Guide To Business Planning Pdf

75 Internal Assets ..............................................................................76 Owners and Partners ..................................................................76 Staffing ........................................................................................77 Management Team ....................................................................77 Outsourcing and Consultants ......................................................79 Employee or Contractor?

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................................................93 Why Do They Buy? ....................................................................95 Do They Need It or Want It? ....................................96 How Do They Buy? ....................................................................96 Creating Profiles ..........................................................................96 Innovators ..................................................................................97 Thinkers ....................................................................................97 Achievers ..................................................................................97 Experiencers ..............................................................................98 Believers ....................................................................................98 Strivers ......................................................................................98 Makers ......................................................................................99 Survivors ..................................................................................99 Why You Shouldn’t Service Every Customer ............................99 Evaluating Market Segments ....................................................100 Defining Your Market Strategy ................................................101 The SWOT Approach ..............................................................101 Strengths ................................................................................101 Weaknesses ..............................................................................102 Opportunities ..........................................................................102 Threats ....................................................................................102 Predicting Market Share ..........................................................103 9 Getting the Word Out 105 Positioning Your Business in the Market ..................................105 Explaining Your Marketing Strategy ........................................106 Price ........................................................................................107 Place (Distribution) ..................................................................107 Promotion ................................................................................107 Putting Together the Marketing Plan ......................................113 Being Clear About Goals ..........................................................114 Planning the Action ................................................................114 ix x The Complete Idiot’s Guide to Business Plans Budgeting Your Resources ........................................................115 Creating a Marketing-Cost Matrix ..........................................115 Timing Your Projects ................................................................116 10 Sales Plan and Forecast 119 Selling Yourself ..........................................................................119 Your Channels ............................................................................120 Direct Selling ..........................................................................120 Manufacturer’s Representatives ................................................120 Wholesalers ..............................................................................120 Retailers ..................................................................................121 Catalogs ..................................................................................121 E-tailing ..................................................................................121 Affiliate Programs ..................................................................121 Sales Tools ..................................................................................122 Database ..................................................................................122 Technological Tools ....................................................................122 Trade Shows ............................................................................122 Territories ..................................................................................123 Finding Prospects ......................................................................123 Referral Systems ......................................................................123 Vendor Contacts ......................................................................123 Expanding Existing Customers ................................................123 Joining In ................................................................................124 Offering a Better Price ............................................................124 Sales Cycles and Strategies ........................................................124 AIDA ......................................................................................125 Sales Cycle ..............................................................................125 Sales Forecast ............................................................................127 Outlining Your Assumptions ....................................................127 Considering Your Marketing Reach ..........................................127 Past Sales or Similar Industries ................................................127 11 Operation Success 129 Business Operations ..................................................................129 Equipment ................................................................................130 Technology Needs ....................................................................131 Equipment Leases ......................................................................132 Building Leases ..........................................................................132 Price ........................................................................................132 Length of Lease ........................................................................133 Contents Location and Traffic ................................................................133 Potential for Growth ................................................................133 Utilities and Services ................................................................134 Production/Service Provision Methods ....................................135 Quality Control ........................................................................135 Inventory and Supply ................................................................136 Managing Inventory ................................................................136 Purchasing Policies ..................................................................137 Suppliers ..................................................................................137 Handling Orders and Deliveries ..............................................137 Vendor Agreements or Letters of Intent ..................................138 Customer-Service Policies ........................................................139 12 Money, Money 141 Start-Up Costs ..........................................................................142 Creating an Operating Budget ..................................................143 Source and Use of Funds ..........................................................144 Managing Cash Flow ................................................................145 Creating a Cash-Flow Statement ..............................................145 Understanding Profit-and-Loss Statements ............................147 Understanding the Balance Sheet ............................................149 Determining Profitability with Financial Tools ......................151 Are You Profitable?

..................................................................151 Break-Even Point ....................................................................152 Outlining Repayment/ROI ......................................................152 Analysis of Financial Facts ........................................................153 Determining How Much Financing Is Needed ..........................153 How Much Owners Are Investing ............................................154 Insurance Needs ........................................................................154 Cover Me ................................................................................155 Prove It ..................................................................................156 13 Show Your Documents 159 Back Me Up ..............................................................................159 Resumés or Bios ........................................................................160 Personal Financial Statements and Tax Returns ......................162 Business Structure (Articles of Incorporation) ........................162 Loans ..........................................................................................163 Credit Reports ..........................................................................163 Franchise or Acquisition Agreements ......................................163 Leases or Mortgage ..................................................................164 xi xii The Complete Idiot’s Guide to Business Plans Licenses ......................................................................................164 Letters of Intent ........................................................................165 Market Analysis ..........................................................................166 Other ..........................................................................................166 14 Executive Summary 169 In Summary ..............................................................................169 What’s in the Executive Summary ............................................170 Selling in Your Summary ..........................................................171 Company Overview ..................................................................171 Operations Overview ................................................................171 Market Overview ....................................................................172 Financial Overview ..................................................................172 Paring It Down ..........................................................................173 What Not to Put in the Executive Summary ..........................174 Part 3: Putting Your Plan to Work 15 Financing Considerations to Include in Your Plan 175 177 The Money Plan ........................................................................178 Who’s Got the Cash?

................................................................178 What Lenders Want to See ......................................................179 Knocking a Lender’s Socks Off ................................................180 Negotiating Your Financing ......................................................181 Types of Loans ..........................................................................182 Transaction Loans ....................................................................182 Line of Credit ..........................................................................182 Term ........................................................................................182 Government-Secured Loans ......................................................183 Lease ........................................................................................183 What to Expect During the Loan Process ..............................183 Finding Investors ......................................................................185 Money Online ............................................................................186 What Investors Want ................................................................187 Other Financial Uses for the Plan ............................................187 16 Using Your Plan as a Management Tool 189 Planning to Run ........................................................................189 Planning Findings ......................................................................190 Solidifying Your Philosophy ......................................................190 Developing a Strategic Vision ..................................................190 Contents xiii Identifying Improvements ........................................................191 Preventing Distractions ............................................................191 Avoiding Misunderstandings ....................................................192 Implementing Your Plan ..........................................................192 Providing Strong Leadership ....................................................192 Stating Clear Expectations ......................................................193 Creating Actionable Steps ........................................................193 Being Ready for Barriers ..........................................................193 All Aboard ..................................................................................194 Creating an Advisory Board ....................................................194 Identifying and Building Relationships ......................................196 Strategic Partners ....................................................................196 Staffing Up ................................................................................198 Keeping Them Motivated ........................................................198 Creating Employee Incentives ..................................................199 Getting Employees Onboard with Your Plan ............................201 Managing the Future ................................................................202 17 Keeping Your Plan Current 205 Keeping It Going ......................................................................205 Measuring Your Company’s Success ........................................206 Getting Information ..................................................................207 Your Financial Statements ........................................................207 Your Customer Database or Sales Figures ................................207 Your Employees ........................................................................208 What Do Customers Really Think?

........................................209 Using the Information You Find ..............................................210 When It’s Time to Go, It’s Time to Go ..................................210 Going Forward ..........................................................................212 Appendixes A Business Terms Glossary 215 B Sample Plans 221 C Business Resources 301 Index 307 Foreword I have written dozens of business plans. After almost 20 years of building companies, I have come to realize that the actual business planning document is almost always meaningless. The final written product we call “the plan” is actually almost worthless.

As a serial entrepreneur and angel investor, every business plan I ever read says the same thing: “We get rich in year five.” Each plan states that this new company addresses a “billion dollar untapped market” and furthermore, its financial projections are “conservative.” Let’s face it. If publicly traded companies are unable to unfailingly predict the financial goals they are able to hit next quarter, how can the new business owner predict what business will be like in year two?

However, the process of researching and writing a plan for your business is valuable and essential to building a profitable company.For more than 100 years, Deluxe Corporation has sought to create the tools that help shape our economy.Since 1915, Deluxe has recognized the vital role that small business plays in our communities, from job creation to business development.Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.No part of this book shall be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher.No patent liability is assumed with respect to the use of the information contained herein.Business Plans by Gwen Moran and Sue Johnson A member of Penguin Group (USA) Inc.This book is dedicated to the brave, visionary people who start and run the businesses that power our nation’s economy.President Dwight Eisenhower said, “I have always found that plans are useless, but planning is indispensable.” A business plan that is not properly researched or that is not regularly revisited and integrated into the company’s operations is useless.In business, as in most of life, things almost never happen the way we plan them. When you consider these questions, is your new business even feasible?

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