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NDBF – A preliminary business proposal. Lim Sei Kee @ cK. Objectives. Select One viable idea Select One idea for contingency Identify and embed a social responsibility of a business Write a short business proposal Make oral presentation. introduction to writing a business plan.

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Presentation Transcript
objectives
Objectives
  • Select One viable idea
  • Select One idea for contingency
  • Identify and embed a social responsibility of a business
  • Write a short business proposal
  • Make oral presentation
introduction to writing a business plan
introduction to writing a business plan
  • Planning is a process leading to the formulation of a plan
  • A plan is the outcome of the planning process
  • The planning process (thinking, researching, consulting, discussing) is at least as important as the final written plan
a business plan is
A business plan is:
  • A report showing the plans of the business, often used to attract finance from investors and creditors
  • A document that is designed to provide information about a new business or venture to persuade financial backer to invest in a business
  • The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required
business plans raising finance
Business plans & raising finance

A business plan is essential to:

  • Persuade people to invest in an enterprise
  • Convince creditors about the credit worthiness of the enterprise
to persuade banks and others to lend or invest money it is necessary to
To persuade banks and others to lend or invest money it is necessary to:
  • Demonstrate the lender/investor has a good chance of being repaid or getting a good return on their investment
  • Build confidence about the firm and owners’ capabilities
  • Demonstrate that there is a good market for the product or service
internal uses of a business plan
Internal uses of a business plan
  • Clarify objectives
  • Provide a sense of direction, purpose and urgency
  • Plan all aspects and ensure that nothing is overlooked
  • Provide a checklist to help run and control the business
  • Monitor progress and success
  • Improve performance
  • Improve motivation and communication
  • Allocate responsibility
  • Better control and co-ordination and greater consistency
  • Failing to plan makes an organisation reactive, vulnerable to threats and closed to opportunities
characteristics of effective business plans
CharacterIstics of effective business plans

Business plans are more effective if…

  • They are carefully researched
  • They contain detailed market analysis
  • They are used as a reference point for decisions
  • Actual performance is compared with objectives and objectives are regularly updated
  • They evolve over time to ensure that growth targets are realistic and challenging
ten common mistakes in producing a business plan
Ten common mistakes in producing a business plan
  • Failing to plan in the first place
  • Shrugging off values and vision - these are there to remind the entrepreneur where he/she wants to go
  • Second guessing the customer - ignore your customer at your peril
  • Underestimating the competition
  • Ignoring the firms own strengths and weaknesses
  • Mistaking a budget for a plan
  • Shying away from reasonable risk
  • Allowing one person to dominate the plan
  • Being afraid to change
  • Forgetting to motivate and reward