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Business Plan Basics

Business Plan Basics . Presented by: Tim Garrison, CPA From: The Controllership Group . Who Needs A Business Plan?. Individuals starting a new business Managers that are responsible for a business, product lines or profit centers

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Business Plan Basics

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  1. Business Plan Basics Presented by: Tim Garrison, CPA From: The Controllership Group

  2. Who Needs A Business Plan? • Individuals starting a new business • Managers that are responsible for a business, product lines or profit centers • Anyone trying to buy an existing business

  3. Why Do a Business Plan • Start up of a business • Acquisitions • Major change in an existing business • Investigate a business opportunity • Bankers and investors

  4. New Ventures Business Type Is Critical • Sole proprietor • Partnership • Single Member Partnership (LLC • LLC, LLP • Corporation • Sub S Corporation

  5. What Is A Business Plan • It is an opportunity to work on your business rather than in it. • Properly done it provides you direction on where you are going. Not unlike a roadmap! • Forces you to investigate and research everything that is or will be part of your business.

  6. Plan Outline • Executive Summary (compelling 2-3 pages it actually is written last) • What is unique about your offering • What stage are you in 3-5 year vision • Market opportunity • Management – who is the complete team • Summarize financial highlights • Summary money invested and money needed, how it will be used and terms of deal you are offering

  7. Plan Outline • The Company • Background on company where organized • Is it an LLC, LP, INC • What are the revenues and profits if business exists at this point • Key players in directing company

  8. Plan Outline • Product/Industry • Describe your product • Where are you at (being researched, in production) • What makes your service or product unique • Where is industry going • Competition

  9. Plan Outline • Market research, competitors and analysis • Overview of market and your positioning • Statistics on market (verifiable independent resources increase credibility) • Honest assessment of competitors • What this means upside and downside

  10. Plan Outline • Marketing And Sales Approach • Overview of your approach to the market • How is your product priced? • Promotion of product/service • How is product or service sold?

  11. Plan Outline • Who Manages And Owns The Company • Describe the management • Who owns the business • How are these people paid and perks • Support team

  12. Plan Outline • Organization And Operating Plan • What your organization looks like • Short version of business processes • Short version of systems in place

  13. Plan Outline • The financial Plan (below is typical for equipment financing) • 3 year projected balance sheet, cash flows and income statements • Assumptions on how $$$$ were arrived at

  14. Plan Outline • Proposed Company Offering • If equity - what do you need and what are you offering for it. • If debt what do you need, interest rate and repayment terms you are asking for. • Uses of cash should be provided also

  15. The Business Plan Team • Your teams strengths will determine who you need to add to your team to balance it. • Few people should attempt this alone!! • The team • CPA or qualified business advisor • Attorney • Banker • Insurance agent • Your internal management team

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