
Growth Business Plans |
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•It is an effective means of defining your goals and the steps needed to reach them. •It spells out your purpose, vision and means of operation. •It also serves as your company's resume, explaining your objectives to investors, partners, employees and vendors. |
business plan |
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It is a blueprint detailing how the gears of your business get in mesh to generate profits. It contains the information needed for effective operation and management of the company. It explains what is possible for the business, how it will be done and why it will be successful. |
business plan |
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A business plan is a focusing device. It helps the entrepreneur think long-term. When writing a business plan, it is important to project into the future and not get bogged down in the steps involved in starting the company. Keeping the stone rolling is just as, or even more, important. Having a road map keeps the entrepreneur focused and motivated. |
Plotting a Course |
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Uses of a business plan include planning for marketing, operations and finance. Delineating these three pillars of a business venture helps demonstrate the viability of the entrepreneur’s ideas. It clarifies how a business can be profitable, highlights financial requirements and warns about barriers to success. |
Feasibility Study |
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Preparing a business plan requires research and critical thinking about complex business issues. Gathering information boosts knowledge of the industry and the competitive landscape. Possible problems can be anticipated and prepared for. Hence, going through the business plan process hones the _____________ skills of the entrepreneur, according to EV Chamber. |
Decision-Making Crash Course |
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Advantages of a business plan include explaining how the business will operate in the marketplace. It describes what is being sold, who the prospective customers are, where they can be found and what is needed to succeed. The business plan guides the entrepreneur through the start-up phase of the business and keeps her focused, according to Forbes. |
Action Plan |
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Another purpose of a business plan functions as a prospectus for potential investors. It anticipates capital requirements and predicts cash flow to reassure lenders or backers. It also helps put together the best team by explaining the business in a presentable format. A good business plan can also play a part in attracting reliable suppliers. Those who partner with you will want to know that you have a plan to profitability and they don't have to worry about getting their money. |
Selling Tool |
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•It provides a succinct synopsis of the business plan, and highlights the key points raised within. •This must communicate to the prospective investor the size and scope of the market opportunity, the venture’s business and profitability model, and how the resources/skills/strategic positioning of the Company’s management team make it uniquely qualified to execute the business plan. •It must be compelling, easy-to-read, and no longer than 2-4 pages. |
Executive Summary |
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This section provides a strategic overview of the company and describes how the company is organized, what products and services it offers/will offer, and goes into further detail on the company’s unique qualifications in serving its target markets. As any good business plan template will point out, your Company Analysis should also give a snapshot of the company’s achievements to date, since the best indicator of future success are past accomplishments. |
Company Analysis |
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This section evaluates the playing field in which the company will be competing, and includes well-structured answers to key market research questions such as the following: What are the sizes of the target market segments? What are the trends for the industry as a whole? With what other industries do your services compete? To conduct this market research do research online and leverage trade associations that often have the information you need |
Industry or Market Analysis |
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This section of your business plan assesses the customer segment(s) that the company serves. In this section, the company must convey the needs of its target customers. It must then show how its products and services satisfy these needs to an extent that the customer will pay for them. The following are examples of customer segments: moms, engaged couples, schools, online retailers, teens, baby boomers, business owners, etc. As you can imagine, the customer segment(s) you choose will have a great impact on the type of business you operate as different segments often have different needs. Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. With regards to psychographic variable, discuss whether your customers have any unique lifestyles, interests, opinions, attitudes and/or value that will help you market to them more effectively. |
Customer Analysis |
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All capable business plan writers discuss the competitive landscape of your business. This element of your plan must identify your direct and indirect competitors, assesses their strengths and weaknesses and delineate your company’s competitive advantages. Direct competitors are those the provide the same product or service to the same customer. Indirect competitors are those who provide similar products or services. For example, the direct competitors to a pizza shop are other local pizza shops. Indirect competitors are other food options like supermarkets, delis, other restaurants, etc. |
Analysis of Competition |
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The marketing and sales plan component of your business plan details your strategy for penetrating the target markets. Key elements include the following: A description of the company’s desired strategic positioning Detailed descriptions of the company’s product and service offerings and potential product |
Marketing Plan |
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These sections detail the internal strategies for building the venture from concept to reality, and include answers to the following questions: What functions will be required to run the business? What milestones must be reached before the venture can be launched? How will quality be controlled? |
Operations Strategy, Design and Development Plans |
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This section demonstrates that the company has the required human resources to be successful. The business plan must answer questions including: Who are the key management personnel and what are their backgrounds? What management additions will be required to make the business a success? Who are the other investors and/or shareholders, if any? Who comprises the Board of Directors and/or Board of Advisors? Who are the professional advisors (e.g., lawyer, accounting firm)? |
Management Team |
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This involves the development of the company’s revenue and profitability model. It details how you generate income and get paid from customers, and includes detailed explanations of the key assumptions used in building the business plan model, sensitivity analysis on key revenue and cost variables, and description of comparable valuations for existing companies with similar business models. |
Financial Plan |
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It is where the entrepreneur communicates how he/she plans to “monetize” the overall vision for the new venture. |
Financial Plan |
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It is used to support the rest of the business plan. Other documentation that could appear includes technical drawings, partnership and/or customer letters, expanded competitor reviews and/orcustomer lists. |
Appendix |
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•It is a short document or section of a document produced for business purposes. •It summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all. |
Executive Summary |
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It is an essential part of a business plan. It’s an overview of the most important points about your company—your history, management team, location, mission statement and legal structure. |
Company Description |
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This is where you’ll briefly sum everything up. |
Company overview (or company summary) |
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Provide the back story, including date of founding, and who was involved. |
Company history |
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Details about who runs the company, and other key roles. |
Management team |
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How you’ve decided to structure your company, and who owns what percentage of it. |
Legal structure and ownership |
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Details on your work spaces or plans to acquire them. |
Locations and facilities |
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A concise statement of the guiding principles of your company. |
Mission statement |
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•It is one of the most important parts of any startup strategy. •It can actually help reduce risk because if you really understand your potential customers and market conditions, you’ll have a better chance of developing a viable product or service. •It should also help you get clear on what exactly makes you different from your competition, which can make or break your chances of standing out in a crowded landscape. |
Market Analysis |
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•Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. •It is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market. |
Competitive Analysis |
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It is designed to describe just how the business functions on a continuing basis. The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business. In fact, within the operations plan you'll develop the next set of financial tables that will supply the foundation for the "Financial Components" section. |
Management & Operations |
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•It outlines your plan for reaching and selling to your target market. While you want to have a wonderful product or provide stellar service, it's all for nothing if you don't have customers and clients. •It is the key to effectively and affordably finding your buyers, making it a crucial section that lenders and investors review before giving you startup money. |
Marketing and Sales |
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•It determines whether or not your business idea is viable and will be the focus of any investors who may be attracted to your business idea. •It is composed of three financial statements: the income statement, the cash flow projection, and the balance sheet. •It also should include a brief explanation and analysis of these three statements. |
Financial Summary |
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The business' goals and competitive advantages can be described by ________. |
Objectives |
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It pertains to the Industry description and outlook. |
Market Analysis |
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This is your opportunity to introduce yourself and your business. |
Company Description |
