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Road Map to Success Business Plan Preparation Workshop

Road Map to Success Business Plan Preparation Workshop. The Innovation Centre. Innovator Member Support Entrepreneurial Programming Innovation & Project Development The Hatchery. Executive Summary. Write this last Create excitement about the opportunity

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Road Map to Success Business Plan Preparation Workshop

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  1. Road Map to SuccessBusiness Plan Preparation Workshop

  2. The Innovation Centre Innovator Member Support Entrepreneurial Programming Innovation & Project Development The Hatchery

  3. Executive Summary • Write this last • Create excitement about the opportunity • Outline benefits and market potential • State clearly any financing required and terms expected

  4. Mission Statement • A clear statement of your company’s long-term mission. Try to use words that will help direct the growth of your company, but be as concise as possible. WHAT BUSINESS ARE YOU IN?

  5. Business History & Objectives History • Reasons why Objectives • Short Term • Measurable • Believable

  6. Business Overview • List key management resources • Include previous accomplishments to show these are people with a record of success • Summarize number of years of experience in this field • Ownership Structure – Sole Proprietor, Partnership, Incorporation. • Location and Facilities

  7. Products and Services • Description • Features vs Benefits • Production of Products and Services • Future Products and Services • Comparative Advantages • State consumer problems, and define nature of product/service opportunities created by those problems.

  8. Market Analysis Market Research • Secondary • Industry Associations, Trade Journals, Statistics Canada, Economic Information.. • Primary • Focus Groups • Surveys and interviews • Potential customers, suppliers, industry experts…

  9. Market Analysis - Conditions • Industry size • Trends and outlook • Economic trends • Product trends

  10. Market Analysis - Competition • Summarize competition • Outline your company’s competitive advantage • Strengths and weaknesses • Barriers to entry • Positioning

  11. Market Analysis -Customers • Key Product Segments • Key Market Segments – Describe your typical customer • Purchase Process and Buying Criteria

  12. Market Strategy • Price • Product • Promotion • Place –distribution

  13. Benefits of Segmenting Your Market • Choose the promotion that will reach most of your target customers • Ensure the target customers identify with the strategy • Motivate them to purchase • The compromise between the mistake of treating all customers alike and the inefficiency of treating them all differently

  14. Advertising & Promotion • Strategy & execution • Deliver a message successfully • Generate maximum response at least cost • Objective • Sell specific amount of product • Position a product or service • Educate the market • Gain response

  15. Other Promotion • Direct marketing • Overview of strategy, vehicles & timing • Overview of response targets, goals & budget • Third-party marketing • Co-marketing arrangements with other companies

  16. Marketing Perceptions • Perception IS reality • It is personal and emotional and based on experience • What you think does NOT matter • ASK: What does this do to the perception of my customers?

  17. Image Creation • Everything creates image • Policies • Procedures • Product • Service • Location • Colours • Interior • Telephone answering • Promotional Material….. • Be Consistent • Know Your Customer • Base it on your customer

  18. Distribution • Distribution strategy • Channels of distribution • Direct Sales, Dealers, Distributors, Big Box, Licensing • Distribution by channel • Wholesale • Retail • Sales rep

  19. Management and Staffing • Organizational Structure • Management Team • Staffing • Labour Market Issues

  20. Regulatory Issues • Intellectual Property Protection • Permits • Environmental issues • Future regulation

  21. Financial Plan • High-level financial plan that defines financial model, pricing assumptions, and reviews yearly expected sales and profits for the next three years. • Cashflow – monthly for first 12 months • 3 year Income Statement and Balance Sheet Projections • Statement of Forecast Assumptions • Sources and Uses of Funds Statement

  22. Risks & Rewards • Risks • Summarize risks of proposed project • Addressing risk • Summarize how risks will be addressed • Rewards • Estimate expected pay-off, particularly if seeking funding

  23. Key Issues • Near term • Isolate key decisions and issues that need immediate or near-term resolution • Long term • Isolate issues needing long-term resolution • State consequences of decision postponement • If you are seeking funding, state specifics

  24. Thank You! Graham Mailhot NWO Innovation Centre 1294 Balmoral Street Thunder Bay, ON P7B 5Z5 Phone: 768-6682 Email: graham@nwoinnovation.ca www.nwoinnovation.ca

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