Contents  What is a Business Plan  Writing a Business Plan

Business Plan Tool Kit

Contents  What is a Business Plan  Writing a Business Plan
 Business Plan sample (to be complemented later)

 What is a Business Plan
Definition of a business plan The role of a business plan in new business development process The significance of a business idea Developing a business idea Elements of a promising business idea Prioritizing a business idea Protecting your business idea

 What is a business plan
Definition of a business plan Developing a business idea (idea which can make money) into a detailed plan that can be implemented A business plan must have a detailed plan for the following eight factors ; 1) Product/ Service 2) Market and Competition 3) Marketing 4) Business System 5) Organization and HR 6) Opportunities and Risks 7) Implementation Schedule 8) Financial Planning

Role of a business plan in new business development process
 What is a business plan Role of a business plan in new business development process A business plan can be defined as the intermediary stage before a business idea can actually be implemented as a new business Implementation and growth New business promotion stage Stage 3 Business plan write-up Idea Generation Stage 2 Stage 1 Methodology Intangible Workshop Benchmarking/ Megatrend Analysis Online Idea DB Business Plan Competition Internal support organization Idea Generation Management Team Business Plan Development Team Investment Committee Venture Team (TFT)

Significance of a business idea
 What is a business plan Significance of a business idea ‘No business idea, no business plan’ ‘No business plan, no business’ A business idea is the start of a business establishment. You must have many creative ideas which can be transformed into a business in order to create value Developing a business idea There are many different ways to generate a business idea. The following are recommendations to come up with well-organized business ideas-best if implemented at the same time Intangible Workshop : Hold workshops to generate ideas to facilitate company intangibles, as the significance of intangibles continue to grow under the new economy Benchmarking/Megatrend Analysis : Study megatrends of other industries to generate ideas or conduct benchmarking analysis Online Idea DB : Make an idea DB online to enable review/posting of ideas as a way to help develop business ideas Business Plan Competition: Hold business plan competitions to generate business ideas

Elements of a promising business idea
 What is a business plan Elements of a promising business idea ◇ Clear Customer Value 1 2 The key to success in the marketplace is satisfied customers, not great products (ex) “Our new device can perform 200 operations per minute.” (X) “Our new device has 25% fewer parts.” (X) “Our new device will save the customer a quarter of the time.” (O) Make value propositions to the customer Present customers with unique values. Clear customer value Market of adequate size Sufficient degree of innovation Feasibility and profitability Key Questions 4 3 Who will buy your product/service ? Why should the customer buy the product ? (What needs does your product fulfill that the competitor products cannot ?) What is most unique about your business idea ?

1 2 4 3  What is a business plan ◇ Market of adequate size
Does the market you plan to target with your products/services have adequate size (no precise analysis needed, statistics or estimates can be used) Know who your competitors are. Clear customer value Market of adequate size Key Questions Feasibility and profitability Sufficient degree of innovation What is the market size ? Is the market growing ? What is your target market and market share ? Who are your competitors ? What are your strengths/weaknesses compare to your competitors ? 4 3

1 2 4 3  What is a business plan ◇ Sufficient degree of innovation
A business idea should have the following four elements according to product/service type and business system -Must specify where innovation is taking place 1 2 Clear customer value Market of adequate size New product (Microsoft) New industry (Netscape) Innovation Product/service New business system (Dell) Existing industry Convention Feasibility and profitability Sufficient degree of innovation Convention Innovation Business System 4 3 Key Questions How is your product/service innovative ? How is your business system innovative ?

1 2 4 3  What is a business plan ◇ Feasibility and Profitability
Consider feasibility (legal constraints, time/resource limits, etc) Calculate overall profitability (simple cash flow, etc) 1 2 Clear customer value Market of adequate size Key Questions What are the constraints in implementing your business idea ? Why are other people not implementing this kind of business idea ? What is the gross margin rate of your planned business ? How much investment is necessary ? How much is the variable cost ? Does the profit increase ? What is the overall cash flow ? Feasibility and profitability Sufficient degree of innovation 4 3

Prioritization of a business idea - In search of a killer idea
 What is a business plan Prioritization of a business idea - In search of a killer idea A process to prioritize generated ideas Positioning of ideas on the below chart based on the potential market and its feasibility ※ Killer Idea: An idea capable of creating a new market (ex. walkman, mobile phone, Dialpad, min. photograph printing, etc.) Seek solutions for obstacles in implementation Immediately launch business plan write-up High Market size (allow growth) Seek ways to expand market size Low Postpone Low High Feasibility

Protecting a business idea
 What is a business plan Protecting a business idea Innovative ideas are the result of hard work and creative thinking. It is important to protect the idea sufficiently so that the idea is not exposed to other industries Ways of protecting a business idea Patenting : Patenting a business idea to ensure legal protection Confidentiality agreement : Maintaining a confidentiality agreement with related parties working on the business idea Quick implementation : Implementing your business plan as soon as possible The best protection is to implement your business idea as quickly as possible so as to build an entry barrier

 Writing a business plan
The need to write a business plan Elements of a good business plan Business plan structure Summary Product/ Service Market and Competition Marketing Business System Organization and HR Opportunities and Risks Implementation Schedule Financial Planning

The need to write a business plan
 Writing a business plan The need to write a business plan “Writing a business plan forces you into disciplined thinking, if you do an intellectually honest job. An idea may sound great, but when you put down all the details and numbers it may fall apart.” The business plan was first used in the USA by start-up and venture companies as means of acquiring funds from private investors and venture capitalists. Even major corporations rely on business plans to help them make internal investment decisions. Benefits of writing a business plan Can systematically examine feasibility of the new business from various angles - Can provide solutions to problems and heighten efficiency of the new business with clear analysis of the situation ― Provides an invaluable tool for management and evaluation of the project

Elements of a good business plan
 Writing a business plan Elements of a good business plan General principles ◇ Clarity: Must clearly lay out the key points (strengths) of the business plan ◇ Objectivity: Must be based on objective data ◇ Simplicity: Should be comprehensible by technical layman ◇ Consistency: Must have uniform visual layout and consistency in editing of the final version Main Contents ◇ Well-defined, quantifiable customer value : Lowering the cost of delivering an existing value or creating a new value if this can be achieved at reasonable cost ◇ Innovative product/service : The product/service and/or business system must possess a high degree of innovation ◇ The possibility to protect/sustain the innovation ◇ A growing and/or large market : The target market should grow at a fast pace or should be a large market ◇ A far-sighted analysis of the competition : Provide a complete and objective description of existing and potential future competitors ◇ A careful weighing of the risks and opportunities : Provide a realistic description of the risks involved in the business and plans to overcome them. Explain ways to make use of potential opportunities

Summary The summary should be able to deliver the most important aspects of the business plan to the decision-makers Focus on these four elements when writing your summary ― Clarity of the business idea ― Value the product/ service provides to the customer ― Market size and growth ― Return on investment Check to see if your readers can read and comprehend the summary in five to ten minutes even if the person has no previous knowledge of your business concept or its technical or scientific basis Describe your business idea as clearly, compellingly, and concisely as you can

Product/ service “If you don’t know what the customer value is, the whole thing is a waste of time.” Clearly indicate how your product/service differs from those that are now or will be on the market Customer Value The business plan doesn’t make any sense if the product or service fails to provide better value to the customer compared to current market offerings Analyze the value the customer gains from your product/service Weigh the advantages and disadvantages of the new product/service from the customer’s perspective Development status of the product/service Explain the stage of development your product/service has reached Identify technical/legal/consumer behavioral/partnership (need to partner with other industries)/social and cultural constraints in delivering product or service to customers and provide solution measures

Check List (Product/service) Yes No □ Customer Value Is there a clear definition of what customer value your product/service provides ? Have you explained plans to retrieve the value delivered to the customer ? (how will you get your money back) Have you defined who you customers are and who are not ? Have you identified why the customer buys your product/service ? (Have you explained what added value the customer receives compared to other products/services) Have you weighed the strengths/weaknesses of your product/service over comparable products/services from the customer’s perspective ? Have you conducted pilot tests or surveys to see if the product/service fulfills customer needs ? ( or tried other means to find out) □ Development status of the product/service Have you accurately explained the current stage of development of your product/service ? Have you indicated what resources (time, personnel, funds) you require for each subsequent development ? Have you explained the technical barriers and solution measures ? Have you explained the institutional/legal constraints and ways to overcome them ? Have you explained the customary/consumer behavioral constraints and solutions ? Have you explained the cultural/social constraints and ways to overcome them ?

Market and Competition
 Writing a business plan Market and Competition “If there is no competition, there is probably no market.” Market size and growth A rapid increase in the value of the company can be expected only if the market holds a great potential The market size should be presented in figures i.e. number of customers, of unit sales, total sales Your expectations for market growth are critical ; show what factors will affect developments (e.g.technology, legislative initiatives) Forecasting market size and growth Define factors influencing market size and growth Set hypothesis on future developments Collect facts needed to verify hypothesis (past trends, expert opinions) Estimate market size and growth based on the proven hypothesis

Points to follow when making an estimate Build on solid foundation : Rely on easily verifiable figures even though there may be many unknowns Think logically : An estimate should be a logical conclusion and should not have any leaps in logic or depend on unspecified assumptions Compare your sources : Check your facts with other sources (interviews, statistics, expert opinions) to ensure objectiveness Be creative : Look for a substitute variable that relates to your need when a variable is unknown Check for plausibility : Check if each estimate makes sense

Market Segmentation - Segment the market and explain your target market - There are many ways to segment the market but the following three elements need to be present 1) Determine the number of customer in each market segment and their buying power (Measurability) 2) Identify customer behavioral pattern in each segment (Homogenous-within) 3) Use the same marketing strategy for customers within each segment Customer segmentation criteria for consumer goods markets Location : country, urban/rural (population density), climate Demographics : age, sex, income, profession, religion, education level Behavior : Frequency of product purchase, product usage, brand loyalty, price sensitivity, purchasing variables Psychological factors : Lifestyle (behavior, interest, opinion) Customer segmentation criteria for industrial goods markets Demographics : company size, industry, location Operations : technology employed (e.g., digital, analog) Buying habits : centralized or decentralized purchasing, purchasing criteria Situational factor : urgency of need, order size

Competition Compare key customer value, target customers, sales revenue, market share, cost positioning, product lines, and distribution channels of your company with those of your competitors Compare strengths/weaknesses of your product with that of the competitors Consider ways to maintain your competitive edge Compare your intangible assets with those of the competitors Analyze your positioning strategy in the market with that of the competitors Positioning : transferring the customer’s market position of the product/service to a position that the company wants to take (ex. Low quality product⇒high quality product, baby products⇒ adult products) Maps for designing positioning strategy (samples) High High High Price Delivery time Convenience Low Low Low High Low High Low Low High Quality Product line Credibility

Check List (Market and competition) Yes No □ Market size and growth Have you explained the general trend of your target market ? Have you explained factors crucial for success in your target market ? Is there a rationale for present market size ? Is there a rationale for future market growth rate ? □ Market segmentation Have you defined the criteria for market segmentation and its rationale ? Have you given a rationale for characteristics of each market segment (profitability, size, growth rate) and their future prospects ? Is there a clear definition of the target customer and customer examples ? Have you determined the target market share for each market segment ? □ Competition Have you identified your competitors with comparable products/services ? Have you given an analysis of your potential competitors ? Have you compared the strengths and weaknesses of your major competitors with your own ? Have you compared your strategies with those of your competitors ? What is your competitive edge (especially intangible) over your competitors and have you explained if your competitive edge will be sustainable ?

Marketing “Marketing is far too important to be left to the marketing department.” Marketing is a key element in a successful business launching. This requires a clear strategy for the so-called 4Ps (Product, Price, Place, Promotion) (For product, refer to the product/service section) Price Determine the attainable price for your product/service and evaluate on willingness of customers to pay the asked price (new businesses often encounter problems because of the conventional wisdom that price is derived from cost) Quantify the customer value of your product/service and define the price bracket. Verify and refine your assumptions through discussions with potential customers The pricing strategy depends on your goal ; the choice can be either penetrating the market quickly by going with low price (Penetration Strategy) or generating the highest possible return from the outset (Skimming Strategy) Skimming strategy A new product/service is positioned as better than previous options, so a higher price can be justified. You can also create a superior image of the product/service Higher prices generally lead to higher profit margins, and allow the new company to finance its own growth Penetration strategy Can set a new standard in the early stage (e.g. Netscape, Explorer) Can substantially lower fixed costs per unit if the fixed cost is high in the initial stage of the business Can prevent market entry by competitors

Place How to deliver your product/service to the customer is a key marketing issue and requires consideration of various factors The main factors to consider are ; the number of potential customers, range of product/service, are the customers companies or individuals, where do they prefer to shop, does the product require explanation, what is the price bracket, what is the frequency of purchase, what are the institutional/legal constraints Another significant marketing decision is whether your company will handle the distribution itself, or whether a specialized operation will handle it for you. Technological developments have greatly expanded the spectrum of distribution channels and the choices are as follows ; 1) Third-party Retailers : Products sold to the end customer via retailers 2) Outside Agents : Specialized companies acting as agents for the distribution of products (don’t acquire ownership rights) and charging commission for sales 3) Franchising : Franchisees paying license or franchise fees and selling the product/service (e.g. McDonalds, Seven-eleven) 4) Wholesalers : A middle man specializing in re-sales to retailers 5) Stores : Selling products directly to customers 6) Own sales staff : Company marketing employees in charge of direct sales 7) Direct Mail : Selling products by mail to customers 8) Call Center : Inviting consumers to order products by telephone through advertising 9) Internet : Using Internet as a marketing channel

Promotion Advertising your products/services in order to attract customer’s attention, informing, persuading and inspiring confidence Promotion can be defined as ‘marketing communication’. Communication must explain the value of your product/service to your customers, and convince customers that your product meets their needs better than competing or alternative solutions Ways to attract the customer’s attention 1) Classic Advertising : newspapers, magazines, TV, radio 2) Direct Marketing : direct mail to select customers, telephone marketing, internet 3) PR (Public Relations) : articles in print media about your product, business or the management 4) Exhibitions 5) Customer Visits Be sure to focus on the people who make the purchasing decision or have the greatest influence on the purchasing decision

Check List (Marketing) Yes No □ Price Have you specified what your price strategy is and reasons for adopting the strategy ? Is the price of your product/service reasonable compared to current market offerings from the customer’s point of view ? Does the price asked cover costs and ensure a fair return ? □ Place Have you explained the reasons for your choice of distribution channel ? Have you specified the target sales volume for each distribution channel ? Have you explained the typical process of selling your product/service ? Have alternative distribution channels been compared and studied ? □ Promotion Have you analyzed who, within each customer group, ultimately makes the purchasing decision ? Have you identified ways to draw attention of your target groups to your product/service ? Have you determined how much resources (time, investment) will be used to attract and maintain customers ? Have you described steps required for launching your product/service in the market ?

Business System A business system maps out the activities necessary to prepare and deliver a final product/service to the customer Three elements, namely the value chain, make-or-buy decisions and the need for partnership, must be considered within the business system Value Chain Describes the entire process of product/service delivery to end-users (use charts to enhance understanding) Define the key value creating activities within the process e.g.) In the case where R&D and marketing are the key activities R&D Production Marketing Sales Service

Make or Buy Define core skills for each process in the value chain Decide whether it is best to carry out the individual activities by yourself or whether outsourcing is a better option based on these criteria ; strategic significance, suitability, and availability If outsourcing is your choice, compare potential vendors or suppliers Need for partnership Determine whether it is necessary to forge a partnership for a part or whole of the business system Points to consider when making a partnership  Win-Win situation: Determine whether both sides can gain a fair advantage from the relationship  Need to disperse risks: Determine whether there is a need to avoid risks within certain parts of the business system (e.g. massive initial investment) Types of partnership  Non-binding partnership: Both parties can end the partnership quickly and easily  Close partnership: Can end the partnership only under agreement from both parties when there is a high degree of interdependence Select field for partnership: Explain why there is a need for partnership in the select field Select partner company: Compare strengths/weaknesses of the partner

Check List (Business System) Yes No □ Value Chain Is the value chain fully explained ? Has the key value creation factor in the value chain been indicated ? Is the cost in each value chain objectively explained ? □ Make or Buy Have you specified which activities you want to handle yourself and which should be carried out by third parties ? Have you examined feasibility of your business from the viewpoint of strategic significance, suitability and availability ? Have you compared potential suppliers for outsourcing ? □ Partnership Has the need for partnership been clearly explained ? Have you compared potential partners ? Have you compared possible ways to forge partnership ? Have you examined whether the partnership gives equal benefits to both sides ?

Organization and HR Organization Explain organizational structure necessary for each stage of the business (show organizational chart) Maintain TFT format during the incubating stage of the business. Separate into an independent business unit once the operation is in full swing Describe missions and functions of each organizational unit HR Describe skills and qualifications required of the team leaders and members Set up KPI for performance evaluation of team leaders and members Suggest ways to reward outstanding team leaders and members Show required number of personnel according to each organizational unit/rank

Check List (Organization and HR) Yes No □ Organization Have you presented an organizational chart according to each business stage ? Is there enough background for the organizational structure ? Have you detailed functions and missions for each organizational unit ? Is the organization structure suitable for speedy decision making ? Have the number of ranks been minimized as much as possible ? □ HR Have you described the skills and qualifications required of each business unit leader ? Have you described the skills and qualifications required of each unit team member ? Have you indicated whether you will utilize your own or outside people as team leaders/members, and given rationale for your choice ? Have you selected KPI for performance evaluation of team leaders/members ? Does the KPI match the missions and functions ? Have you suggested ways to reward outstanding team leaders/members ?

Opportunities and Risks “One of the greatest myths about entrepreneurs is that they are all risk seekers. All sane people want to avoid risk.” Analyze the opportunities and risks involved in the new business and promote risk management and opportunity use Risk analysis Analyze the fundamental risks related to the market, competition and technological development for the new business Quantitatively measure the impact on the risks Seek ways hedge or manage the risks Opportunities analysis Analyze additional opportunities related to the market, competition and technological development for the new business Quantitatively measure the value of the options Seek ways to enhance the value of the options

Check List (Opportunities and risks) Yes No □ Risk analysis Are the risks in market, competition, and technological development related to the new business accurately defined ? Are the risks related to the market, competition and technological development quantitatively evaluated ? Have you suggested ways to hedge the risks ? □ Opportunity analysis Are the potential opportunities in market, competition and technological development related to the new business accurately defined ? Are the options related to the market, competition and technological development quantitatively evaluated ? Have you pointed out ways to heighten the value of the options ?

Implementation Schedule A realistic five-year plan enables you to consider inter-related issues in promoting your project and above all, help you to avoid possible risks from attempting to reach your targets with an overly optimistic planning Drawing up your implementation schedule 1) Gantt implementation schedule : Check major tasks on the Gantt chart 2) Major milestones : Indicate events that should be defined as milestones 3) Important connections and interdependencies between the work assignment groupings

Sample Gantt Chart 2000 Task 1 2 3 4 5 6 7 8 9 10 11 12 2001 2002 2003 Development Software development Hardware Set-up Test Marketing Establish customer relationship Advertising Regional expansion Organization/HR TFT organization/management Recruiting/training Milestone New product completion Launch advertising Busan operations Kwangju operations Seoul operations Taegu operations

Check List (Implementation schedule) Yes No □ Gantt chart implementation schedule Is the implementation schedule in the form of a Gantt chart ? Are all major tasks included in the schedule ? Is the implementation schedule consistent with other sections (organization, personnel, financial planning) of the business plan ? Is the schedule overly optimistic ? □ Milestone Have all the major milestones been indicated ? Are the milestones consistent with the Gantt implementation schedule ? □ Interrelation and interdependency Is the order of tasks logically laid out ? Is there a reasonable explanation for the interdependencies between tasks ?

Financial Planning “Planning substitutes chaos for mistakes.” Financial planning is a consolidation of all elements in the business plan and assists you in evaluating the profitability of your business Financial planning is used as a basic data for forecasting the amount of financing needed to set up a business Minimum required for financial planning 1) Cash flow statement, income statement, balance sheet 2) Forecasts over five years, at least one year beyond the generation of positive cash flow 3) Detailed financial planning for the first two years (monthly or quarterly), thereafter annually 4) All figures must be based on reasonable assumptions (the basis for all assumptions must be provided in the business plan) 5) Analysis of the economical efficiency (NPV, IRR, Payback period) and sensitivity analysis of major variable changes

Income statement The income statement shows whether the business can generate profits. Businesses unable to yield long-term profits cannot continue to exist The provisions of the income statement are as below and sub-categorized according to the characteristics of the business (Businesses operating on internal funds without any external sources does not take the interest cost into consideration : unleveraged basis) Year 1 ~ 5 Notes A. Revenue B. Cost Give rationale in the form of price x volume Categorize into variable/fixed costs and give rationale C. Gross Profit (A-B) D. SG&A Show gross profit rate (gross profit/revenue) Categorize into variable/fixed costs and SG&A/overhead and give rationale E. EBIDTA (C-D) F. Depreciation Should be consistent with investment plans in the cash flow statement, give rationale for manner and period of amortization G. EBIT (E-F) H. Tax I. NOPLAT (G-H) Indicate tax rate

Cash Flow Statement The cash flow statement shows the amount of invested capital and the cash that will be generated from business operations The provisions of the cash flow statement are as below ; Year 1 ~ 5 Notes A. Operating cash flow A.1. After-tax sales profit A.2. Depreciation A.3. Decrease/(increase) in account receivables A.4. Increase in account payables/(decrease) A.5. Decrease/(increase) in inventory A.6. Decrease/(increase) in other working capital B. Invested cash flow Same as NOPLAT in income statement Same as depreciation in income statement Give rationale in the form of daily revenue x A/P period Give rationale in the form of daily revenue x inventory days Give rationale in SG&A ratio Detailed annual investment (Categorize into assets/depreciation difference) should be put in a separate provision C. Net cash flow (A - B) D. Accumulative cash flow

Balance Sheet The balance sheet shows changes in corporate assets on an annual basis The provisions of the balance sheet are as below ; (The balance sheet can be automatically calculated from the income statement and cash flow statement figures) Year 1 ~ 5 Notes A. Current assets A.1. Account receivables A.2. Inventories A.3. Other working capital Accumulative increase/decrease in account payables on the cash flow statement Accumulative increase/decrease in inventories on the cash flow statement Accumulative other working capital on the cash flow statement B. Non-current assets B.1. Investments B.2. Accumulated depreciation Accumulative invested cash flow on the cash flow statement Accumulative depreciation on the income statement C. Total assets (A+B) D. Current liabilities D.1. Account payables Accumulative increase/decrease in account receivables on the cash flow statement E. Equity E.1. Investment capital E.2. Accumulative after-tax operating profit Accumulative cash flow on the cash flow statement Accumulative EBITDA on the income statement F. Liabilities and equity (D + E)

Results of economics analysis Indicate economic profitability of the company by Net Present Value (NPV), Internal Rate of Return (IRR), and Payback period A typical economics analysis is as below ; Year 1 Year 2 Year 3 Year 4 Year 5 Perpetuity Total A. Net cash flow (from cash flow statement) B. Accumulated net cash flow (from cash flow statement) C. Payback period : Point when accumulative net cash flow becomes a plus D. Perpetuity : EBITDA x Multiple (multiple reflecting business characteristics) E. Discount rate(i) : Cost of capital + α (additional business risks) F. Present value index : 1/(1+i) 1/(1+i)² 1/(1+i)³ 1/(1+i)4 1/(1+i)5 1/(1+i)5 G. NPV : (ΣA x F + D x F) H. IRR : Discount rate when A + D = Zero ※ Perpetuity : Continued value/remaining value when the business continues its operation after the forecasting period

Sensitivity analysis Sensitivity analysis looks at how changes in the key drivers of the business affects the economics and profitability, thereby evaluating the level of risk involved and identifying the risk factors Key drivers mainly used for sensitivity analysis are investment cost, price, sales volume, etc. Define potentials and solutions for each key driver Key Driver -20% -10% Base +10% +20% Mark changes in NPV and IRR Mark changes in NPV and IRR Investment cost Price Sales volume Cost of materials SG&A

Check List (Financial planning) Yes No □ Assumptions Can a third person draw up the income statement, cash flow statement and balance sheet based on the given assumptions ? In there an accurate basis for the assumptions ? Is there an explanation on whether the price covers the cost and guarantees a reasonable profit ? □ Income statement Is the income statement easy to understand ? Is the income statement categorized sufficiently ? □ Cash flow statement Is the cash flow statement easy to understand ? Is the cash flow statement categorized sufficiently ? □ Balance sheet Is the balance sheet easy to understand ? Is the balance sheet consistent with the income statement/cash flow ? □ Economics analysis and sensitivity analysis Is the economics analysis easy to understand ? Is the perpetuity adequately evaluated ? Is the calculation accurate for NPV, IRR, and Payback Period ? Is the sensitivity analysis on the key drivers reasonable ?

Contents  What is a Business Plan  Writing a Business Plan

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Contents  What is a Business Plan  Writing a Business Plan

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