Bibin Business Plan

8/4/2019 Bibin Business Plan

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Before Writing the Business Plan

This section deals with preparatory issues, structure & content, and length & time scale for the preparation of a detailed plan.

Preparatory Business Planning Issues

Before any detailed work commences on writing a comprehensive business plan, you should:

• Clearly define the target audience• Determine its requirements in relation to the contents and levels of detail• Map out the plan's structure (contents page)• Decide on the likely length of the plan• Identify all the main issues to be addressed.

Structure & Content of a Business Plan

A typical business plan comprises the following main elements:

1. Brief Introduction setting out the background and structure of the plan.

2. Summary of a few pages which highlights the main issues and proposals.

3. Main Body containing chapters broken into numbered sections and subsections.

4. Appendices containing tables, detailed information, exhibits, etc. referred to in the text.

How to Write a Business Plan

Preliminary Tasks Done

1. Complete market research and analyses

2. Clarify key matters relating to products/services and technology

3. Form the basis of the management team

4. Prepare a strategic plan as framework for detailed plan

5. Decide the central purpose of the plan and its target audience

6. Locate professional advisers to assist with the planning

7. Acquire any software tools needed to help prepare the plan

8. Research and compile a list of possible recipients of the plan

9. Ascertain any specific needs of likely key recipients

Writing the Plan Done

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1. Create a framework for the plan e.g. table of contents

2. Identify possible appendices, attachments etc.

3. Estimate page lengths for each key section

4. List main issues and topics to be covered within key sections

5. Assign work programs based on the framework and lists

6. Draft preliminary sections (excluding summary) within the front of the plan

7. Draft all key sections in the plan's body in a logical sequence

8. Compile financial projections, funding proposals and related appendices

9. Check the preliminary draft for completeness and plug gaps

10. Stand back and take a detached overview of the draft

11. Let an outsider or adviser critique the latest draft

12. Redraft, fine tune and spell check

13. Write the executive summary and plan's conclusion

14. Get an independent assessment of the final draft

Reviewing the Plan OK

1. Is the plan nicely presented - bound, page numbered etc.?

2. Has the plan been spell checked in its final form?

3. Is the plan's length appropriate to its purpose ?

4. Have the business's (funding) needs been clearly stated ?

5. Does the plan's summary stimulate interest ?

6. Have all key questions been anticipated ?

7. What likely objections remain unresolved ?

8. Will the plan provoke the desired responses?

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Profiles of Target Markets

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In this section, indicate market size, segments, trends, competition and user/customer profiles. Also,assess market shares and present medium-term projections for relevant segments.

Suggested Length & Structure:

Allow up to 6 pages for this very important (and frequently ignored or underrated) section.Use about two pages for a basic/short plan and cover key issues in a series of short

paragraphs and simple tables. Put detailed material in an appendix.

We recommend that you adhere to the suggested subsections to ensure that all key issues arecovered.

In most cases, it is very desirable that all detailed market research (field and/or desk) and analysis becompleted before this section is written. If research reports are available refer to their detail inappendices or include them as annexes.

This is a very difficult section to prepare especially for start-ups or established businesses diversifyingin new (to them) markets. These difficulties will be compounded, due to an absence of any reliabledata or evidence of likely demand, for businesses entering completely new markets or launchingradically new offerings. Nonetheless, this section is critical as it underwrites the business plan anddemonstrates that the promoters have done their homework and know their marketplaces (at least aswell as the incumbent players or other new entrants). If this section is unclear, vague or superficial, it

begs the question as to whether there might be any real, sustainable demand for the proposed

offerings.If several disparate markets are being targeted, subdivide each of the subsections within this mainsection to cover these markets as illustrated in 6.1 General Background below. Alternatively, set thefirst subsection to refer to “6.1. Market Aaaa” and then use sub-subsections to cover key issues like:

6.1.1 General Background6.1.2 Size, Segments & Trends6.1.3 Review of Competition6.1.4 Customers/Users6.1.5 Medium-Term Projections6.1.6 Review of Market Potential

Repeat this for “6.2. Market Bbbbb” etc. and add a final main section as “6.X Overall Review” that

summarizes the individual market reviews.When you have completed this section, you should revisit 3. Strategic Overview and criticallyexamine and challenge its contents based on the results of your market research.

6.1. General Background

Use this subsection to set the scene for more detailed analyses. For example, review the history of themarket and highlight the key changes and trends. Feel free to quote external market research reports tohelp explain the general attractiveness of the marketplace.

In this subsection, move from the very general to the very particular and distinguish between total,available and served markets. Here is an example of what we mean by this:

The total world market for widgets is expected by most market analysts to grow from $300 million in

2008 to $1,200 million in 2012. Within this total, it is estimated that 60% of this market will be opento new entrants and that 10% of this will be located within the geographic areas to be ultimately


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served by our business. On this basis, the projected theoretical size of our target market might beworth about $72 million.

If multiple markets are being targeted, use separate sub-subsections for each:

6.1.1. Market Aaaaa6.1.2. Market Bbbb

View a statement along these lines as the starting point for the following subsections that explore indetail the market segments to be specifically targeted by the business. Under no circumstances, skipthis work by simply stating that your business intends to secure 10% of the target market!!

6.2. Sizes, Segments & Trends

Describe the specific markets where the business operates and/or plans to enter. Explain how theyhave evolved and how they are segmented. Explain any historic shifts in consumer, product andtechnology trends and review any regulatory or structural restrictions on trade.

Claiming to have a unique offering is not an excuse for not doing a market assessment based oncomparable indirect offerings. If target markets cannot be assessed then it is improbable that they can

be sold into.

Use simple tables and charts to illustrate key points and to analyze structures and trends. Placedetailed analyses in an appendix.

Here is an example of a simple table reviewing the size of key segments within an established marketduring the last four years:

Key Segments20XX($m)

20XX($m)

20XX($m)

20XX($m)

Segment A

Segment B

Segment C

Other segments

Total market

Highlight the segments you are targeting and drill down into them as illustrated in this chart which breaks the total market into excluded, unserved and served low- and high-priced segments. Discusschannels of distribution, promotional methods and marketing expenditure levels within the servedsegments.

In some cases, it will be very difficult to analyze or segment a market because it is new or poorlyresearched. In these circumstances review proxy or adjacent markets to gain insights in demand for similar offerings or related solutions and use the results to make inferences about the target markets.

Another method that could be used for business-to-business offerings would be to identify or quantifykey prospective purchasers within the target market, estimate the theoretical value of their purchases



and then scale this back to take account of the early purchasers and so on. Here is how this might beapproached:

VariableWorst Case Best case Most

Likely

Estimated number of likely prospects 200 300 250

Theoretical value of "typical" contracts/prospect ($000) 50 100 75

Theoretical size of market ($000) 10,000 30,000 19,000

Time interval for market to develop (years) 5 7 6

Annualized market size after 2-4 year ($000) 2,000 4,300 3,200

Guesstimated market size during initial growth phase ($000) 500 1,000 750

Estimated actual current market size based on pilot sales ($000) 50 50 50

Whilst this assessment is very speculative, a major benefit of having a limited number of prospects isthat they can be individually identified for marketing purposes.

This "bottom-up" approach could also be used to help determine the size of a market within a heavilytrafficked market segment. For example, if planning to open a restaurant within an established major shopping center, it should be possible (by simple observation) to assess the number of existing outlets,their table numbers, utilization rates, menu prices and favorites and thereby determine the size andsegmentation of this local market, in value and volume terms.

In other circumstances, the market may be so big or broad that measurement might appear pointless,for example, the world market for video downloads or the US market for medical drugs targetingspecific diseases. Here are two approaches that could assist:

1. Identify comparable-sized businesses and assess their size and progress within the market. Byadding together their combined sales, an assessment can be made of the size and structure of the relevant market segments.

2. Assess the cost of customer acquisition or conversion rates and relate this to plannedmarketing expenditure, strategies and plans. For example, in the downloaded software

business, the conventional wisdom is that about 1% of downloads result in a sale. Based onthis yardstick, the amount of traffic required to secure a predetermined level of sales could beassessed. In turn, the likely sources of this traffic (e.g. web sites, directories etc.) could beidentified and planned expenditure on acquiring traffic passing through these sources could

provide a basis for sizing and segmenting the relevant channels.

Never ever base your market assessment on superficial generalizations like " According to well-knownresearch firms, our market is growing at 100% a year and will reach $10 zillion by 20XX ".

6.3. Review of Competition

Introduce the main competitors (or near-competitors if targeting a completely new market area) and profile them – highlight their evolution, scale and activities, and market shares. Briefly assess their SWOTs.

Show how their market shares have evolved and indicate their current standing in the market.

Discuss pricing and non-price issues.

Describe the channels of distribution and promotional methods used by competitors, and indicatetypical promotional expenditure levels.

Place detailed information in appendices.



6.4. Customers/Users

Profile customers/users and explain how/why/when/where they buy.

Segment possible customers/users based on their demographics/needs. Review their buying habits andconsider the impact of broad economic issues (past and future) on the frequency and value of

purchases.

Discuss price, quality, promotional, distribution channel issues etc. and how competitors' offerings are positioned and perceived from a customer/user perspective.

Quantify numbers of prospective customers/users and assess their consumption/ purchase rates (e.g.amount/year, amount/purchase, purchases/year and so on). Indicate how customer/user patterns couldchange in the future. This should link back to 6.2. Sizes, Segments & Trends above.

Present the key findings of any consumer/user research that has been conducted.

Note: Use the foregoing assessments to help clarify and further refine the market segments your business will be targeting. For example, if your business is only targeting the premium end of themarket you should sub-divide market segments to take account of this. Likewise, if you are onlyselling through specialist outlets. Think of this process as being similar to peeling an onion - the more

layers you remove, the closer you get to the heart of the matter!

6.5. Medium-Term Projections

Use simple tables to show how market sizes, segments and shares are likely to move in the future after your entry/growth. For completeness, incorporate anticipated high-level sales projections for your

business in these tables even though these will not have been derived until 7. Marketing Strategies,Sales Plans & Projections.

Summarize briefly the main economic factors and variables underpinning your market projections.Explain any assumptions about possible shifts in economic, consumer, product and technology trends.

Here is an example of a simple table projecting the size of key segments within an overall market.This table might have been derived from backup tables projecting numbers of customers/users within

each segment along with consumption rates and unit prices for each segment.

Key Segments20XX($m)

20XX($m)

20XX($m)

20XX($m)

Segment A

Segment B

Segment C

Other segments

Total market

Take the segments you are targeting and, if practicable, drill down into them to arrive at even morespecific market projections as illustrated in this chart:








Finally, consider providing alternative projections based on "best" and "worst" case scenarios thatmight reflect alternative assessments of future economic and competitive conditions. Confine these

projections to very simple tables and brief explanations as to how and why they were derived.

Place detailed analyses in an appendix.

6.6. Review of Market PotentialThis section is important especially if you are targeting multiple markets as you can use it tosummarize findings and projections for the individual markets. Even if only targeting a single market,you could use it to summarize why the proposed target market is attractive to your business.

Product/Service Descriptions

Keep descriptions of offerings (products and/or services) relatively short and confine them to broadgroups.

Briefly explain what they do and who will use them. Indicate advantages/benefits they offer or theneeds they meet. Avoid getting into technical terms and details – put this in appendices. Summarizeany product test results and product approvals (secured/needed).

Introduce competing products/services and explain what makes yours special.

Append any brochures or price lists to the plan (as an annex).

Try to add a few pictures to the text and, if practicable, offer to make available a sample product or mock-up. Consider augmenting this with a good-quality video or computer-based slide presentation.


Two to four pages should suffice for this section. Confine to one page for a basic/short plan.

The subsections below are for general guidance only. They could result in some undesirableduplication or overlap. Accordingly, you may prefer to:

• Amalgamate some of them (e.g. Description & Features).

• Use less obtrusive sub-headings like General Descriptions:

• Delete all sub-headings and cover all relevant matters in a series of short paragraphs.

General Descriptions

Devote three/four paragraphs to explaining what your offering are and do. Explain where and howthey are used, and why customers need them and (will) buy them. Avoid detail and minimizetechnical terms.

5.2. Key Features

Introduce the key features of the proposed offerings. Use bullets or simple tables.

If relevant, present outline specifications or internal/external test results. Mention any certificationssecured/needed.

5.3. Main Benefits

Identify the main benefits for users of your offerings in terms of savings, convenience, quality and soon. Use bullets to list benefits. Take care to distinguish between features and benefits. For example:

Features Benefits



(Related to Real Needs)

Our recorder weighs only 6 oz. Our recorder can be carried in a pocket.

Our software includes extensivewizards, online help and manuals.

Our software is easy-to-use andwell-supported.

Our holiday homes havedishwashers, washing machines,dryers etc.

Our holiday homes are fullyequipped with labor-savingappliances.

Our vehicles have anti-roll bars, air cushions and four-point belts.

Our vehicles are extremely safe.

For some industrial products, it may be worthwhile including a (simple) cost-benefit or return oninvestment analysis. For example, explain how customers could get a payback on their investmentwithin xx months/years as a result of using your offerings.

Some further considerations:

1. Demonstrate that your offerings fulfill a real (rather than perceived) need in such a way thattheir benefits are attractive to customers/users. This is your value proposition.

2. If you cannot address either an unresolved "pain" or "longing" that prospective customers arecurrently experiencing then it is doubtful whether they will see the benefits of your offerings.

3. Identify your offerings' Unique Selling Proposition (USP) in terms of benefits that you caneasily and persuasively communicate to prospective customers/users.

4. Throughout the balance of your plan, strive to sustain these USPs by maintaining worthwhilecompetitive advantages through marketing, cost control, innovation, delivery, performance,quality or whatever.

5.4. Pricing Plans

Outline your proposed pricing plans. Cover markups, volume discounts, commissions etc. Use simpletables and place any detailed price lists in an appendix.

If relevant, explain the pricing/discount structure within your targeted distribution channels. For example, show how markups are applied as your offerings move along the distribution chain.

5.5. Competitors' Offerings

In this subsection, concentrate on describing your competitors' offerings as distinct from discussingtheir business activities. First, identify your main direct and indirect competitors and then introducetheir offerings.

If you have no direct competitors, explain how prospective customers are likely to react to your offerings and relate your offerings to nearest equivalent competitors or solutions. If you cannot dothis, it is possible that your offerings are solutions in search of problems!!

Highlight similarities and differences between your offerings and competitors' in terms of price,specs, quality, availability, design, features etc. Summarize using simple tables and place supportinganalyses in an appendix.

5.6. Competitive Assessment

If appropriate, use this subsection to review the competitive advantages (and drawbacks) of your offerings relative to competition and to explain why your offerings will be (more) attractive to

prospective customers/users.



Management & Administration


Allow 2-3 pages for this section. Keep under one page for a basic/short plan.

The subsections below are for general guidance only. They could result in some undesirable

duplication or overlap. Accordingly, you may prefer to:• Amalgamate some of them.

• Use less obtrusive sub-headings like Management Structure:

• Delete all sub-headings and cover all relevant matters in a series of short paragraphs.

10.1. Management Structure

Use a simple organization chart to illustrate the structure (if available, utilize the MicrosoftOrganization Charting utility with Word – select Insert | Object…. | Create New | MS OrganizationChart).

Indicate any gaps in the management team and explain measures to recruit. If necessary, present jobspecs in an Appendix.

If the management structure is likely to change significantly within the plan's life, present separateearly- and late-stage organization charts along with a simple table depicting the growth inmanagement head count.

10.2. Key Management Profiles

Introduce the management team and their roles. Include short profiles but relegate details to anappendix.

Also, introduce the board of directors (and any sub-committees) and profile non-executive directors(existing/proposed). Place significant details in an appendix. Outline the board's role in themanagement of the business.

Summarize management remuneration and key clauses in employment contracts.

10.3. Administration & Systems

Describe administrative arrangements and indicate locations and facilities.

Explain key operational, accounting and related management systems. Specify communications andIT systems. Describe development plans and costs.

10.4. Head Count Projections

The following table could be used to present head count projections for administration andmanagement function along with brief explanations of major items or changes:

Years to end xxMonth: 20XX 20XX 20XX 20XX

Head count - Reception






Head count - Clerical

Head count - Accounts

Head count - IT

Head count - Security

Head count - Middle management

Head count - Senior management

Total head count

The next table could be used to determine management and administration payroll costs:

Years to end xxMonth:

Payroll Cost

($000/person)

20XX

($000)

20XX

($000)

20XX

($000)

20XX

($000)

Reception

Clerical

Accounts

IT

Security

Middle management

Senior management

Total payroll cost

Here is an example of shorter term projections copied and pasted directly from Exl-Plan's built-inTextual Summary Report (more information) as a “picture”.

This table was "pasted in" as picture from Exl-Plan , PlanWare's Excel-based financial planner.

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The foregoing tables are for illustrative purposes. In practice, they may be more appropriately locatedin an appendix.

10.5. Overhead Expense Projections

Indicate main components of overhead costs and present high-level projections as shown in the

following table:

Years to end xxMonth: 20XX($000)

20XX($000)

20XX($000)

20XX($000)

Total payroll cost

Overhead cost #1

Overhead cost #2

................

Total overhead cost

Include brief explanations of major items or changes.

Here is an example of shorter term projections copied and pasted directly from Exl-Plan's built-inTextual Summary Report (more information) as “pictures”.

This table was "pasted in" as picture from Exl-Plan , PlanWare's Excel-based financial planner.

Charts can be much easier to follow than tables.








This chart was "pasted in" as picture from Exl-Plan , PlanWare's Excel-based financial planner.

Strategic Overview

3.1. Vision

Describe what your business will look like in, say, five years time. Indicate its likely size and thenature, breadth and depth of its operations etc. For example, start your vision with the following:

By 20XX, Xyz will be engaged in xx (activities). It will be selling xx (offerings) to a customer base

comprising xx. It expects to have staff of xx mainly engaged in xx (activities) and located at xx. Annual sales could be xx and net income could reach xx. A key feature of Xyz will be its emphasis on xx to maintain its competitive advantage. And so on .....

For further guidance, see the white paper on Developing a Business Strategy. Also, have a look at the free Online Strategic Planner that could be used to help draft this entire section as illustrated by theSample Strategic Plan.

3.2. Mission

In one succinct paragraph, describe the central purposes and activities ("mission") of your business.Explain concisely what the business is about - along the lines of a so-called "elevator pitch". For example:



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- fully exploit its external opportunities (identify them) and

- avoid major external threats (explain how).

Alternatively, an item along these lines could be included as part of the overall 14. Conclusion towards the back of the plan.

For further guidance, see the white papers on Devising Venture Strategies and Developing a BusinessStrategy.

3.6. Strategies

Use bullets to highlight up to eight (or so) key strategies (actions, programs, projects, operatingmethods etc.) in relation to major functional areas - markets, sales, products/services, technology,finance, management, operations etc.

Be sure you are presenting realistic, medium-term strategies and not merely short-term tactics. Thefollowing table highlights differences between strategic and tactical issues when planning a holiday:

Strategic Tactical

When to go ? What to pack ?

Where to go ? How to get to airport ?

Who to go with ? Where to go on third day ?

How to travel ? Hire car for a day ?

What budget ? What presents to buy ?

How long to go for ? When to use taxis ?

Clearly, it would not make much sense when planning a holiday to address the tactical issues without

first having resolved the strategic matters. This also applies to strategic planning for a business plan.

Your strategies are critically important, as they become the road map for all the (tactical) detail presented in the balance of the plan. In essence, set out the basic strategies in this subsection and thenuse the remainder of your plan to flesh out the detail.

Use 3.5. SWOTs above to prompt thinking on internal and external issues as indicated in the table below and explain how your plan will deal with them in strategic terms.

Internal External

.. build on strengths .. exploit opportunities

.. resolve weaknesses .. avoid threats

Here are some possible strategies for a newly formed handbag designer/producer/distributor:

Markets:

• Target high-income earners in the 18-25 age group

• After two years expand into the 25-35 age group

Sales:

• Initially, sell directly via own and third-party web sites

• Progressively appoint distributors and agents to target specialist retail outlets within xxStates

• Establish a foothold in the xx Country by means of a joint venture.Offerings:


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• Limit initial offerings to four main designs of handbags

• Extend range by reselling handbags produced within xx Country by 20XX

• Extend range to include "weekend-size" cases

Design:

• Update designs on annual basis with particular reference to xx trends

Operations:

• Develop a networks of sub-contract manufacturers

• Use third parties for distribution

• Operate from rented space at xx City

Management:

• Build up a strong experienced team (4) within first year

• Appoint high-caliber non-execs (2) to board

Finance:

• Raise external equity of $xx in two rounds in years 1 and 2.

For further guidance, see the white papers on Devising Venture Strategies and Developing a BusinessStrategy.

3.7. Goals/Targets

Summarize the prime goals/targets - for sales, profits, employment, market shares etc. – to beachieved within the life of your plan i.e. three to five years.

For example, the handbag firm might have the following third-year targets:

Achieve annual sales of at least $2 million

Net profit margin of 5%+

Ten main outlets in about xx Countries/States

Offer at least ten significant ranges

Recognition as a high fashion designer.

For further guidance, see the white paper on Developing a Business Strategy. Also, have a look at the free Online Strategic Planner that could be used to help draft this entire section as illustrated by theSample Strategic Plan.

Develop Business Strategies

Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likelythe case, a series of strategies or combinations of tactics will suggest themselves. Use the SWOTs tohelp identify possible strategies as follows:

• Build on strengths

• Resolve weaknesses

• Exploit opportunities

• Avoid threats

The resulting strategies can then be filtered and moulded to form the basis of a realistic strategic plan- see also Devising Business Strategies for further insights into the development of strategies.





















Sample

Strategic Plan

forAnyBiz Inc

This document sets out a strategic plan for AnyBiz Inc. It reviews strengths, weaknesses, threats andopportunities; presents a series of statements relating to AnyBiz Inc's vision, mission, values andobjectives; and sets out its proposed strategies and goals.

Strengths, Weaknesses, Threats & Opportunities

This strategic plan addresses the following key strengths, weaknesses, threats and opportunities for AnyBiz Inc:

Strengths: Weaknesses:

• R and D almost complete

• Basis for strong management team

• Key first major customer acquired

• Initial product can evolve into range of offerings

• Located near a major centre of excellence

• Very focused management/staff • Well-rounded and managed business

• Overdependent on borrowings -Insufficient cash resources

• Board of Directors is too narrow

• Lack of awareness amongst prospectivecustomers

• Need to relocate to larger premises

• Absence of strong sales/marketingexpertise

• Overdependence on few key staff • Emerging new technologies may move

market in new directions

Threats: Opportunities:

• Major player may enter targeted marketsegment

• New technology may make productsobsolescent

• Economic slowdown could reduce

demand• Euro/Yen may move against $

• Market may become price sensitive

• Market segment's growth could attractmajor competition

• Market segment is poised for rapidgrowth

• Export markets offer great potential

•Distribution channels seeking new

products

• Scope to diversify into related marketsegments

Vision

The promoters' vision of AnyBiz Inc in 3-4 year's time is:

AnyBiz will be operating from a xxx sq. ft. unit near xxx Town. It will have

annualized sales of $xxx and be profitable. It will employ xxx people mainlyengaged in R and D, marketing, support and admin. AnyBiz will offer xxx core



products and provide added-value services to a large customer base throughout

the xxx market segments and in xxx countries overseas. AnyBiz's offerings will

be technically advanced and offer many clear-cut advantages and improvements

over competitors' possible offerings. AnyBiz will continue to expand through

organic growth and acquisitions in related technology/market segments. It will

have recently received mezzanine finance prior to a public offering.

Mission Statement

The central purpose and role of AnyBiz Inc is defined as:

AnyBiz designs, develops and markets advanced systems for specialist data

capture and transaction processing management. These web-based systems work

with specialist hardware supplied by major integrators. They are sold to small,

medium and large-sized companies within the xxx industries for a range of

specialist applications. AnyBiz's systems are distinguished from competition by

their sophisticated interfaces, scalability and ease of modification and are

extensively patented. Sales are made directly and through major

distributors/OEMs in the home market and overseas.

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Corporate Values

The corporate values governing AnyBiz Inc's development will include the following:

1. AnyBiz operates in accordance with the highest standards in all relationships with customers,suppliers, environment and the community.

2. AnyBiz fosters a climate which encourages innovation and diligence amongst staff andrewards accordingly.

Business Objectives

Longer term business objectives of AnyBiz Inc are summarized as:

1. To expand the business aggressively and offer above-average returns to shareholders.

2. To become the leading, innovative systems company within the xx market segments.

Key Strategies

The following critical strategies will be pursued by AnyBiz Inc:

1. Accelerate product launches by strengthening R and D team2. Extend links with key technology centres

3. Raise additional venture capital

4. Expand senior management team in sales/marketing

5. Recruit non-executive directors

6. Strengthen human resources function and introduce share options for staff

7. Appoint advisers for intellectual property and finance

8. Seek new market segments/applications for products

The following important strategies will also be followed:

1. Locate new premises adjacent to xxx

2. Commission assessments of key markets

3. Start participating in trade shows and missions

4. Develop overseas market entry plans

5. Pursue strategic alliances with complementary players

6. Strengthen web presence and promote

7. Seek new market segments/applications for products

Major Goals

The following key targets will be achieved by AnyBiz Inc over the next 3-4 years:

1. Achieve sales of $xx million by 200X

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2. Report annualized profits of $xx million in 200X

3. Secure xx% of the xx market segment by 200X

4. Become largest supplier of xxx systems in xx countries within xx years

5. Undertake an IPO by 200X

6. Employ xxx people including xx% technically qualified by 200X7. Have sales offices or agents in xx key markets before 200X

Strategic Action Programs

The following strategic action programs will be implemented:

1. CEO: Prepare comprehensive business plan and develop contacts to raise VC within 6-9months.

2. CFO: Recruit Marketing Director and other key staff for marketing/sales and HR Director within 3-4 months.

3. TechDir: Review R and D resources and scope for technical alliances - expand with arrival of

VC.4. Board: Expand BoD to include further independent financial, technical and industrial

expertise prior to seeking VC.

5. All: Develop and implement accelerated market entry and development plans.

Reference


In other words, what is the underlying reason a customer would do business with

your company?

1) Define Your Business and Vision

Defining your vision is important. It will become the driving force of your

business. Here are questions that will help you clarify your vision:

• Who is the customer?• What business are you in?• What do you sell (product/service)?•

What is your plan for growth?• What is your primary competitive advantage?

2) Write Down Your Goals

Create a list of goals with a brief description of action items. If your business is a

start up, you will want to put more effort into your short-term goals. Often a new

business concept must go through a period of research and development before

the outcome can be accurately predicted for longer time frames.

Create two sets of goals:

1. Short term: range from six to 12 months.

2. Long term: can be two to five years.



Explain, as specifically as possible, what you want to achieve. Start with your

personal goals. Then list your business goals. Answer these questions:

• As the owner of this business, what do you want to achieve?• How large or small do you want this business to be?• Do you want to include family in your business?• Staff: do you desire to provide employment, or perhaps, you have a strong

opinion on not wanting to manage people.• Is there some cause that you want the business to address?• Describe the quality, quantity and/or service and customer satisfaction

levels.• How would you describe your primary competitive advantage?• How do you see the business making a difference in the lives of your

customers?

3) Understand Your Customer

It is not realistic to expect you can meet the needs of everyone, no business can.

Choose your target market carefully. Overlook this area, and I guarantee you willbe disappointed with the performance of your business. Get this right and you

will be more than pleased with the results.

• Needs: what unmet needs do your prospective customers have? How doesyour business meet those needs? It is usually something the customerdoes not have or a need that is not currently being met. Identify thoseunmet needs.

• Wants: think of this as your customer’s desire or wish. It can also be adeficiency.

• Problems: remember people buy things to solve a specific problem. Whatproblems does your product or service solve?

• Perceptions: what are the negative and positive perceptions thatcustomers have about you, your profession and its products or services?Identify both the negative and positive consequences. You will be able touse what you learn when you start marketing and promoting yourbusiness.

4) Learn From Your Competition

You can learn a lot about your business and customers by looking at how your

competitors do business. Here are some questions to help you learn from your

competition and focus on your customer:

•

What do you know about your target market?• What competitors do you have?• How are competitors approaching the market?• What are the competitor’s weaknesses and strengths?• How can you improve upon the competition’s approach?• What are the lifestyles, demographics and psychographics of your ideal

customer?

5) Financial Matters

How will you make money? What is your break-even point? How much profit

potential does your business have? Take the time to invest in preparing financial

projections.



These projections should take into account the collection period for your

accounts receivables (outstanding customer accounts) as well as the payment

terms for your suppliers. For example, you may pay your bills in 30 days, but

have to wait 45-60 days to get paid from your customers.

A cash flow projection will show you how much working capital you will needduring those “gaps” in your cash position.

I recommend thinking about these six key areas:

1. Start up Investment2. Assumptions3. Running Monthly Overhead4. Streamlined Sales Forecast5. Cumulative Cash6. Break-even

6) Identify Your Marketing Strategy

There are four steps to creating a marketing strategy for your business:

1. Identify All Target Markets: define WHO is your ideal customer ortarget market. Most companies experience 80% of their business from20% of their customers. It makes sense then to direct your time andenergy toward those customers who are most important.

2. Qualify the Best Target Markets: the purpose of this step is to furtherqualify and determine which customer profile meets the best odds of success. The strategy is to position your business at the same level as themajority of the buyers you are targeting. It is critical to figure out who yourbest customers are and how to best position your company in themarketplace.

3. Identify Tools, Strategies and Methods: a market you cannot accessis a market you cannot serve. Marketing is the process of finding,communicating and educating your primary market about your productsand services. Choose a combination of tools and strategies, that whencombined, increase your odds of success.

Test Marketing Strategy and Tools: the assumptions we do not verify are typically the onesthat have the potential to create business problems. Take the time to test all businessassumptions, especially when you are making major expenditures.

Documents

Bibin Business Plan