BUSINESS PLAN TEMPLATE
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1 USINESS PLN TEMPLTE Submitted by:
2 ontents Executive Summery... 3 The usiness & The Product... 3 Markets & ompetitors... 4 Sales & Marketing Plan... 4 This section is critical. It often gives a good indication of the business s chance of success Management... 5 Operations... 6 Explain what facilities the business will have and how production will be organised Financial Forecast... 6 Financial Requirements... 8 ction Plan... 9 SWOT [ompany Name] onfidential Page 2 8/14/2015
3 Executive Summery The executive summary outlines your whole business proposal. lthough it is the last to be written, it goes on the first page of the business plan. The executive summary highlights the most important points. It should sum up seven areas: The purpose of the business plan The product or service, and its advantages The market opportunity The management team ny track record to date Funding requirements TRY ND SUM THESE UP S SUINTLY S POSSILE When deciding to back a start up, or lend additional funds, bank managers and investors often make provisional judgments based on the executive summary. The main body of the business plan (sections 3-9) is then read to confirm this initial decision. The appendices at the end of the plan (see 11) carry detailed information to support the main text. The usiness & the Product Explain the background to your business idea. How long have you been developing the business idea in its present form? What have you done about it so far? What related experience do you have? Who will own the business? What will be the business structure, ie, Sole Trader, Partnership, Limited Liability Partnership or Limited ompany? Explain in plain English, what your product is, or what your service does. Remember, explain any terms or acronyms used specific to your industry What will make it stand out as different from other products and services? What advantages or benefits will your customers gain? What disadvantages or weak points will your product or service have? e frank about these, it will actually inspire confidence. How can it be developed to meet customers changing needs in the future? Explain any key features of the industry [ompany Name] onfidential Page 3 8/14/2015
4 For example, special regulations, effective cartels, or major changes in fashion or technology. Markets & ompetitors What is the market you will be selling to? Focus on the segments of the market you intend to target, eg, local customers or a particular age group, specific types or size of company How large is each market segment? Is each segment growing or declining? What are the important trends, and the reasons behind them? What are the key characteristics of buyers in each segment, (eg, sex, age or income)? If you are opening a shop have you measured the foot fall in the location you have chosen and how does it compare with your competitors. Mention customers you have already lined up and any sales already achieved. What is your competition? What are the competing products and who supplies them? List the advantages and disadvantages of your major competitors and their products. Explain why people will desert established competitors and their products and buy from you instead. Unless there is a viable market and you know how you are going to beat the competition, your business will be vulnerable. You must show that you have done the market research needed to justify what you say in the plan Sales & Marketing Plan This section is critical. It often gives a good indication of the business s chance of success. How will your product or service meet your customers specific needs? Have you undertaken a market survey Found out what people like and dislike When do people buy and what is their preferred method to do this? How will you position your product? [ompany Name] onfidential Page 4 8/14/2015
5 For example, how will your price, quality, design features, response times and after sales service compare with competitors? What will your minimum order size be? How will you sell to customers? For example, by phone, retail, through your website, social media, face-to-face, or through an agent? How long will each sale take? Many new businesses underestimate how long it is going to take to win each order. In year one, you may spend between 50 to 80% of your time making contact and selling to customers. Will you be able to make repeat sales? If not it will be hard to build up volume. D Who will your first customers be? Which customers have already expressed an interest or promised to buy from you? What turnover do/will these customers represent? How will you identify other potential customers? Unless you can name a dozen likely customers, starting your own business may be something of a struggle. E How will you promote your product? For example, using competitions, handouts, advertising, PR or direct mail, or via social networks, and your website. Select your social media carefully as with any other promotional method it needs to talk to your core audience so if that is consumers Facebook and Twitter may be the most productive ones whilst for businesses it could be Linked In works more effectively to help promote your business. Don t underestimate the power of blogging but if you use this ensure you have enough time to update it. F What contribution to profit will each part of your business make? Most businesses need more than one product, more than one type of customer and more than distribution channel. Look at each in turn. Examine your likely sales, gross profit margins and costs. Identify where you expect to make your profits and where there may be scope to increase either margins or sales. Services and intangible products (information or software) are hard to market. Start-ups in these areas must pay special attention to marketing in their business plans. Management [ompany Name] onfidential Page 5 8/14/2015
6 People reading the business plan need to be given an idea of why they should have faith in the management of your (start-up) operation. What management skills do your team/do you have? What will your roles in the business be? What are your strengths? How will you cope with any weaknesses? How will you cover the key areas of production, marketing, sales, finance and administration? What management information systems will you have? For example, for management accounts, sales, stock control and quality control. How committed are you to the business? How much time and money will each of the team invest? What will your salaries and benefits be? Operations Explain what facilities the business will have and how production will be organised. Where will the business be located? What are the pros and cons of this site? What production facilities will there be? Do you require any special equipment or licences? Some start-up businesses only require a desk and a phone. What limits will there be to production capacity D How many employees will you have? What will their jobs be? What skills are needed? How will they fit in? Who will your suppliers be? How have you selected them? What credit facilities will they offer you re there minimum order levels (either qty or value) an they drop ship product to customers Financial Forecast [ompany Name] onfidential Page 6 8/14/2015
7 Your financial forecasts translate what you have said about your business into numbers. small, simple business may only need to a sales forecast and a cash flow projection. n engineering firm starting up with 20 employees would need to do a full set of forecasts. realistic sales forecast forms the basis for all your other figures. reak the total sales figures down into its components, (e.g. sales of different types of product or to different types of buyer). Your cash flow forecast shows how much money you expect to be flowing into and out of your bank account, and when. You must show that your business will have enough money to survive. What key factors will affect cash flow (e.g. levels and timing of sales revenue, wages etc)? t what stage will start-up be cash positive (more coming in than going out)? Your profit and loss (P&L) forecast gives a clear indication of how the business will move forward. Summarise the annual P&L forecast for each of the first two or three years of trading. alculate the sales you need to break even: breakeven = fixed costs x 100 % gross margin If your gross margin is 25%, sales must be four times as large as fixed costs to break even. ompare the breakeven level of sales with the sales you are forecasting. D E If you are launching a larger start-up, you will also need projected balance sheets. These will show the financial state of your business on day one and at each year end, perhaps for the first two or three years. Do not believe your own forecasts too uncritically. You may need to revise them. For every forecast, list all your key assumptions (eg, prices, volume, timing etc). Small business advisors at banks, and TD usiness may will be able to help you put these together. eware. Sales forecasts produced for start-up businesses are often wildly over optimistic. Here are some important reality checks. How soon can you start selling? Will potential customers hold off for a year before they take you seriously and place an order? How often will you be able to sell? [ompany Name] onfidential Page 7 8/14/2015
8 How many days a year can you spend selling? How long will each lead take to line up? What percentage of leads will turn into sales? How much will you be able to sell? What will be the average sale value? Will people give repeat orders, or must you find a new customer for every sale? D How long after a sale will it be before you can expect payment? In the light of all that, how much income can you realistically expect each month? Is it enough to live on? Financial Requirements The cash flow forecast will show how much finance the business needs. Your assessment of the risks will determine whether or not you need to arrange contingency financing. Say how much finance you want, when and in what forms. For example, you might want a fixed interest loan and an overdraft facility. State what the finance will be used for. Show how much will be for buying equipment and how much for working capital (financing stock and debtors). onfirm that you will be able to afford it. For example, if you want a loan, will your business generate the cash flow to make the capital and interest payments? [ompany Name] onfidential Page 8 8/14/2015
9 ction Plan [List the major action items that the account team will take on.] ction Person Responsible Time Frame [ompany Name] onfidential Page 9 8/14/2015
10 SWOT Strengths (Internal) Weaknesses (Internal) EXMPLES OF STRENGTHS 1) Your specialist expertise 2) new, innovative product or service 3) Location of your business 4) Quality processes and procedures 5) nything that adds value to business Opportunities (External) EXMPLES OF WEKNESSES 1) Lack of marketing or other expertise 2) Undifferentiated products or services 3) Location of your business 4) Poor quality goods or services 5) Lack of financial backing or support Threats (External) EXMPLES OF OPPORTUNITIES 1) developing market such as the Internet 2) Mergers, joint ventures or strategic alliances 3) Moving into new market segments that offer improved profits 4) new international market 5) market vacated by an ineffective competitor EXMPLES OF THRETS 1) new competitor in your home market 2) Price wars with competitors 3) competitor has a new, innovative product or service 4) ompetitors have superior access to channels of distribution 5) Taxation is introduced on your product or service [ompany Name] onfidential Page 10 8/14/2015
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