writing your business plan
DESCRIPTION
This presentation is a part of the Greensboro Community Development Fund's "Business Readiness Certification" course. Writing Your Business Plan is a comprehensive way for business owners and entrepreneurs to start and complete their business plan. #LadyBizness #GTCCTRANSCRIPT
Writing Your Business Plan
Chisa D. Pennix-Brown, MBA Lady Bizness, Inc.
Agenda
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Introductions: Name &Business/Industry
What is the PURPOSE of a Business Plan?
TOP 4 REASONS TO COMPLETE YOUR BUSINESS PLAN
1. Road Map 2. Clear Vision of your Business 3. Clear Understanding of Roles &
Needs 4. Gain Financing or Office Space
Why Should YOU Write
a Business Plan?TOP 4 REASONS TO WRITE A BUSINESS PLAN
Write to Sell Yourself on the BusinessMay Save You Grief and ExpenseMay Show You Another AlternativeFirst Plan Is the Toughest
What has kept you from completing
YOUR Business Plan?TOP 4 REASONS YOUR BUSINESS PLAN IS NOT
DONE
1. Time 2. Not Sure What to put in the Plan 3. Not Comfortable with the Financials4. Didn’t Feel Like you NEEDED a Plan
Business Plan in 10 Steps
Assess Your Business Idea
What Would a Lender or Investor Want to
Know About - Owner, Business, Community?
Planning Process Starts with
Goals Both Business & Personal
Executive Summary
Step 1
Name of Your Business
Create a name or reevaluate the
name of your business.
Does it integrate well with what
you are selling?
Is it easy to spell and remember?
Is it a name that can be well
branded over time?
Forecasting for the Future
What will your business look like 5
years from now?
Employees
Expansion
Company Goals
MissionStatement
Step 2
Mission
Defines what your business does.
What activities it performs?
What is unique about your business?
Stands out from competitors.
Why are you necessary?
Company Background
Step 3
Background
Education
Experience in the field
Years Established
Management Team
Product Description
Step 4
Product/Service Description
• What do you sell?• Write a description.• What are you top 3
products/services based on revenue?
• How much are your products?
MarketingPlan
Step 5
Marketing Plan Traditional Marketing
• Word of Mouth • Flyers /Brochures• Business Cards • Newspaper/Magazines • Billboards• Website • Print Newsletter• Mail
Future Oriented Marketing• Social Media • Text Messaging • Mobile App• Mobile Site • Landing Page • Videos • Email Newsletter• Online Newspapers
Choose 3
CompetitiveAnalysis
Step 6
Competitive Analysis
Library Databases• Reference USA • Simply Map
Competitive strengths and weaknesses
• Risks and hurdles • Industry Trends • Assessment of the market
SWOT Analysis
Step 7
Strengths. Weakness. Opportunities. Threats.
Build on your strengths
Resolve your weaknesses
Exploit opportunities
Avoid threats
Operations
Step 8
Operations
Strategy for implementing the business plan. Use assumptions developed here in the financial sections:Marketing StrategyProduction PlanPersonnelCustomer SupportFuture research and development plansPlan to stay technically current
Financial Planning
Step 9
Financial Planning
Create budgets to achieve business
objectives
Control of your cash flow
Accounts Receivable/Payable
Due Dates/Loan Payments
Timeline
Step 10
Timeline
Clearly define what you want to
achieve with your business
Make sure they are quantifiable and
set to specific time lines
Set specific goals for each of your
products or services.
What is Your
Moment?
Additional #BRC Courses
GTCC Small Business Center
• Twitter: @GTCCSBC • Facebook: Small Business Center GTCC • Facebook: Business Readiness Certification
336.334.4822 - Greensboro 336.454.1126 – High Point
Mark Hagenbuch x 62003 [[email protected]]
DarLinda Finch x62001 [[email protected]]
Register for future classes at www.gtcc.edu/sbc