Business Planning Basics. Time to start? Expand? Uses of the plan –Internal –External.

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Presentation transcript:

Business Planning Basics

Time to start? Expand? Uses of the plan –Internal –External

The Big Picture Many names/formats, same 3 parts –Market Components –Organizational Components –Finance Components

Market Section Tips Market Competition (Supply) –Direct –Indirect –Future Customers (Demand) –Realistic, current, credible data Secondary Data Primary Data

Organizational Section Tips Focus on roles, not individuals Don’t overlook risk mitigation Advisory board Rely on Market Section data

Finance Section Simple but clear Accurate Uses –Benchmark –Dashboard –Budget (Cash Flow Projection) Resources Supported by Market Section data

How to Use the Plan Involve team in process Update frequently Provide to funding sources in advance of request

Contact Alan K. Christensen (Ephraim) (435) Keith Church (Richfield) (435)