Slide 1 : Business Plan Workbook
Slide 2 :
This Journal : This Journal Starting your own business
No matter how small or large your business, you've got to aggressively plan the work —
and then work the plan!
Slide 4 : 11.. The journal is your planning tool
The journal will help you plan your entire business venture from beginning to end by following the correct sequence of steps.
2. The journal is divided into 24 chapters
Each chapter has explanatory notes and space where you can customise the material to suit your own business venture. The emphasis you put on each of them will depend entirely on the nature of the business you’re starting.
Slide 5 : 3. Each chapter has an Action Plan
Action Plans make things happen! Each chapter has an Action Plan on which to write down everything you need to do to complete that chapter’s planning.
4. Part 23 - Your 12-Week Planner
This section is a 3-month diary, divided into weekly segments. By transferring the chores and tasks from the Action Plans to a daily/weekly/monthly planner,
you can be assured that your plans will come to fruition in an efficient and timely fashion.
Slide 6 : 5.. Part 24 - Your Big Pictures
This section has 3 simple “Big Pictures” to complete that make writing your final business plan easier and minimises the risk of errors and omissions.
6.. Keep in touch with your journal all the time!
Printing the journal and binding it is the best way to maximise its usefulness. Not only will you be able to work on your planning to the smallest detail, it also
has loads of space to write down ideas and notes.
Planning To Plan : Planning To Plan A bad beginning makes a bad ending.
Euripides Effective time management is one of the most over-looked – yet essential – tools when it comes to planning a new business venture. It is all too easy to underestimate the amount of time it takes to plan a sustainable business.
A Place to Work on Your Business Plan : A Place to Work on Your Business Plan Careful planning is the key to an efficient home office.
Get some solutions for setting up your home office so that it works precisely how you need it to work. Think about space, privacy, noise, good lighting, comfort and your personal working style.
Make a Planning Poster Board : Make a Planning Poster Board Motivation works! So make a BIG poster board and use it to pin up everything that will inspire and motivate you. Write down all your great ideas on brightly coloured paper and pin them up. Pin up pictures from magazines, or photographs or quotations.
Turning “To Do” Lists into Action Plans : Turning “To Do” Lists into Action Plans Getting your venture up and running successfully may look like that loaf of bread right now - too big to manage! But if you slice it into as many small, manageable actions as possible, it becomes easier to achieve.
The Big Picture : The Big Picture If you don’t know where you’re going you’ll wind up somewhere else.
Lawrence Peter You need a visual picture of your business as you plan it. This will make the actual writing of your business plan a lot easier. The journal includes three BIG Pictures in
Your Business Name and Logo : Your Business Name and Logo Your business name must be memorable—but easy to pronounce and spell:
Your potential customers need to be able to remember your business name. They also need to be able to find it easily in a phone book, directory or online.s
The Purpose of Your Business : The Purpose of Your Business Describing the purpose of your business will give you a clear and concise vision of your business. A written statement of its purpose on your BIG picture will help you maintain the vision of your business.
Your Product/Service : Your Product/Service How you see your product/service:
Describe everything in connection with it from your point of view. Describe it down to its tiniest
detail—what it is, how it is used, its size, quantity, colour, packaging, who manufactures it, why people need or want it, who it benefits, etc.
Defining Your Business Goals : Defining Your Business Goals The next step in your BIG Picture is to establish the goals you want to achieve with your business. This is a vital step because your goals:
• map out exactly where you are going and how to get there.
• make you think about what you really want from your business
• force you to make the decisions on how to get what you want
• give you direction
• keep your priorities straight
• tell you if you’re moving in the right direction
• help you overcome obstacles along the way
• help you plan and map out the future.
Your Strengths and Weaknesses : Your Strengths and Weaknesses As an entrepreneur, it is critical that you know your strengths and weaknesses. It allows you to focus on the advantages you bring to your business while identifying areas where you will need extra resources and support.
Your Skills and Knowledge : Your Skills and Knowledge What background skills and knowledge are you personally bringing to your new business venture?
Your Location : Your Location Your location should be your number one priority. Signing a lease and paying rent is a financial burden - but a part of doing business. Signing a lease and paying rent on the wrong location is a financial disaster - and can signal the end of doing business.
Obtaining the Equipment and Supplies : Obtaining the Equipment and Supplies Now be creative about how you are going to get these supplies and equipment! The chances are you cannot simply go out and buy everything. You will be amazed at how much you can get without spending a lot of money.
12 People Who Can Help You : 12 People Who Can Help You We often don’t think of all our local “people resources” . But you will be amazed at the people you know who can—and will— help you!
Getting These People Involved : Getting These People Involved People relax and get along over food so here are a few ideas:
• Invite them to tea at your new location
• Or how about a picnic at your location?
• Or how about pizza at your new location?
• Invite them to a braai on the weekend
• Invite them to an informal meal at home
Staying Informed : Staying Informed You need to cultivate your own methods for staying abreast of developments in your particular field. The following list of resources is a starting point in developing your own information
resources:
Your Business Team : Your Business Team The weakest link in a chain is also the strongest, because it has the power to break the chain.
Stanislaw Lee Each job description must be very detailed. it must cover all the important facts about
the position:
the purpose of the job
the responsibilities of the job
the individual tasks involved
the methods used to complete the tasks
the relationship of the job to other jobs
the qualifications needed for the job.
: An effective mission statement tells your business “story” and ideals in a few sentences.
Remember, your mission statement conveys the image of your business. It should reflect your business’s special niche. Your Mission Statement
Market Research:What It’s All About : Market Research:What It’s All About It tells you who your customers are and what they want.
It tells you how to reach your customers.
It identifies potential target markets.
It helps you determine if your product or service meets customers’ needs.
It develops a valuable information base for you.
It identifies your competition’s strengths and weaknesses.
It can reveal unfilled customer needs.
It helps you develop a good market strategy.
It helps prevent costly marketing mistakes.
Market Research:Your Industry : Market Research:Your Industry There are many common aspects between industries in the business environment. You need to identify these. Each one also has its own distinct features. You need to identify
these.
Researching Your Target Market : Researching Your Target Market You need to make sure your product or service meets your potential customers’ needs, wants and expectations. Find out:
What do they need from my product/service?
What do they want from my product/service?
What do they expect from my product/service?
Analysing Your Competition : Analysing Your Competition Competitors' strengths:
Analyse their strengths carefully. You may be able provide the same competitive advantages:
An ability to satisfy customer needs. How are they doing this?
A large share of the market and the consumer awareness that comes with it.
A good track record and reputation.
Key personnel. How are they recruiting and keeping them?
Customer loyalty
Comparing Products / Services : Comparing Products / Services You need to identify those products/services that will compete with yours. They may be similar—or they may be different but could be substituted for yours.
Marketing:Your Target Strategy : Marketing:Your Target Strategy Your research results will elevate your marketing plans from hopeful thinking to
purposeful action plans and help you determine exactly:
WHO to target
WHY you must target them particularly
WHEN you must target them
HOW you must target them.
Your Marketing Message : Your Marketing Message Your marketing message is extremely important. It tells your customers about your business, your product/service and yourself.
“Never run an ad unless you have a Unique Selling Proposition (USP).”
Your marketing message should persuade your customers that they receive a benefit.
It’s not easy to write a marketing message. But marketing is just about communicating. It's
using words, images, and ideas to inform and influence customers.
Good copy should be clear, crisp and concise. This means:
• Don’t use big words when small words will work.
• Use descriptive terms.
• Use the number of words necessary to make your meaning
clear and no more - but also no less!
• Selecting the right words is critical to the success of your marketing
message so be creative but avoid cuteness (unless you
are marketing cute, of course).
Marketing:Your Promotions : Marketing:Your Promotions If you don't have an advertising and promotion budget, you don't have a realistic marketing plan. Advertising and promotion is a cost of doing any kind of business. You have to let people know about you. Otherwise how will they even know your business exists? Success is the result of our mental attitude. And the right attitude brings about success.
O. W. Holmes
A Website—10 Reasons to Have One : A Website—10 Reasons to Have One Generate a professional image
Level the playing field
It’s a 24/7 service. . . and you don’t have to pay overtime!
Customer education
Repeat Customers
FAQs
Automation
Customers expect it
Accurately track the traffic on your website
Competitive Pressure
No.1 Promotion: Great Customer Relations : No.1 Promotion: Great Customer Relations Customers are the lifeblood of your business. You not only need a steady stream of customers, you also need their word-of-mouth promoting your business. It’s one of the best promotions - and it’s free
Sales Management : Sales Management Think about when you’re a customer. There’s a lot to be learnt from the experiences
you have. Ask yourself:
What turns you on as a customer?
What turns you off?
Focus on Financials:Start-Up Costs : Focus on Financials:Start-Up Costs Money is usually the biggest stumbling block for people getting their businesses up and running - and keeping them up and running. Finance is, as it
were, the stomach
from which all other organs take their tone.
Samuel Smiles
Focus on Financials:Finding Money : Focus on Financials:Finding Money From Your own Pocket
Friends and Family
Funding Grants
Bank Loan
Focus on Financials:Financial Statements : Focus on Financials:Financial Statements The three primary financial statements are :
The Profit and Loss Projection (or Income Statement)
The Balance Sheet
The Cash Flow Projection
Focus on Financials:Cash Management : Focus on Financials:Cash Management CASH IS CRITICAL
CASH FLOW
CASH FLOW PROJECTIONS
THE WORST CASH MANAGEMENT PRACTICE
CASH MANAGEMENT TIPS
Focus on Financials:Keeping Records : Focus on Financials:Keeping Records However, when it comes to keeping your business’s records, there are two
choices—learn to do it yourself, or hire someone who really knows how to do
it. Don't make the mistake of doing this job badly or hiring the wrong person.
Bookkeeping Methods : Bookkeeping Methods A good bookkeeping system ought to:
Be simple and logical
Be inexpensive to set up
Be easy to keep current
Provide all your key financial information
Be flexible enough to change as your business grows.
S.W.O.T. Analysis : S.W.O.T. Analysis Now that your planning is basically completed you need to do a S.W.O.T. analysis.
This is what S.W.O.T. stands for:
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
Business Continuity : Business Continuity 6 Significant Risks to Investigate
Contingent Liability
Business Debt
Buy and Sell Agreement
Asset Replacement
Debit Loan Account Protection
Key Person Insurance
Your Nest Egg : Your Nest Egg A diversified investment portfolio is a very important thing for any small business owner to have. He got me
invested in some kind a fruit company
Forrest Gump,
referring to Apple
Computer
Using a Financial Advisor : Using a Financial Advisor Choosing a Financial Advisor
Credentials
Experience
Payment method
Personal chemistry
Writing Your Business Plan : Writing Your Business Plan You need a written business plan if you are seeking bank financing or investors. Lenders don't invest to help you out. They invest to make money. They won’t even consider your business proposal without a written business plan.
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