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MANA 3325 – Thurburn Lecture #4 Slides. Product or Service Feasibility. Primary Research – Most Valuable & Expensive: Customer Surveys Focus Groups Prototypes In-Home Trials Secondary Research – Less Pertinent & Less Expensive: Trade Associations Direct Mail Lists

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slide1

MANA 3325 – Thurburn

Lecture #4 Slides

Product or Service Feasibility

  • Primary Research – Most Valuable & Expensive:
  • Customer Surveys
  • Focus Groups
  • Prototypes
  • In-Home Trials
  • Secondary Research – Less Pertinent & Less Expensive:
  • Trade Associations
  • Direct Mail Lists
  • Demographic Data
  • Census Data
  • Market Research by Others
  • Articles
  • Local Data
  • Internet
slide2

MANA 3325 – Thurburn

Lecture #4 Slides

Financial Feasibility

  • Capital Requirements
  • Do we have enough cash to do it?
  • If not… can we raise the cash needed?
  • Estimated Earnings
  • Does it generate enough cash to sustain itself?
  • Return on Investment
  • Can we get a better return doing something
  • else for a lower risk?
slide3

MANA 3325 – Thurburn

Lecture #4 Slides

Should We?

Can We?

How Do We?

Did We?

Would We?

slide4

MANA 3325 – Thurburn

Lecture #4 Slides

Should We?

Does it fit our Vision and Mission?

Can We?

Do we have adequate resources?

Perform a Feasibility Analysis

How Do We?

Develop a Business Plan

Specify Objectives

Did We Achieve our Goals?

Implement the Business Plan

Measure Results

Would We Do It Again?

Do we pull the plug?

If so… When?

slide5

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

Why Make a Business Plan?

slide6

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

Good Planning Improves Results

Increase Probability of Successful Financing

Helps Prevent Mistakes… I wish we hadn’t !

slide7

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Who is the Plan for?
  • Yourself… essentials may be enough.
  • Partners… more extensive
  • Investors… most extensive
  • The More $$$ the More EXTENSIVE
slide8

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Company
  • Strategy
  • Marketing
  • Implementation
  • Projections
  • Financing
slide9

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Company
    • Title Page
    • Table of Contents
    • Exec Summary
    • Vision & Missions
    • History
    • Industry Profile
    • Products & Services
slide10

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Strategy
    • Goals
    • Objectives
    • Business Strategy
slide11

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Marketing
    • Marketing Strategy
    • Marketing Research
    • Customer Research
    • Competitors Analysis
slide12

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Implementation
    • Management Team
    • Plan of Operations
slide13

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Projections
    • Assumptions
    • Projections
      • Summary & Cash Flow
      • Income Sources
      • COG
      • Expenses
      • Payroll Detail
slide14

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

  • Financing
    • Loan Details if applicable
    • Investor Details if applicable
slide15

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

The 5 Cs of Capital and Financing

Capital

Capacity

Collateral

Character

Conditions

slide16

MANA 3325 – Thurburn

Lecture #4 Slides

The Business Plan

The 5 Cs of Capital and Financing

Capital – Enough? and Balance of Debt vs Equity

Capacity – Cash Flow

Collateral – Liquid or Fixed Assets

Character – Creditor History

Conditions – Terms of Loan

slide17

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Who is the Plan for?
  • Yourself… essentials may be enough.
  • Marketing Strategy
  • Competitor Analysis
  • Financial Projections
slide18

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Who is the Plan for?
  • “Partners”… more extensive … add the
  • Vision & Mission
  • Business & Industry Profile
  • Plan of Operations
  • Partner Buy In T&C
slide19

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

Who is the Plan for?

Investors… most extensive… add the…

…. Full Business Plan….

The More $$$ the More EXTENSIVE

slide20

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

A Plan Must Pass Three Tests

The Reality Test:

The Competitive Test:

The Value Test:

Define Reality Test…?

slide21

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • The Reality Test – proving that:
    • A market really does exist for your product or service.
    • You can actually build or provide it for the cost estimates in the plan.
    • Next… Define the Competitive Test
slide22

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • The Competitive Test – evaluates:
    • A company’s position relative to its competitors.
    • Management’s ability to create a company that will gain an edge over its rivals.
    • Next define the Value Test
slide23

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • The Value Test – proving that:
    • A venture offers investors or lenders an attractive rate of return or a high probability of repayment.
slide24

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

slide25

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Company
  • Strategy
  • Marketing
  • Implementation
  • Projections
  • Financing

What are the sub-parts of the Company Section of a Business Plan?

slide26

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Company
    • Title Page
    • Table of Contents
    • Exec Summary
    • Vision & Missions
    • History
    • Industry Profile
    • Products & Services

What is the difference between Features & Benefits?

slide27

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

Features vs. Benefits

Feature – a descriptive fact about a product or service:“an ergonomically designed, more comfortable handle”

Benefit – what a customer gains from the product or service feature:“fewer problems with carpal tunnel syndrome and increased productivity”

What are the sub-sections of the Strategy Section?

slide28

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Strategy
    • Goals
    • Objectives
    • Business Strategy

What are the sub-sections of the Marketing Section?

slide29

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Marketing
    • Marketing Strategy
    • Marketing Research
    • Customer Research
    • Competitors Analysis

What are the sub-sections of the Implementation Section?

slide30

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Implementation
    • Management Team
    • Plan of Operations

What are the sub-sections of the Projections Section?

slide31

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Projections
    • Assumptions
    • Projections
      • Summary & Cash Flow
      • Income Sources
      • COG
      • Expenses
      • Payroll Detail
slide32

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

  • Proposed Financing
    • Loan Details if applicable
    • Investor Details if applicable
slide33

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

Capital – Enough? and Balance of Debt vs Equity

Capacity – Cash Flow

Collateral – Liquid or Fixed Assets

Character – Creditor History

Conditions – Terms of Loan

slide34

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

Tips on Preparing a Business Plan

  • Make sure your plan has an attractive cover. (First impressions are crucial.)
  • Rid your plan of all spelling and grammatical errors.
  • Make your plan visually appealing.
  • Include a table of contents to allow readers to navigate your plan easily.
  • Make it interesting.
slide35

MANA 3325 – Thurburn

Lecture 09-10-13 Slides

The Business Plan

Investors

Family: The first place you go… need to get some buy in.

Friends: The second place… should be interested.

Network: Hopefully it is full of people with money.

Suppliers: If an extension of an existing business this is a great source of financing.

Money People: Angels, Mezzanine, Growth Stage, M&A