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What Is A Business Plan?. Objectives. To develop a document that presents a picture of the business, where the business is going, and how it will get there To understand the organization of a business plan . “If you don’t know where you’re going, you may end up somewhere else.”

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objectives
Objectives
  • To develop a document that presents a picture of the business, where the business is going, and how it will get there
  • To understand the organization of a business plan
slide3
“If you don’t know

where you’re going,

you may end up

somewhere else.”

-Casey Stengel

what is a business plan4
What Is A Business Plan?
  • A document that conveys your organization’s prospects and growth potential. It describes:

– You and your products and services

– The market and your role in it

  • Shows you are committed to achieving a vision
  • Good follow-up to developing a strategic plan
  • Keeps focus on end product
format of the business plan
Format of the Business Plan
  • Title Page
  • Executive Summary
  • Vision/Mission and Goals
  • Current Position
  • Strategic Analysis
  • Implementation
  • Projections
executive summary
Executive summary
  • Written last
  • Maximum of two pages
  • Major points of each section
vision mission goals
Vision/Mission & Goals
  • Where is the business headed?
  • What do you want the business to achieve?
  • What time frame?
current position
Current Position
  • How do you describe the farm?
    • History: important milestones
    • Products/services: What? How much?
    • Resources: Who owns what? What is their reward?
    • Management: Who? What do they do?
    • Organizational Structure: Who’s the boss?
    • Marketing: What tools? What customers?
    • Ownership Structure: Legal form?
current position9

Production

Resources

Management

Resources

Land (shares)

Land (cash rent)

Machinery

Paid Labor

Unpaid Labor

  • Management Responsibility and Authority
  • Organizational chart

Contribution

Compensation

Products/Services

Pie Chart

Of Gross

Sales by

Enterprise

Current Position

Farm

Business

strategic analysis
Strategic Analysis
  • What opportunities and threats does the business face?
  • What are our strengths and weakness?
  • What do we do better than others?
  • What strategy will we use?
implementation
Implementation
  • For each business unit
    • What size?
    • What resources will be needed?
    • How will the resources be acquired?
    • How will product/service be marketed?
    • What performance targets will be set?
implementation12
Implementation
  • For the firm as a whole
    • What is the scope of business?
    • How will it be financed?
    • How will the business be organized?
    • What are our social responsibilities?
    • How will we develop new management skills?
    • When will it happen?
    • How much will it cost/generate?
projections
Projections
  • What numbers can we put behind our plan?
  • What assumptions have we made?
  • What do we expect for our ROA and ROE?
  • What is our contingency plan?
  • What will we do in an emergency?
be sure that
Be sure that . . .
  • Your goals are tied to your vision
  • You can point to major opportunities
  • You’re prepared for threats
  • You’ve described your customers
  • You know your strengths/weaknesses
  • Your strategy makes sense
  • Your data is accurate
  • You’re really ready for change
  • Your plan is clear, concise, and current
keep in mind that
Keep in mind that. . .
  • This is an opportunity to work on the business
  • This is important and difficult work but not urgent
  • The value of the work will increase as you share, review, and update the business plan
now what
Now what?
  • Share your plan judiciously
  • Live it
  • Revisit and revise
references
References
  • The Business Plan: Roadmap to Success. www.sba.gov/starting/indexbusplans.html
  • Tiffany, Paul and Steven D. Peterson. Business Plans for Dummies. Foster City, CA: IDG Books, 1997.