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Business Plan
Karisha DevlinAgricultural Business Specialist
Agenda Introduction The importance of a business plan Key elements of a business plan Tools Computer time & questions
What is a Business Plan?
Written document that: Defines your business Identifies your goals and mission Serves as your business “resume”
Why is a Business Plan Important?
Roadmap for your business Gives you a better chance for success Required by financial institutions Helps communicate goals and objectives Forces you to look at whole business Stimulates development of new/future
business opportunities
Elements of a Business Plan
Executive summary Farm description Strategic plan Production & operation Marketing plan Personnel plan Financial plan
Executive Summary
Doorway of business plan A one-page overview of business Placed in the front, but done last Summarize key points Content depends on purpose of plan
Farm Description
Business type and size Location Facilities History Ownership structure
Strategic Plan
Mission statement Goals Business Strategy Where you want the business to go
and how to get there SWOT
Mission Statement
A description of what you and/or your business hope to do and be
Values Vision Purpose
Goals and Objectives
Goals Dream with a deadline Desired outcomes for your business Short term (within one year) Long term (2-5 years)
Objectives Strategies for reaching goals
Production and Operation
Crop system Livestock system Other enterprises
Marketing Plan
Marketing strategy Marketing resources Promotion and distribution Inventory and storage management
Personnel Plan
Family and hired labor Management team Consultants Personnel management
Financial Plan
Financial statement Balance sheet Income statement Cash flow statement
Long range projections Projected profitability Capital required Asset management
Tools
Books Agricultural Business Specialist
Examples Assistance
Software FINPACK Business Plan
Questions
Karisha Devlindevlink@missouri.edu
573-633-2640
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