Entrep: Chapter 4 Business Plan - Identifying Opportunities

business research

1. make sure material is current 2.know your sources 3. double check key facts and statistics

establish a schedule

a business plan has to be timely, responding to current business environment, set due dates for each component of the plan and each step in the process.

keep your team lean and mean

a key team is needed; too many people get in the way

executive summary

a page in length; the whole plan summarized to point out key ideas covered

vision statement

a phrase that announces where your company wants to go or a broad picture of what you want your company to become

cash-flow statement

a record that traces the flow of cash in and out of your company over a given period, tracking where the money comes from and where it ends up. only tracks what you receive or spend

identify planning resources

books, software, websites, experts *internet marketing is always changing so the most recent information;magazines, newspapers,journals

company strategy

brings together everything you know about your business, including the industry, market, and competition. discuss why your strategy is effective, and its potential for the future, point out specifics that your company needs to ensure the strategy succeeds

business environment

covers all major aspects of company's situation that are beyond immediate control. including nature of industry, direction of marketplace, intensity of competition -pay attention to how industry operates, describe primary business forces you see, and key industry relationships that determine how business gets done;marketplace and competition

financial review

covers both where you stand today and where you expect to be in the future. use standard financial statements to describe current financial situation. make financial statements are reference and support the assumptions and arguments that you make in other sections

clearly assign duties

everyone needs to know exactly what you expect. you can use key steps to create separate sets of tasks then assign each member

surfing the internet

federal government sites offers solid information on planning, starting and operating your business. -use search engines, keywords, and bookmark anything that seems useful -it is also a useful tool to find info on competitors, markets, business trends, and new technology

professional help

finding expert advice can be useful because they have more experience and expertise. Look in places like Chamber of commerce, local college, or business section of newspaper -choose experts with experience in a business similar to the one you're planning -retired business people are a rich source of information

company description

go into detail about what your company has to offer. describe information about management, organization, new technology, products and services, company operations, marketing potential

large corporations

hiring people might be necessary to work on a business plan full-time. don't make a completely independent planning staff, your staff should work with the managers and owners as well

business-plan software

is useful because allows you to assemble all the components of a business plan, makes financial parts of business planning easier, and can add graphics that provide visual aid for audience

put one person in charge

it's necessary for someone to keep track of whole process and complete tasks on schedule

medium-sized company

key people in your company can help in creating your business

action plan

lays out how you intend to carry out your business plan. it points out proposed changes in management or organization.

goals and objectives

list of all major goals that you set for your company; also objectives needed to meet those goals

income statement

list of numbers that add up all revenue that company brings in a month, quarter, or a year. subtract total costs involved in running the business. total = bottom line; profit make during the period

appoint people who want the job

make sure the ppl you pick are willing and able to complete the task

delegate responsibility

makes the process easier, and gives different perspectives to the plan

putting plan on paper

need answers to fundamentals of company : industry, customers, competitors, company resources, company's unique qualities, company's advantages, basic financial condition, financial forecast and a budget

assemble planning team

organizing a team depends on how big your company is

organize your team around the plan

people should know the purpose of their task; financial takes charge of financial review etc.

appoint a wordsmith

pick a person who is able to edit, check grammar, spelling, and making sure concepts are clear and consistent

company overview

provides a place to make general observation about nature of your business; highlight most important aspects of industry, customers, products, services you plan to develop

setting ground rules

putting together a business plan needs rules to make the process run smoothly

balance sheet

snapshot of financial condition at a particular moment, shows exactly what assets the Co. owns, what money it owes, and net worth

mission statement

statement of your company's purpose; establishes what it is and does

values statement

the set of beliefs and principles that guide your company's actions and activities

identify key steps

typically need 5 steps for business plan: research, first draft, review, revised draft, and final review

small business

you are responsible to make a plan for the company

putting plan on paper

you don't want a long plan, written plan should be 15-20 pages maximum -keep plan in 3 ring binder to constantly able to change and update