business plans necessity or “nice to have”? roderic rennison director, the ideas lab
TRANSCRIPT
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Business Plans Necessityor “nice to have”?Roderic RennisonDirector, The Ideas Lab
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Objective of workshop
• To enable you to decide if your firm needs a business plan to increase the chances of success and if so, how to go about writing it
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A business plan is more than numbers
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Agreeing what and who the plan is for
• The Plan content should reflect its purpose and audience
• To enable the firm to plan and manage its future activities
• To set up a new business or venture
• To raise finance
• To sell the business
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What to include and what to omit
• What’s relevant!
• “Less is more”
• What you have been asked to– and sometimes not
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Business Plan Content• Executive Summary
• The business
• Market demand
• Competition
• Strategy
• Resources
• Financials and forecasts
• Risk, opportunity and sensitivity
• Conclusion/Recommendations
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Whether, how and where to get help
• If in doubt, do – a second opinion is helpful
• Sources of assistance
• Business colleague
• Accountant
• Business consultant
• Books/The web
• “Writing a Business Plan” – Vaughan Evans FT Publishing
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How to write the plan; get the resource,and buy-in• Writing the plan
• Research
• Preparation
• Drafting
• Review
• Presentation
• Getting resource• Ask!
• Obtaining buy-in• Know your audience
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Putting the Plan into operationand monitoring it• Implementation
• Present clearly and effectively and disseminate
• Allocate responsibilities
• Agree timelines and reporting
• Monitoring• “What get’s measured, get’s done”
• Don’t let timelines slip
• Update at appropriate intervals
• Adapt to changing circumstances
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Let’s debate!
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