On Monday 1st March, Creative Futures 2010 opened at Glyndwr University with a very informative and insightful line-up aimed at enterpeneurs and new business start-ups. Of particular interest to me was the Business Planning talk given by Garry Greenwood from Venture Wales Ltd who broke down the rather daunting task of business planning into a straightforward process.
A business plan is key in terms of business direction and essential in order to apply for funding. The key sections of a plan should include:
1. Executive Summary
2. Introduction
3. Market and Competitors
4. Marketing Strategy
5. Operations
6. Financial Data and Forecasts
7. Appendices
Executive Summary is a summarisation of the entire plan and as far as applying for finance is concerned is of paramount importance. This summary should give a quick run-down of the plan with particular attention to the highlighting the purpose of the plan/business, the finances, and obstacles to be overcome.
Introduction consists of:
Business idea / Background
Business details
Legal status
Owner / Management details
Product / Service details
Market and Competitors consists of:
Technical specifications
Features and benefits
Unique selling points
Design
Packaging
Future development plans
Marketing Strategy consists of:
Market overview
Customers / Target markets
Market size / Trends
PEST analysis
Competitor analysis
Marketing objectives
Marketing mix
-Product
-Price
-Place
-Promotion
Operations consists of:
Premises
Equipment
Suppliers
People / Staff
Production processes
Systems and procedures
Legal aspects
Health and safety
Quality control
Financial Data and Forecasts consists of:
Details of cost, prices and volumes
Funding requirements
Sources of finance
Cash flow forecast
Profit and loss account
Balance sheet
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