One Cascade PlazaAkron, OH 44308
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We teach new dogs old tricks
BUSINESS PLANSBUSINESS PLANS
Ref: Entrepreneurship for Ohio 9-22-09 (MO)
SCORE is a resource partner of the U.S. Small Business Administration
Serving Medina, Portage, Summit & Wayne Counties
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SCORE’s Mission Statement
SCORE’s Mission Statement
Stimulate the Greater Akron economy, which includesSummit, Medina, Portage and Wayne Counties, by using the business knowledge and skillsof our volunteers to successfully guide and lead entrepreneurs and existing small businessestoward their goals.
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SCORE®SCORE®
■ Resource Partner with SBA
■ 11,500 volunteers — 390 chapters
■ Small Business mentoringand advice– Face-to-face or e-mail counseling
■ Skills in business planning, strategies for growth, and all aspects of business operations
■ Business workshops forstart-up and existing businesses
■ 70+ volunteer Counselors
■ 40+ years of service to the business community
■ 3,000 client services per year– 40% follow-on mentoring
relationships
– 60% existing businesses counseled
■ Satellite locations: Kent State University, Wayne College, Medina Economic Development Corp.
Nationwide Akron SCORE
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Akron SCORE Serves
4 Ohio Counties
Akron SCORE Serves
4 Ohio Counties
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SCORE PartnersEconomic Development & Entrepreneur Regional Impact
SCORE PartnersEconomic Development & Entrepreneur Regional Impact
Medina CountyEconomic Development
Portage CountyEconomic Development Wayne College
Akron GlobalBusiness Accelerator
AkronUrban League
Partnership for theMinority Business
Accelerator
Hispanic BusinessAssociation
University of Akron
Small Business Development Center
Kent StateUniversity
Portage LakesCareer Center
Wayne CountyEconomic Council
RegionalChambers of Commerce
Small BusinessAdministration
International Institute
International Institute
University ParkAlliance
City of AkronEconomic Development
Greater AkronChamber of Commerce
Summit CountyEconomic Dev Akron Schools
DECA
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Counseling &Business Workshops
Counseling &Business Workshops
■ Free and confidential
■ Long-term follow-up at a SCORE location, business or a convenient place
■ Skill Sets:
- Accounting- Advertising- Bidding & Estimating- Buy & Sell- Cash Management- Community Relations- Computer Applications- Construction- Credit & Collection
- Education- Engineering- Environmental- Financial Analysis- Franchising- Human Resources- Insurance- International Import/
Export
- Inventory Management- Leasing- Marketing & Sales- Patents- Product Development- Public Relations- Research & Development- Sales- Taxation
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♦ Business Basics
♦ Marketing on a Mini Budget
♦ Business Plan
♦ Great Customer Service
♦ Leadership & Management
♦ Financial Management
♦ Not for Profit
♦ Resume Writing
– Day & evening workshops
– Various locations
– Customized presentations
– All services areFREE & CONFIDENTIAL
Workshops OfferedWorkshops OfferedYour success.Powered by
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Small Business Small Business
Over 26.8 Million Small Businesses in the U.S.
Small Businesses represent 99.8% of all businesses
50% of All Goods and Services
50% of Our Nation’s Workers
. . .the Pride of America!
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Issues of All BusinessesIssues of All Businesses
FINANCEHUMAN
RESOURCES
PRODUCT &SERVICES
MARKETING
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Small Business also means RISKS … Small Business also means RISKS …
■ 10% truly successful
■ 40% operate marginally
■ 50% fail —
25% fail during the first year!!!
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Why Some Businesses StruggleWhy Some Businesses Struggle
■ Owner/Manager inexperience…– in the specific line of business– in management
■ Owner/Manager inability…– to manage tasks– to manage others
■ Costs…– underestimated
■ Cash Flow…– not understood or not watched
INADEQUATEBUSINESSPLANNING
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A Management Guide
A Road Map to Achieving Your Goals
The Business PlanThe Business Plan
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Business PlanBusiness Plan
■ The underlying structure that provides the basisof your entire operations
■ The pros and cons of your proposed business before you make a financial and emotional commitment
Documents a comprehensive detailed overview of all aspects of your business. It provides:
IT’S THE ROADMAPIT’S THE ROADMAPTO YOUR BUSINESS SUCCESSTO YOUR BUSINESS SUCCESS
IT’S THE ROADMAPIT’S THE ROADMAPTO YOUR BUSINESS SUCCESSTO YOUR BUSINESS SUCCESS
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Why Write a Business PlanWhy Write a Business Plan
■ Establishes business goals and facilitates reaching them successfully
■ Takes an objective look at your business — provides critical, unemotional insight
■ Is an operating tool for managing your business
– Communicates your ideas
– Provides the basis for financing
– Aids in creating a successful marketing plan
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Importance of a Business Plan
Importance of a Business Plan
Planning cannot be over emphasized---■ Forms the proper direction of your business
■ Pinpoints business needs
■ Identifies business opportunities
■ Spots problems
■ Provides view of market conditions
■ Identifies all costs and marketing pricing
■ Identifies and evaluates areas of strengths and weaknesses
These insights will help you achieve yourbusiness goals — QUICKLY & EFFECTIVELY!
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Starting Your Business PlanStarting Your Business Plan
Define your business purpose
Identify measures of success
Do your market and industry research
Visualize your business in 2 years
Become familiar with standard format of a business plan
Start drafting your business plan
Develop and review the plan with your SCORE® counselor
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Business PlanBusiness Plan
Review and use templates■ Business Plan
■ Balance Sheet
■ Bank Loan Requestfor Small Business
■ Breakeven Analysis
■ Cash Flow Statement
■ Opening DayBalance Sheet
■ Personal Financial Statement
■ Profit & Loss Projection
■ Start-up Expenses
www.score.org/template_gallery.htmlwww.score.org/template_gallery.html
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Business Plan FormatBusiness Plan Format
Business Plan Outline:■ Executive Summary
■ Objectives / Goals
■ Mission Statement
■ Keys to Success
■ Company / Business Description
■ Environment– Market & Industry
■ Strategies & Key Steps
■ Financial Projections
■ Contingency Planning
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Executive SummaryExecutive Summary
■ Write it last
■ 1 or 2 pages
■ Fundamentals of proposed business
■ When applying for a loan– Amount
– Use of funds
– Repayment
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Refining the PlanRefining the Plan
► For Raising Capital
BANKERS– Assurance of repayment– Amount of loan– Use of funds– Repayment terms– Collateral offered
INVESTORS– Dramatic growth– Share of rewards– Total funds needed– Use of funds– Estimated return on
investment– Exit strategy for investors– Percent of ownership– Financial reporting– Involvement
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Refining the PlanRefining the Plan
► For Type of Business
MANUFACTURING– Planned production levels– Costs
Production costs Overhead costs
– Gross profit margins– Overall
Each product line Capacity limits
– Purchasing & Inventory management
– Anticipated new lines– Competitive factors
SERVICE BUSINESS– Higher labor costs– Few fixed assets– Competitive factors– Pricing Model– Measurements for
productivity– Quality control– Strategy for keeping clients– Use of subcontractors
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Refining the PlanRefining the Plan
► For Type of Business (continued)
HIGH TECHNOLOGY– Economic outlook for
industry– Rapid change
Price Cost Market Technology
– Bring product to market– Intellectual property
protection– Key personnel
RETAIL– Company image– Pricing/Markup policies– Inventory
Market turnover rates Your turnover rates
– Location– Customer Service policies– Promotions– Credit
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We’re Here to HelpWe’re Here to Help
Call us for assistance
Check out our web site
Attend our workshops
Avail yourself of our counseling
330-379-31631-877-akscore or 1-877-257-
2673
TM
We teach new dogs old tricks
One Cascade PlazaAkron, OH 44308
[email protected] 330-379-31631-877-AKSCORE
SCORE is a resource partner of the U.S. Small Business Administration
Your success.Powered by
