mr. young business management crafting a winning business plan

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