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Business Planning Institute for Certified Business Consultants Richard A. Quinn Agenda Part One: Introduction – Content – Expectations The Feasibility Study – friend or foe? Strategic Planning After Lunch: Part Two: Developing a Business Plan Finding resources Wrap-up

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Business planning l.jpg

Business Planning

Institute for Certified Business Consultants

Richard A. Quinn


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Agenda

Part One:

  • Introduction – Content – Expectations

  • The Feasibility Study – friend or foe?

  • Strategic Planning

    After Lunch:

    Part Two:

  • Developing a Business Plan

  • Finding resources

  • Wrap-up


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Assessment Strategy

Assessment Methods: Participants must complete a variety of assessment methods that will include:

  • Written short answers

  • Practical exercises

  • Case studies

  • Projects

  • Simulation


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Introduction

The objective of this module is to equip the student with the Business Planningskills necessary to assist the small business owner/ manager to:

  • Recognize the importance of business planning to the success of the small business;

  • Apply the knowledge and skills of business planning to the benefit of the small business.


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Feasibility Study

  • Starting a new business

  • Buying an established business

  • Acquiring a franchise

  • Expanding an existing business

  • Doing business overseas


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Strategic Planning

  • Establishing goals

  • SWOT analysis

  • Diagnostic assessment

  • Operational planning


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Developing a Business Plan

  • Format for a business plan

  • Role of the business plan in an on-going business

  • Avoiding fatal errors in the plan


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Why do I need a business plan?

  • Realism

  • Outside advice

  • Recognize change

  • Balance growth and opportunities

  • Create a results-oriented business


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Benefits of Business Planning

  • Reduce “firefighting”

  • Justify plans and actions

  • Test ideas before you write a big check to pay for them

  • Help focus ability and commitment


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The Feasibility Study

  • It’s not just for start-ups

  • It is a form of planning that examines

    • A new business idea

    • Evaluating an existing business

    • Acquiring a franchise

    • Assess the introduction of a new product or service

    • Consider expansion potential

    • Identify new markets to enable diversification


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Starting a new business

  • To determine the feasibility of starting up a completely new venture, there is a need to gather information that will prove the business idea is financially viable and that there is a profit to be made by pursuing it.


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Evaluating an established business

  • What is the market demand and need for this product/service?

  • Can a market be created?

  • What is the level of competition?

  • Is the market growing, static or declining?

  • What is the anticipated selling price?

  • What are the costs involved

    • to produce

    • to operate

    • to distribute

    • to market?

  • What could the business yield in terms of profit and is that sufficient reward?

  • How much financing will be required and is it possible to acquire it?

  • What legal requirements will apply?

  • Is there any special experience or technical expertise required?


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Acquiring a franchise

A franchise is a business arrangement where the franchisee (franchise buyer) is granted the right by the franchisor (franchise seller) to manufacture or sell the product/service of the franchisor within a certain area. Franchises can involve:

  • a system; a unique method of doing business (e.g. motels or fast food)

  • a product; the distribution of products (e.g. cars or petrol)

  • a manufacturing process: the product is manufactured under license (e.g. soft drinks).

  • The benefits of franchising vs. bootstrapping a new business


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Exercise One

  • Develop a feasibility study before lunch


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Strategic Planning

This type of planning is designed to give a business direction and purpose over the long term. It attempts to look beyond the current range of business activities and ask your clients questions such as:

  • What are your goals?

  • Are you in the right business?

  • What is happening to your market in the long term?

  • What is the outlook for your present product/service? Will it become obsolete?


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The strategic planning process:

In formulating a long range plan, the small business owner should follow this series of steps.

  • Set business objectives.

  • Set long range goals.

  • Conduct a SWOT analysis/situational analysis.

  • Develop strategies.

  • Develop an operational plan.

  • Implement your plan

  • Develop an action plan and methods to evaluate performance


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Setting Business Objectives

  • What is the business there for?

  • Why was it created?

  • What are the expectations of the owners?

  • How will the business be conducted?

  • What codes of practice will be adopted?

  • What will be the business philosophy?

  • Is there a commitment to quality, high ethical standards, environmental protection or other ideals?


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Establishing long-term goals

  • How far is the future from here?

  • Mission – What you’re going to provide

  • Vision – What you want to be when you grow up

  • Purpose – Why you’re doing all of this work anyway


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The SWOT analysis

  • Why do I need one?

  • Strengths and Weaknesses

  • Threats and Opportunities

  • Who owns what and why


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Value of a SWOT analysis

  • Developing Strategies

  • Developing an operational plan

  • Setting achievable targets

  • Identifying resources and the means available to achieve targets

  • Provides methods of control and feedback


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What’s Next?

Consider it “Homework”:

  • Identify a business opportunity and create a feasibility study in one of the markets where you have consulted previously

  • Conduct a SWOT analysis for that business


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This Afternoon:

  • The written Business Plan

  • Getting help and finding resources

  • Wrap-up


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