Presentation on theme: "8/25/20141 Road Map to Success Business Plan Preparation Workshop."— Presentation transcript:
8/25/20141 Road Map to Success Business Plan Preparation Workshop
8/25/20142 The Innovation Centre Innovator Member Support Entrepreneurial Programming Innovation & Project Development The Hatchery
4 Executive Summary Write this last Create excitement about the opportunity Outline benefits and market potential State clearly any financing required and terms expected
8/25/20145 Mission Statement A clear statement of your company’s long-term mission. Try to use words that will help direct the growth of your company, but be as concise as possible. WHAT BUSINESS ARE YOU IN?
8/25/20146 Business History & Objectives History Reasons why Objectives Short Term Measurable Believable
8/25/20147 Business Overview List key management resources Include previous accomplishments to show these are people with a record of success Summarize number of years of experience in this field Ownership Structure – Sole Proprietor, Partnership, Incorporation. Location and Facilities
8/25/20148 Products and Services Description Features vs Benefits Production of Products and Services Future Products and Services Comparative Advantages State consumer problems, and define nature of product/service opportunities created by those problems.
8/25/20149 Market Analysis Market Research Secondary –Industry Associations, Trade Journals, Statistics Canada, Economic Information.. Primary –Focus Groups –Surveys and interviews –Potential customers, suppliers, industry experts…
8/25/ Market Analysis - Conditions Industry size Trends and outlook Economic trends Product trends
8/25/ Market Analysis - Competition Summarize competition Outline your company’s competitive advantage Strengths and weaknesses Barriers to entry Positioning
8/25/ Market Analysis -Customers Key Product Segments Key Market Segments – Describe your typical customer Purchase Process and Buying Criteria
8/25/ Market Strategy Price Product Promotion Place –distribution
8/25/ Benefits of Segmenting Your Market Choose the promotion that will reach most of your target customers Ensure the target customers identify with the strategy Motivate them to purchase The compromise between the mistake of treating all customers alike and the inefficiency of treating them all differently
8/25/ Advertising & Promotion Strategy & execution –Deliver a message successfully –Generate maximum response at least cost –Objective Sell specific amount of product Position a product or service Educate the market Gain response
8/25/ Other Promotion Direct marketing –Overview of strategy, vehicles & timing –Overview of response targets, goals & budget Third-party marketing –Co-marketing arrangements with other companies
8/25/ Marketing Perceptions Perception IS reality It is personal and emotional and based on experience What you think does NOT matter ASK: What does this do to the perception of my customers?
8/25/ Image Creation Everything creates image –Policies –Procedures –Product –Service –Location –Colours –Interior –Telephone answering –Promotional Material….. Be Consistent Know Your Customer Base it on your customer
8/25/ Distribution Distribution strategy Channels of distribution –Direct Sales, Dealers, Distributors, Big Box, Licensing Distribution by channel –Wholesale –Retail –Sales rep
8/25/ Management and Staffing Organizational Structure Management Team Staffing Labour Market Issues
8/25/ Financial Plan High-level financial plan that defines financial model, pricing assumptions, and reviews yearly expected sales and profits for the next three years. Cashflow – monthly for first 12 months 3 year Income Statement and Balance Sheet Projections Statement of Forecast Assumptions Sources and Uses of Funds Statement
8/25/ Risks & Rewards Risks –Summarize risks of proposed project Addressing risk –Summarize how risks will be addressed Rewards –Estimate expected pay- off, particularly if seeking funding
8/25/ Key Issues Near term –Isolate key decisions and issues that need immediate or near-term resolution Long term –Isolate issues needing long-term resolution –State consequences of decision postponement If you are seeking funding, state specifics
8/25/ Thank You! Graham Mailhot NWO Innovation Centre 1294 Balmoral Street Thunder Bay, ON P7B 5Z5 Phone: