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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

Business Planning

Institute for Certified Business Consultants

Richard A. Quinn

agenda
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
assessment strategy
Assessment Strategy

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

  • Written short answers
  • Practical exercises
  • Case studies
  • Projects
  • Simulation
introduction
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.
feasibility study
Feasibility Study
  • Starting a new business
  • Buying an established business
  • Acquiring a franchise
  • Expanding an existing business
  • Doing business overseas
strategic planning
Strategic Planning
  • Establishing goals
  • SWOT analysis
  • Diagnostic assessment
  • Operational planning
developing a business plan
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
why do i need a business plan
Why do I need a business plan?
  • Realism
  • Outside advice
  • Recognize change
  • Balance growth and opportunities
  • Create a results-oriented business
benefits of business planning
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
the feasibility study
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
starting a new business
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.
evaluating an established business
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?
acquiring a franchise
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
exercise one
Exercise One
  • Develop a feasibility study before lunch
strategic planning15
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?
the strategic planning process
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
setting business objectives
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?
establishing long term goals
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
the swot analysis
The SWOT analysis
  • Why do I need one?
  • Strengths and Weaknesses
  • Threats and Opportunities
  • Who owns what and why
value of a swot analysis
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
what s next
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
this afternoon
This Afternoon:
  • The written Business Plan
  • Getting help and finding resources
  • Wrap-up