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  • Slide 1
  • One Cascade Plaza Akron, OH 44308 akronscore81@aol.com www.akronscore.org 330-379-3163 1-877-AKSCORE TM We teach new dogs old tricks BUSINESS 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
  • Slide 2
  • SCOREs Mission Statement Stimulate the Greater Akron economy, which includes Summit, Medina, Portage and Wayne Counties, by using the business knowledge and skills of our volunteers to successfully guide and lead entrepreneurs and existing small businesses toward their goals. TM 2 We teach new dogs old tricks
  • Slide 3
  • 3 SCORE Resource Partner with SBA 11,500 volunteers 390 chapters Small Business mentoring and advice Face-to-face or e-mail counseling Skills in business planning, strategies for growth, and all aspects of business operations Business workshops for start-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. NationwideAkron SCORE
  • Slide 4
  • 4 Akron SCORE Serves 4 Ohio Counties 4
  • Slide 5
  • 5 SCORE Partners Economic Development & Entrepreneur Regional Impact Medina County Economic Development Portage County Economic Development Wayne College Akron Global Business Accelerator Akron Urban League Partnership for the Minority Business Accelerator Hispanic Business Association University of Akron Small Business Development Center Kent State University Portage Lakes Career Center Wayne County Economic Council Regional Chambers of Commerce Small Business Administration International Institute International Institute University Park Alliance City of Akron Economic Development Greater Akron Chamber of Commerce Summit County Economic Dev Akron Schools DECA 5
  • Slide 6
  • 6 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
  • Slide 7
  • 7 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 are FREE & CONFIDENTIAL Workshops Offered
  • Slide 8
  • 8 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 Nations Workers...the Pride of America !
  • Slide 9
  • 9 Issues of All Businesses FINANCE HUMAN RESOURCES PRODUCT & SERVICES MARKETING
  • Slide 10
  • 10 Small Business also means RISKS 10% truly successful 40% operate marginally 50% fail 25% fail during the first year!!!
  • Slide 11
  • 11 Why 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 INADEQUATE BUSINESS PLANNING
  • Slide 12
  • 12 A Management Guide A Road Map to Achieving Your Goals The Business Plan
  • Slide 13
  • 13 Business Plan The underlying structure that provides the basis of 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: ITS THE ROADMAP TO YOUR BUSINESS SUCCESS
  • Slide 14
  • 14 Why 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
  • Slide 15
  • 15 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 your business goals QUICKLY & EFFECTIVELY!
  • Slide 16
  • 16 Starting 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
  • Slide 17
  • 17 Business Plan Review and use templates Business Plan Balance Sheet Bank Loan Request for Small Business Breakeven Analysis Cash Flow Statement Opening Day Balance Sheet Personal Financial Statement Profit & Loss Projection Start-up Expenses www.score.org/template_gallery.html
  • Slide 18
  • 18 Business 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
  • Slide 19
  • 19 Executive Summary Write it last 1 or 2 pages Fundamentals of proposed business When applying for a loan Amount Use of funds Repayment
  • Slide 20
  • 20 Refining 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
  • Slide 21
  • 21 Refining 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
  • Slide 22
  • 22 Refining 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
  • Slide 23
  • 23 Were Here to Help Call us for assistance Check out our web site Attend our workshops Avail yourself of our counseling 330-379-3163 1-877-akscore or 1-877-257-2673 www.akronscore.org akronscore81@aol.com
  • Slide 24
  • TM We teach new dogs old tricks One Cascade Plaza Akron, OH 44308 akronscore81@aol.com www.akronscore.org 330-379-3163 1-877-AKSCORE SCORE is a resource partner of the U.S. Small Business Administration