road map to success business plan preparation workshop
DESCRIPTION
Road Map to Success Business Plan Preparation Workshop. The Innovation Centre. Innovator Member Support Entrepreneurial Programming Innovation & Project Development The Hatchery. Executive Summary. Write this last Create excitement about the opportunity - PowerPoint PPT PresentationTRANSCRIPT
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Road Map to Success
Business Plan Preparation Workshop
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The Innovation CentreInnovator Member Support
Entrepreneurial Programming
Innovation & Project Development
The Hatchery
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Executive Summary• Write this last• Create excitement about the opportunity• Outline benefits and market potential• State clearly any financing required and
terms expected
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Mission Statement• A clear statement of your company’s long-term
mission. Try to use words that will help direct the growth of your company, but be as concise as possible.
WHAT BUSINESS ARE YOU IN?
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Business History & ObjectivesHistory• Reasons whyObjectives• Short Term• Measurable• Believable
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Business Overview• List key management resources• Include previous accomplishments to show
these are people with a record of success• Summarize number of years of experience in
this field• Ownership Structure – Sole Proprietor,
Partnership, Incorporation.• Location and Facilities
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Products and Services• Description• Features vs Benefits• Production of Products and Services• Future Products and Services• Comparative Advantages• State consumer problems, and define nature of
product/service opportunities created by those problems.
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Market AnalysisMarket Research• Secondary
– Industry Associations, Trade Journals, Statistics Canada, Economic Information..
• Primary– Focus Groups– Surveys and interviews– Potential customers, suppliers, industry experts…
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Market Analysis - Conditions• Industry size• Trends and outlook• Economic trends• Product trends
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Market Analysis - Competition• Summarize competition• Outline your company’s competitive advantage• Strengths and weaknesses• Barriers to entry• Positioning
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Market Analysis -Customers• Key Product Segments
• Key Market Segments – Describe your typical customer
• Purchase Process and Buying Criteria
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Market Strategy• Price• Product • Promotion• Place –distribution
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Benefits of Segmenting Your Market
• Choose the promotion that will reach most of your target customers
• Ensure the target customers identify with the strategy
• Motivate them to purchase• The compromise between the mistake of treating
all customers alike and the inefficiency of treating them all differently
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Advertising & Promotion• Strategy & execution
– Deliver a message successfully– Generate maximum response at least cost– Objective
• Sell specific amount of product• Position a product or service• Educate the market• Gain response
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Other Promotion• Direct marketing
– Overview of strategy, vehicles & timing– Overview of response targets, goals &
budget• Third-party marketing
– Co-marketing arrangements with other companies
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Marketing Perceptions• Perception IS reality• It is personal and emotional and
based on experience• What you think does NOT
matter• ASK: What does this do to the
perception of my customers?
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Image Creation
• Everything creates image– Policies– Procedures– Product– Service– Location– Colours– Interior– Telephone answering– Promotional Material…..
Be ConsistentKnow Your CustomerBase it on your customer
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Distribution• Distribution strategy
• Channels of distribution– Direct Sales, Dealers, Distributors, Big Box,
Licensing
• Distribution by channel– Wholesale– Retail– Sales rep
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Management and Staffing• Organizational Structure• Management Team• Staffing• Labour Market Issues
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Regulatory Issues
• Intellectual Property Protection• Permits• Environmental issues• Future regulation
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Financial Plan• High-level financial plan that defines financial model,
pricing assumptions, and reviews yearly expected sales and profits for the next three years.
• Cashflow – monthly for first 12 months• 3 year Income Statement and Balance Sheet Projections• Statement of Forecast Assumptions• Sources and Uses of Funds Statement
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Risks & Rewards• Risks
– Summarize risks of proposed project
• Addressing risk– Summarize how risks will
be addressed • Rewards
– Estimate expected pay-off, particularly if seeking funding
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Key Issues• Near term
– Isolate key decisions and issues that need immediate or near-term resolution
• Long term– Isolate issues needing long-term resolution– State consequences of decision postponement
• If you are seeking funding, state specifics
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Thank You!Graham Mailhot
NWO Innovation Centre
1294 Balmoral Street
Thunder Bay, ON P7B 5Z5
Phone: 768-6682
Email:
www.nwoinnovation.ca