Business Plan Essentials
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- Joella Higgins
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1 Business Plans 101
2 Why business plan? Framework for identifying the resources (capital and people) and tactics needed to execute the strategy Focus management s thoughts on the business model and execution Get stakeholders on the same page Raise capital
3 Business Plan Essentials First impressions are important. A well-organized plan is essential for a lender or investor to assess your financing proposal and to assess you as a business manager. By committing your plans to paper, your overall ability to manage the business will improve. Can concentrate efforts on the deviations from plan before conditions become critical. Will have time to look ahead and avoid problems before they arise. It encourages realism. It helps identify your customers, market area, pricing strategy, and the competitive conditions.
4 Q: Who would read the plan? A: Whomever are you going after Fi Friends, Family, & Fools (FFF) Professional Angels Bank/SBA Loans Government Grants (SBIR) Customers in Value Chain Strategic Investors Venture Capital
5 Investors want to know 1. Where s the pain? 2. How severe is the pain? 3. What is your solution? 4. Who will buy it? Why? 5. How will you sell it to them? 6. How will you make money? 7. Why are you the best team to do this? Continued
6 Investors want to know 8. Who else is in the business? 9. How will you stay ahead of them? 10. What can go wrong, and what are you doing about it? 11. How much do you need? 12. What will you do with the money? 13. How will the investor cash out?
7 Typical Outline Executive Summary Background (if necessary) Products/Services Markets Implementation ti Plan Company Info Financial i Analysis Appendix There is no Right structure!
8 Executive Summary: The Appetizer 1 (or at most 2) pages First paragraph even the first sentence can determine success or failure Encapsulates everything that follows Wit Write it last Continued
9 Executive Summary: The Appetizer Include: What you do Why the market needs it How big the market is How you will sell it Why you are the right team to do it Competitive advantages Traction Product status Required funding
10 Background Only necessary for complex fields (like life sciences) Written for a layperson Must pass the Grandmother Test 1-2 pages
11 Products/Services Key questions: What do you make/do? How does it reduce pain? How does it work? Why is it the best? How close is it to going to market? Keys: Avoid using jargon Grandmother Test! Use images if it simplifies the presentation 2-3 pages
12 Markets Key Sections: Market opportunity where s the pain? Market size About the industry Market trends Customers Competition Competitive advantages Continued
13 Markets Keys: Research, research, research Get some solid, verifiable numbers Primary research rules 1-2 pages
14 Implementation Plan R&D plan Marketing plan Positioning Promotions Pricing Sales/distribution/channel plan & projections Partners Continued
15 Implementation Plan Operations plan Facilities Manufacturing Etc. Milestones Past and Future Risks & mitigation Key success factors 2-3 pages
16 Company Information Desired legal structure Company history (if applicable) Management team bios Board of Directors Advisory Board Organizational Chart Staffing Plan
17 Financial Info Include: Major Assumptions Revenue Expense Other assumptions Amount Required & Use of Funds (Spending plan) Exclude: Summary financials (P&L, cash flows) Valuations Exit Strategy
18 Tie Everything Together Legal Capital Formation Structure Website Financial Projections Business Plan Sales & Distribution Strategy Investor Presentations IP Strategy Marketing & Product Positioning
19 Appendix Complete Resumes FAQs Updated regularly! Other possible info: Customer lists Marketing materials Press releases/coverage Product details Etc. Don t overdo it
20 Business Plan Essentials Focus it Differentiate it Make it defensible Find the front of the curve Tell the story Get the whole team on the same page
21 Traps to Avoid Do NOT hype You are NOT unique You ALWAYS have competition direct, indirect, substitutes Patents are NOT perfect Things WILL go wrong The road ahead is NOT going to be easy Continued
22 More Traps to Avoid Do NOT write an encyclopedia You may NOT be the right person to run the company DO have it proofed by many people DO the grandmother test
23 Final Thoughts Be prepared to change based on feedback Goal: To get investors to return your calls Assume your plan will fall into the hands of competitors Take ownership be prepared to defend facts, figures, and strategies ALWAYS be honest
24 Now What? Do it yourself from scratch Do it yourself with software Hire somebody else to do it Combination of the above
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