mr. young business management crafting a winning business plan
TRANSCRIPT
Mr. Young Business Management
Crafting a Winning
Business Plan
Mr. Young Business Management
The Business Plan Basics
Defines your businessIdentifies your goalsServes as your companies resume
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Mr. Young Business Management
Turn your idea into a Million-Dollar Startup Settle on one business idea Validate your idea Execute Find a large market Make it a must-have, not a nice-to-
have
Mr. Young Business Management
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Mr. Young Business Management
Mr. Young Business Management
Why Take the Time to Build a Business Plan? It does not guarantee success it
does increase your chances of succeeding in business.
A plan is like a road map that serves as a guide on a journey through unfamiliar, harsh, and dangerous territory. Don’t attempt the trip without a map!
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Mr. Young Business Management
Mr. Young Business Management
Our Definition of a Business Our Definition of a Business PlanPlan
• It is a document that convincingly It is a document that convincingly demonstrates that your business can demonstrates that your business can sell enough of its product or service sell enough of its product or service to make a satisfactory profit and be to make a satisfactory profit and be attractive to potential backers attractive to potential backers
• It is a selling document It is a selling document • It is sold to all backers: bankers, It is sold to all backers: bankers,
investors, partners, employeesinvestors, partners, employees
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Mr. Young Business Management
Mr. Young Business Management
Goals of Business PlanGoals of Business Plan
•Consider important aspects and decide whether to “go or no go” •Initial planning document for a new business •Serves as a tool to communicate the idea of the new venture to potential investors, bankers, key employees •Serves as a record to monitor and compare results
Mr. Young Business Management
Two Essential Functions Business Plan – a written
summary of:•An entrepreneur’s proposed business venture
•Its operational and financial details•Its marketing opportunities and strategy
•Its managers skills and abilities
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Mr. Young Business Management
Mr. Young Business Management
Two Essential Functions
• Guides the company by charting its future course
• Defines it strategy• Attracts lenders and investors
who will provide needed capital
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Mr. Young Business Management
Mr. Young Business Management
Who Needs to Write/See the Who Needs to Write/See the Business Plan?Business Plan?
•Most banks loaning money Most banks loaning money Investors or partners who have some Investors or partners who have some doubts about your abilities/integrity doubts about your abilities/integrity Highly required or important Highly required or important potential employees potential employees Anyone wondering if they should take Anyone wondering if they should take the riskthe risk
Mr. Young Business Management
How Can a Business Plan Help a Company?
Obtain bank financing Seek investment funding Arrange strategic alliances
small/large companies Obtain large contracts
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Mr. Young Business Management
Mr. Young Business Management
How Can a Business Plan How Can a Business Plan Help a Company?Help a Company?
Attract key employeesAttract key employeesCompleting mergers and Completing mergers and acquisitionsacquisitionsMotivates management teamMotivates management teamCauses everyone to be working Causes everyone to be working toward the same goaltoward the same goalLays out financial, marketing Lays out financial, marketing and production goalsand production goals