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BBM310 | INNOVATION AND ENTREPRENEURSHIP | MANAGEMENT

HI6006 Competitive Strategy

 BBM310 | INNOVATION AND ENTREPRENEURSHIP | MANAGEMENT

Management Assignment Help

The Business Plan

KEY POINT HERE

Subject Learning outcomes

    1. To define a sustainable business plan and demonstrate its value 2. To describe the benefits of a business plan
    2. To set forth the viewpoints of those who read a business plan 4. To understand the mind-set of your five-minute reader
    3. To see a complete outline of an effective business plan
    4. To present some helpful hints for writing an effective business plan
    5. To highlight points to remember in the presentation of a business plan

 

The Business Plan  Purpos

KEY POINT HERE

– Must convince the reader that the new business is exciting

– It also provides a “self Check” to some extent of the contents and the concept

– Gives both the potential funder and the entrepreneurial team a clear picture of:

What the venture is

Where is it projected to go

How will it get there

Reasons – Internal reason

KEY POINT HERE

– Forces the founding team to systematically think through every aspect of their new venture – the litmus test

– The major tool for determining the essential operation of a venture

 

– External reason

– Communicates the merits and advantages of a new venture to outsiders

– The primary document for managing the venture and raising funds for it

 

KEY POINT HERE

– The document required by any financial source  giving the entrepreneur entrance into the investment process

  • Can also be called: – A venture plan – A loan proposal – A business case– An investment prospectus

 

KEY POINT HERE

  • Get into the mind-set of the investor who generally only spends five minutes reading your business plan.
  • Imagine an investor or a bank manager with a stack of plans on his or her desk.
  • Keep the plan respectably short.
  • Put effort into the two-page executive summary.
  • Create an air of excitement in the plan.

 

KEY POINT HERE

  • Set a ‘north star goal’ that:

– is optimistic and aspirational

– can be achieved in a reasonable timeframe – can be acted on by new employees

– connects to the core of the business – drives excitement and passion

– serves a higher purpose than business profitability – solves a great human challenge

– leverages your organisation’s strengths.

 

KEY POINT HERE

  • Don’t exaggerate.
  • Identify your target market.
  • Highlight critical-risks and show problems and solutions.
  • Show how an effective team already works well together.
  • Don’t over-shoot.

 

KEY POINT Tips for Preparing the Plan

  • Package your plan well with a logical arrangement and overall neatness
  • Reasonably support your projected share of the market.
  • Identify your competitive advantage.
  • Be sure the plan has a favourable cost structure
  • Keep the plan in the third person.

Business Plan Segments

I: Executive summary

II: Business description

III: Statement on Sustainability

  • Write this after the rest of the business plan • A clever snapshot of the complete plan
  • If this is not concise and competent, the reader may put aside the plan
  • Business name and industry background (status and significant future trends)
  • Thoroughly describe the venture
  • Define sustainability relevant to the business

 

KEY POINT HERE

I: Executive summary

II: Business description

III: Statement on Sustainability

  • Write this after the rest of the business plan •A clever snapshot of the complete plan
  • If this is not concise and competent, the reader may put aside the pla
  • Business name and industry background (status and significant future trends)
  • Thoroughly describe the venture
  • Define sustainability relevant to the business

 

KEY POINT HERE

VII: Management

VIII: Financial

IX: Critical risks

  • Key personnel, advisers, consultants or members of the board
  • Structure of payment and ownership
  • Demonstrate the viability of the undertaking
  • Pro forma balance sheet, income statement, cash–flow statement and break-even chart
  • Effect of unfavourable trends, difficulties and unplanned-for new competition
  • Cover the what-ifs (e.g. what if the competition cuts prices or what if the industry slumps?)

 

KEY POINT HERE

X: Harvest strategy

XI: Milestone schedule

XII: Appendix and/or bibliograph

  • Orderly transition of the venture as it grows and develops • Management succession and investor exit strategies
  • Provide a timetable for the various activities
  • Demonstrate that realistic timeframes have been planned and that the interrelationship of events within these time boundaries
  • Additional documentation

 

KEY POINT HERE

Update in the event:

of financial changes of additional financing

of changes in the market

of launch of a new product or service of new management team

to reflect the new reality.

The Pitch                             HERE

  • Know the outline thoroughly
  • Use keywords in the outline that help recall examples, visual aids or other detail
  • Rehearse the presentation
  • Be familiar with any equipment (use your own laptop)
  • The day before, practise it in full

 

KEY POINT HERE

 

  • Now it is written, how can you (verbally) present your plan to an audience?
  • Presenting the plan to stakeholders – especially funding providers

– Either individually or in groups

 

  • Also known as ‘the elevator pitch’
  • Be organised, well-prepared, interesting and flexible

 

KEY POINT HERE

Presenting the pitch

  • Focus on the consumer pain
  • Demonstrate a reachable market
  • Explain the business model
  • Tout the management team
  • Explain your metrics used to calculate revenue projections
  • Motivate the audience
  • Answer: ‘Why you?’ and ‘why now?’

 

KEY POINT HERE

  • The potential funder may not listen, and may only glance at the plan.
  • They are more likely to criticise and question than to praise the plan.
  • Be prepared to handle questions.

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