PREPARATION OF A BUSINESS PLAN FOR SMALL BUSINESSES

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Presentation transcript:

PREPARATION OF A BUSINESS PLAN FOR SMALL BUSINESSES

DEFINITION OF A BUSINESS PLAN Set of documents prepared by a firm's management to summarize its operational and financial objectives for the near future (usually one to three years) and to show how they will be achieved. It serves as a blueprint to guide the firm's policies and strategies, and is continually modified as conditions change and new opportunities and/or threats emerge. Read more: http://www.businessdictionary.com/definition/business-plan.html

BENEFITS OF HAVING A BUSINESS PLAN Aids in obtaining financing Motivates Sets a sense of direction Serves as a measure of performance Can be used to plan

KEY ELEMENTS OF A BUSINESS PLAN

EXECUTIVE SUMMARY An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content.

BUSINESS DESCRIPTION The name and location of the business The nature of the business and product Legal structure of the business Objectives and mission statement

BUSINESS ENVIRONMENT ANALYSIS Target market Customer Needs Location

INDUSTRY BACKGROUND Description of the industry in which the business operates. Size of industry Demand patterns Industry standards Key competitors and level of competition Potential for growth Likely impact of environmental factors

COMPETITOR ANALYSIS Who are your main competitors How do they promote themselves What are their strengths and weaknesses What is their perceived image Are they successful and why

MARKET ANALYSIS Customer needs Where are they How to reach them

MARKETING PLAN Price Place Promotion

OPERATIONS PLAN Cost of production Machinery Labour Materials Facilities Processes

MANAGERIAL SUMMARY Management structure and personnel Staffing

FINANCIAL PLAN Profit and loss Cash flows Balance sheets Breakeven Source of funds Business ratios Assumptions

THE END

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