Developing-Business-Plan

Financial Planning Summary

• Overview of business planning and its components.

Timeline

• Structured planning stages from initial preparation to long-term strategies.

Company Background

• Key information about the company and its market.

Business Plan Components

Operations

• Details on how the business will operate.

Product Description

• Description of products or services offered.

SWOT Analysis

• Strengths, Weaknesses, Opportunities, Threats assessment.

Marketing Plan

• Strategies for reaching target customers.

Competitor Analysis

• Evaluation of competitors in the market.

Inspirational Quote

• "For I know the plans I have for you..." - Jeremiah 29:11

What is Business Planning?

• Definition: Planning involves knowing what to do, how to do it, when to do it, and what to expect in the future.

• Importance of goal attainment.

What is a Business Plan?

• A written document outlining the internal and external factors of a new venture.

• Integration of marketing, finance, manufacturing, sales, and human resources strategies.

Principles of Planning

• Realistic and flexible planning based on needs.

• Starting with simple projects.

Stages of Business Planning (Phillip Kotler)

1. Unplanned Stage: Seeking funds and customers.

2. Budgeting System Stage: Developing a budgeting system.

3. Annual Planning Stage: Drafting an annual plan.

4. Strategic Planning Stages: Longer-term planning (3-5 years).

Criteria of Effective Planning

• Clear objectives, measurable outcomes, guiding policies, involved departments.

• Time allocation, required resources, accountability.

Components of Business Planning

1. SWOT Analysis

2. Objectives

3. Strategies

4. Time Frame

Characteristics of a Sound Business Plan

• Objective, clear, logical, flexible, stable, and integrated approach.

Obtaining Facts for a Business Plan

• Questions to gather data:

  • Uniqueness of products/services.

  • Competitor analysis.

  • Customer purchasing patterns.

  • Market share and potential.

  • Business location decisions.

Steps in Business Planning

1. Evaluate personal and community resources.

2. Analyze the market.

3. Choose a business location.

4. Prepare a financial plan.

5. Prepare a production and organizational plan.

6. Prepare a management plan.

Importance of Business Planning

• Risk elimination, cost minimization, operational weaknesses detection.

• Vital elements: Profit, sales, ideas, projects, innovation, performance, goals, management strategy, market opportunities.

Conclusion

• Comparison: Business planning is essential, akin to navigating without a map.

• Quote by Kevin J. Donaldson emphasizes the importance of having a business plan.

Acknowledgment

• Thank you for your attention.