nes enterprise series 2010 - business planning fundamentals
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Joe RouseAdvisor, NUS Enterprise
Business Planning Fundamentals
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Science undergrad, MBA marketing & finance ◦ Both from Queen’s University, Canada
Product management roles at BMS Tundra Semiconductor (Networking)
◦ Highly-succesful IPO Philsar Semiconductor (Wireless)
◦ Acq. by then-NASDAQ leader Conexant Systems iNovia Capital - IRR 47% GridIron Software (SW development tools) Pioneer Capital Partners
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Me◦Present an overview of business planning as
a keystone to entrepreneurial success◦Outline what a great business plan should
include You
◦Better determine what you need to complete your business plan to help our company get investment-ready So ask questions at any time
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What a business plan is◦ A 3-5 year narrative roadmap for your
business’ success◦ A description of the essential
‘Who/What/When/Where/Why and How’ of your business
◦ A stand-alone, living & breathing document◦ The basis of a contract between you and your
key internal and external stakeholders
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Internal reasons◦Build & maintain alignment within the team◦Promote consistency and other business
disciplines◦Reference for the future
External reasons◦Build & maintain alignment with external
stakeholders (especially investors)◦Establish credibility and trust◦Reference for the future
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Always write your own business plan◦ An opportunity for focus, clarity of thought
and greater customer/market insight, as well as alignment amongst stakeholders
◦ No one should know more about your business than you and your team
◦ But confer with experienced help as required
◦ Your story must come from your head- and heart
◦ Make sure it is proofred, er, proofread by a stickler for grammar
◦ Know your audiences!
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So what? ◦ What is the critical pain that your product/service
solves Who cares?
◦ What are the markets that have this pain, ‘where’ and how big are they? How fast are they growing?
Why you?◦ Why (and how) will you best serve the customer
versus the competition ◦ i.e. why you will win!
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Executive Summary Especially business objectives The Company and the Team
Market Opportunity Product Description and Business Model Go To Market Strategy
Include competitive set and marketing & sales plan!
Financial Plan Raise quantum sought, uses of proceeds Exit strategy and target ROIROI
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Credible management team, led by a compelling CEO
Market-based product/service for a validated market
Credible, sustainable business model Strong competitive analysis and positioning Well-defined exit strategy with attractive ROI
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Experienced advisors Company valuation based on future revenue
and profit, as well as recent comparable financings/exits
Appropriate intellectual property strategy & plan
Evidence that the founder/leader likes to work with other smart, engaged, passionate people, can share the wealth, and understands what ‘win-win’ means
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More on markets and customers, less on technology
Use graphics and charts effectively Don’t disparage or dismiss your
competition In general, ‘Less is More’
Most plans are not read from cover to cover Your executive summary is critical, as are your
financials and any early market validation/engagement
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Online resources for business planning No shortage of these
Warning: Cognitive dissonance is a real possibility When in doubt, follow Guy Kawasaki’s advice:
Be specific, keep it straightforward, and ask women. Guy believes that women don't possess the ‘one upmanship’ gene inherent in men, and thus will be able to give better advice about your business plan
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Remember the old adage◦“If you fail to plan, you plan to fail”
Short stories are harder to write than long novels, but tend to get read, remembered and referred!
Thanks and good luck!