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The importance of business plan: 5 key reasons.
A key part of any business is its business plan. They can help define the goals of your business and help it reach success. A good business plan can also help you develop an adequate marketing strategy. There are a number of reasons all business owners need business plans, keep reading to learn more!
Here’s What We’ll Cover:
What Is a Business Plan?
5 reasons you need a well-written business plan, how do i make a business plan, key takeaways.
A business plan contains detailed information that can help determine its success. Some of this information can include the following:
- Market analysis
- Cash flow projection
- Competitive analysis
- Financial statements and financial projections
- An operating plan
A solid business plan is a good way to attract potential investors. It can also help you display to business partners that you have a successful business growing. In a competitive landscape, a formal business plan is your key to success.
Check out all of the biggest reasons you need a good business plan below.
1. To Secure Funding
Whether you’re seeking funding from a venture capitalist or a bank, you’ll need a business plan. Business plans are the foundation of a business. They tell the parties that you’re seeking funding from whether or not you’re worth investing in. If you need any sort of outside financing, you’ll need a good business plan to secure it.
2. Set and Communicate Goals
A business plan gives you a tangible way of reviewing your business goals. Business plans revolve around the present and the future. When you establish your goals and put them in writing, you’re more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike.
3. Prove Viability in the Market
While many businesses are born from passion, not many will last without an effective business plan. While a business concept may seem sound, things may change once the specifics are written down. Often, people who attempt to start a business without a plan will fail. This is because they don’t take into account all of the planning and funds needed to get a business off of the ground.
Market research is a large part of the business planning process. It lets you review your potential customers, as well as the competition, in your field. By understanding both you can set price points for products or services. Sometimes, it may not make sense to start a business based on the existing competition. Other times, market research can guide you to effective marketing strategies that others lack. To have a successful business, it has to be viable. A business plan will help you determine that.
4. They Help Owners Avoid Failure
Far too often, small businesses fail. Many times, this is due to the lack of a strong business plan. There are many reasons that small businesses fail, most of which can be avoided by developing a business plan. Some of them are listed below, which can be avoided by having a business plan:
- The market doesn’t need the business’s product or service
- The business didn’t take into account the amount of capital needed
- The market is oversaturated
- The prices set by the business are too high, pushing potential customers away
Any good business plan includes information to help business owners avoid these issues.
5. Business Plans Reduce Risk
Related to the last reason, business plans help reduce risk. A well-thought-out business plan helps reduce risky decisions. They help business owners make informed decisions based on the research they conduct. Any business owner can tell you that the most important part of their job is making critical decisions. A business plan that factors in all possible situations helps make those decisions.
Luckily, there are plenty of tools available to help you create a business plan. A simple search can lead you to helpful tools, like a business plan template . These are helpful, as they let you fill in the information as you go. Many of them provide basic instructions on how to create the business plan, as well.
If you plan on starting a business, you’ll need a business plan. They’re good for a vast number of things. Business plans help owners make informed decisions, as well as set goals and secure funding. Don’t put off putting together your business plan!
If you’re in the planning stages of your business, be sure to check out our resource hub . We have plenty of valuable resources and articles for you when you’re just getting started. Check it out today!
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What Is the Importance & Purpose of a Business Plan?
- Small Business
- Business Planning & Strategy
- Importance of Business Plans
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What Is an Appendix in a Business Plan?
How to write a constitution for a nonprofit organization, how to make a paragraph in an email.
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Small-business owners have been known to describe business plans in the most colorful terms. Since a business plan requires a huge time commitment, it's understandable why you may have heard it described as “detailed,” “expansive” and even “exhausting.” Business plans can be all of these things, but there probably isn't a small-business owner alive who wouldn't add another word to the list once the exercise is complete: “ Necessary.”
The main purpose of a business plan is to answer two key questions. What does this business hope to accomplish? How are we going to accomplish it?
Start from the Bottom Up
This is no lead-in to a pep talk, but if it serves as one, it would be OK with the U.S. Small Business Administration. It has long touted a business plan as the foundation of a business – and you know what would happen to a house if it were built on a shaky, unreliable foundation.
Small-business advocates like to say that a business plan is a must-have document for both potential business partners and investors. But after contemplating the purpose, importance and actual contents of a business plan, you might agree that it's most valuable to the small-business owner who writes it.
Grasp the Purpose of the Plan
Writers would say that they are guided by purpose; they have to know why they are writing and what they hope to achieve. Although it may ultimately consist of dozens of pages, a business plan must answer two fundamental questions:
- What do I hope to accomplish?* How am I going to accomplish it?
These questions serve as a backdrop as the business plan probes:
- The business model of a new venture
- The opportunities and risks it faces
- Current market trends, including customer demand, competition, business volume and prices
- The business' objectives
- Financial projections
All told, the business plan functions as a “road map for how to structure, run and grow” a business, the SBA says.
Grasp the Importance of the Plan
Anytime you assign your thoughts to paper, you hopefully achieve clarity of purpose; good writing demands it. For the small-business owner who is understandably a bit “fuzzy” on some of the details of launching a business and all that it involves, a business plan can crystallize concepts and ideas.
In this way, a business plan becomes a compass, supplying direction and focus as an entrepreneur's business vision takes shape.
Many small-business owners liken the launch of their business as a journey. It's an apt analogy – and one worth extending. If you wouldn't embark on a trip across town, much less across the country, without figuring out how you're going to get there, it defies logic how anybody could consider embarking on the journey of a lifetime without a business plan. It should take the front-row seat before the journey even begins.
The Plan Should be Written Without Delay
That distinction is important for two other reasons, besides navigational value:
- Many researchers, including those at Harvard Business Review, find that the most successful entrepreneurs don't procrastinate writing their business plan. They get to work on it between six and 12 months after deciding to start a business.
- Once you make the commitment to launch a business, you will have time for little else. It will become the focus of your time and energies.
Open the Table of Contents
Like that demanding college professor with high expectations, reviewing a template of a business plan has a way of dispelling any notion that a business plan can be written in one night, or even two. It takes time to do it right and complete the sections in a thoughtful manner. The sections include:
- The executive summary
- Company description
- Product or service offering
- Management and organization
- Market analysis
- Marketing and sales management
As you go about implementing the countless details involved in starting a business, you probably will refer to your business plan repeatedly. It may become your most valuable resource, so don't even think about filing it away – unless you file it under “N,” for “necessary.”
- U.S. Small Business Administration: Write your business plan
- SCORE: What is the purpose of a business plan?
- Business Case Analysis: Business Plan Purpose, Contents
- Harvard Business Review: When Should Entrepreneurs Write Their Business Plans?
Mary Wroblewski earned a master's degree with high honors in communications and has worked as a reporter and editor in two Chicago newsrooms. Then she launched her own small business, which specialized in assisting small business owners with “all things marketing” – from drafting a marketing plan and writing website copy to crafting media plans and developing email campaigns. Mary writes extensively about small business issues and especially “all things marketing.”
What are the functions of a business plan, how to write a preface for a business plan, definition of business objectives & goals, can an organization have a successful strategic plan without effective mission & vision statements, the disadvantages of business planning, marketing program examples in a business plan, why is an effective business plan introduction important, definition of a swot analysis, what does "abridged" mean on a business plan, most popular.
- 1 What Are the Functions of a Business Plan?
- 2 How to Write a Preface for a Business Plan
- 3 Definition of Business Objectives & Goals
- 4 Can an Organization Have a Successful Strategic Plan Without Effective Mission & Vision Statements?
Do you REALLY need a business plan?
The top three questions that I get asked most frequently as a professional business plan writer will probably not surprise you:
- What is the purpose of a business plan – why is it really required?
- How is it going to benefit my business if I write a business plan?
- Is a business plan really that important – how can I actually use it?
Keep reading to get my take on what the most essential advantages of preparing a business plan are—and why you may (not) need to prepare one.
The importance, purpose and benefit of a business plan is in that it enables you to validate a business idea, secure funding, set strategic goals – and then take organized action on those goals by making decisions, managing resources, risk and change, while effectively communicating with stakeholders.
Let’s take a closer look at how each of the important business planning benefits can catapult your business forward:
1. Validate Your Business Idea
The process of writing your business plan will force you to ask the difficult questions about the major components of your business, including:
- External: industry, target market of prospective customers, competitive landscape
- Internal: business model, unique selling proposition, operations, marketing, finance
Business planning connects the dots to draw a big picture of the entire business.
And imagine how much time and money you would save if working through a business plan revealed that your business idea is untenable. You would be surprised how often that happens – an idea that once sounded so very promising may easily fall apart after you actually write down all the facts, details and numbers.
While you may be tempted to jump directly into start-up mode, writing a business plan is an essential first step to check the feasibility of a business before investing too much time and money into it. Business plans help to confirm that the idea you are so passionate and convinced about is solid from business point of view.
Take the time to do the necessary research and work through a proper business plan. The more you know, the higher the likelihood that your business will succeed.
2. Set and Track Goals
Successful businesses are dynamic and continuously evolve. And so are good business plans that allow you to:
- Priorities: Regularly set goals, targets (e.g., sales revenues reached), milestones (e.g. number of employees hired), performance indicators and metrics for short, mid and long term
- Accountability: Track your progress toward goals and benchmarks
- Course-correction: make changes to your business as you learn more about your market and what works and what does not
- Mission: Refer to a clear set of values to help steer your business through any times of trouble
Essentially, business plan is a blueprint and an important strategic tool that keeps you focused, motivated and accountable to keep your business on track. When used properly and consulted regularly, it can help you measure and manage what you are working so hard to create – your long-term vision.
As humans, we work better when we have clear goals we can work towards. The everyday business hustle makes it challenging to keep an eye on the strategic priorities. The business planning process serves as a useful reminder.
3. Take Action
A business plan is also a plan of action . At its core, your plan identifies where you are now, where you want your business to go, and how you will get there.
Planning out exactly how you are going to turn your vision into a successful business is perhaps the most important step between an idea and reality. Success comes not only from having a vision but working towards that vision in a systematic and organized way.
A good business plan clearly outlines specific steps necessary to turn the business objectives into reality. Think of it as a roadmap to success. The strategy and tactics need to be in alignment to make sure that your day-to-day activities lead to the achievement of your business goals.
4. Manage Resources
A business plan also provides insight on how resources required for achieving your business goals will be structured and allocated according to their strategic priority. For example:
Large Spending Decisions
- Assets: When and in what amount will the business commit resources to buy/lease new assets, such as computers or vehicles.
- Human Resources: Objectives for hiring new employees, including not only their pay but how they will help the business grow and flourish.
- Business Space: Information on costs of renting/buying space for offices, retail, manufacturing or other operations, for example when expanding to a new location.
Cash Flow It is essential that a business carefully plans and manages cash flows to ensure that there are optimal levels of cash in the bank at all times and avoid situations where the business could run out of cash and could not afford to pay its bills.
Revenues v. Expenses In addition, your business plan will compare your revenue forecasts to the budgeted costs to make sure that your financials are healthy and the business is set up for success.
5. Make Decisions
Whether you are starting a small business or expanding an existing one, a business plan is an important tool to help guide your decisions:
Sound decisions Gathering information for the business plan boosts your knowledge across many important areas of the business:
- Industry, market, customers and competitors
- Financial projections (e.g., revenue, expenses, assets, cash flow)
- Operations, technology and logistics
- Human resources (management and staff)
- Creating value for your customer through products and services
Decision-making skills The business planning process involves thorough research and critical thinking about many intertwined and complex business issues. As a result, it solidifies the decision-making skills of the business owner and builds a solid foundation for strategic planning , prioritization and sound decision making in your business. The more you understand, the better your decisions will be.
Planning Thorough planning allows you to determine the answer to some of the most critical business decisions ahead of time , prepare for anticipate problems before they arise, and ensure that any tactical solutions are in line with the overall strategy and goals.
If you do not take time to plan, you risk becoming overwhelmed by countless options and conflicting directions because you are not unclear about the mission , vision and strategy for your business.
6. Manage Risk
Some level of uncertainty is inherent in every business, but there is a lot you can do to reduce and manage the risk, starting with a business plan to uncover your weak spots.
You will need to take a realistic and pragmatic look at the hard facts and identify:
- Major risks , challenges and obstacles that you can expect on the way – so you can prepare to deal with them.
- Weaknesses in your business idea, business model and strategy – so you can fix them.
- Critical mistakes before they arise – so you can avoid them.
Essentially, the business plan is your safety net . Naturally, business plan cannot entirely eliminate risk, but it can significantly reduce it and prepare you for any challenges you may encounter.
7. Communicate Internally
Attract talent For a business to succeed, attracting talented workers and partners is of vital importance.
A business plan can be used as a communication tool to attract the right talent at all levels, from skilled staff to executive management, to work for your business by explaining the direction and growth potential of the business in a presentable format.
Align performance Sharing your business plan with all team members helps to ensure that everyone is on the same page when it comes to the long-term vision and strategy.
You need their buy-in from the beginning, because aligning your team with your priorities will increase the efficiency of your business as everyone is working towards a common goal .
If everyone on your team understands that their piece of work matters and how it fits into the big picture, they are more invested in achieving the objectives of the business.
It also makes it easier to track and communicate on your progress.
Share and explain business objectives with your management team, employees and new hires. Make selected portions of your business plan part of your new employee training.
8. Communicate Externally
Alliances If you are interested in partnerships or joint ventures, you may share selected sections of your plan with the potential business partners in order to develop new alliances.
Suppliers A business plan can play a part in attracting reliable suppliers and getting approved for business credit from suppliers. Suppliers who feel confident that your business will succeed (e.g., sales projections) will be much more likely to extend credit.
In addition, suppliers may want to ensure their products are being represented in the right way .
Professional Services Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, including attorneys, accountants, and other professional consultants as needed, to make sure that everyone is on the same page.
Advisors Share the plan with experts and professionals who are in a position to give you valuable advice.
Landlord Some landlords and property managers require businesses to submit a business plan to be considered for a lease to prove that your business will have sufficient cash flows to pay the rent.
Customers The business plan may also function as a prospectus for potential customers, especially when it comes to large corporate accounts and exclusive customer relationships.
9. Secure Funding
If you intend to seek outside financing for your business, you are likely going to need a business plan.
Whether you are seeking debt financing (e.g. loan or credit line) from a lender (e.g., bank or financial institution) or equity capital financing from investors (e.g., venture or angel capital), a business plan can make the difference between whether or not – and how much – someone decides to invest.
Investors and financiers are always looking at the risk of default and the earning potential based on facts and figures. Understandably, anyone who is interested in supporting your business will want to check that you know what you are doing, that their money is in good hands, and that the venture is viable in the long run.
Business plans tend to be the most effective ways of proving that. A presentation may pique their interest , but they will most probably request a well-written document they can study in detail before they will be prepared to make any financial commitment.
That is why a business plan can often be the single most important document you can present to potential investors/financiers that will provide the structure and confidence that they need to make decisions about funding and supporting your company.
Be prepared to have your business plan scrutinized . Investors and financiers will conduct extensive checks and analyses to be certain that what is written in your business plan faithful representation of the truth.
10. Grow and Change
It is a very common misconception that a business plan is a static document that a new business prepares once in the start-up phase and then happily forgets about.
But businesses are not static. And neither are business plans. The business plan for any business will change over time as the company evolves and expands .
In the growth phase, an updated business plan is particularly useful for:
Raising additional capital for expansion
- Seeking financing for new assets , such as equipment or property
- Securing financing to support steady cash flows (e.g., seasonality, market downturns, timing of sale/purchase invoices)
- Forecasting to allocate resources according to strategic priority and operational needs
- Valuation (e.g., mergers & acquisitions, tax issues, transactions related to divorce, inheritance, estate planning)
Keeping the business plan updated gives established businesses better chance of getting the money they need to grow or even keep operating.
Business plan is also an excellent tool for planning an exit as it would include the strategy and timelines for a transfer to new ownership or dissolution of the company.
Also, if you ever make the decision to sell your business or position yourself for a merger or an acquisition , a strong business plan in hand is going to help you to maximize the business valuation.
Valuation is the process of establishing the worth of a business by a valuation expert who will draw on professional experience as well as a business plan that will outline what you have, what it’s worth now and how much will it likely produce in the future.
Your business is likely to be worth more to a buyer if they clearly understand your business model, your market, your assets and your overall potential to grow and scale .
Business plan purpose: what is the purpose of a business plan.
The purpose of a business plan is to articulate a strategy for starting a new business or growing an existing one by identifying where the business is going and how it will get there to test the viability of a business idea and maximize the chances of securing funding and achieving business goals and success.
Business Plan Benefits: What are the benefits of a business plan?
A business plan benefits businesses by serving as a strategic tool outlining the steps and resources required to achieve goals and make business ideas succeed, as well as a communication tool allowing businesses to articulate their strategy to stakeholders that support the business.
Business Plan Importance: Why is business plan important?
The importance of a business plan lies in it being a roadmap that guides the decisions of a business on the road to success, providing clarity on all aspects of its operations. This blueprint outlines the goals of the business and what exactly is needed to achieve them through effective management.
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The importance of a business plan
Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.
Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.
What is a business plan?
A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.
Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success.
Why is a business plan important?
A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.
Business plans typically include detailed information that can help improve your business’s chances of success, like:
- A market analysis : gathering information about factors and conditions that affect your industry
- Competitive analysis : evaluating the strengths and weaknesses of your competitors
- Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
- Marketing: using your research to advertise your business
- Logistics and operations plans : planning and executing the most efficient production process
- Cash flow projection : being prepared for how much money is going into and out of your business
- An overall path to long-term growth
10 reasons why you need a business plan
I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.
The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.
To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.
1. To help you with critical decisions
The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.
Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.
Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.
Send invoices, get paid, track expenses, pay your team, and balance your books with our free financial management software.
2. To iron out the kinks
Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.
3. To avoid the big mistakes
Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.
According to data from CB Insights , some of the most common reasons businesses fail include:
- No market need : No one wants what you’re selling.
- Lack of capital : Cash flow issues or businesses simply run out of money.
- Inadequate team : This underscores the importance of hiring the right people to help you run your business.
- Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
- Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.
The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!
Get a jumpstart on your business plan by creating your own cash flow projection .
4. To prove the viability of the business
Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.
Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.
A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.
Want to prove there’s a market gap? Here’s how you can get started with market research.
5. To set better objectives and benchmarks
Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.
6. To communicate objectives and benchmarks
Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.
Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.
7. To provide a guide for service providers
Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.
8. To secure financing
Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.
Learn what you need to get a small business loan.
9. To better understand the broader landscape
No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.
10. To reduce risk
Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.
Understanding the importance of a business plan
Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.
Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.
Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.
- Introduction, Meaning, Importance, Features and Limitations of Planning
Just like management is a never-ending activity, so is planning. In fact business planning, it is one of the primary functions of management . It sets up the stage for all further functions of management like organizing, directing etc. Let us understand the concept of planning.
We already know what planning is, it is the deciding of what is to be done in advance. It is the groundwork for all future plans of the organization . Planning bridges the gap between where the organization currently find itself and where it wishes to be.
So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives. Once the objectives are set, the managers and workers can have a clear vision of what to work towards.
Managers are a very important part of the function of business planning. Planning requires innovation, creativity and multi-tasking from the managers. And planning is a function that managers of all levels must perform, i.e upper, middle and lower management .
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- Planning Process
- Types of Plan
Importance of Business Planning
Planning is an important function of management, it tells the manager where the organization should be headed. It also helps the organization reduce uncertainty. Let us take a look at some important functions of planning.
1] Planning provides a sense of Direction
Planning means coming up with a predetermined action plan for the organization. It actually states in advance what and how the work is to be done. This helps provide the workers and the managers with a sense of direction , a guidance in a way. Without planning their actions would be uncoordinated and unorganized.
2] Planning reduces Uncertainty
Planning not only sets objectives but also anticipates any future changes in the industry or the organization. So it allows the managers to prepare for these changes, and allow them to deal with the uncertainties. Planning takes into consideration past events and trends and prepares the managers to deal with any uncertain events.
3] Planning reduces Wastefulness
The detailed plans made keep in mind the needs of all the departments. This ensures that all the departments are on the same page about the plan and that all their activities are coordinated. There is clarity in thought which leads to clarity in action. All work is carried out without interruptions or waste of time or resources ,
4] Planning invokes Innovation
Planning actually involves a lot of innovation on the part of the managers . Being the first function of management it is a very difficult activity. It encourages the manager to broaden their horizons and forces them to think differently. So the managers have to be creative, perceptive and innovative.
5] Makes Decision=Making Easier
In business planning the goals of the organization have been set, an action plan developed and even predictions have been made for future events. This makes it easier for all managers across all levels to make decisions with some ease. The decision-making process also becomes faster.
6] Establishes Standards
Once the business planning is done, the managers now have set goals and standards. This provides the manager’s standards against which they can measure actual performances. This will help the organization measure if the goals have been met or not. So planning is a prerequisite to controlling.
Limitations of Planning
While business planning is important and a requisite for every organization, it does have some limitations. Let us take a look at some limitations of business planning.
Once the planning function is complete and the action plan is set, then the manager tends to only follow the plan. The manager may not be in a position to change the plan according to circumstances. Or the manager may be unwilling to change the plan. This sort of rigidity is not ideal for an organization.
2] Not ideal in Dynamic Conditions
In an economic environment rarely anything is stagnant or static. Economic, political, environmental, legal conditions keep changing. In such a dynamic environment it becomes challenging to predict future changes. And if a manager cannot forecast accurately, the plan may fail.
3] Planning can also reduce creativity
While making a plan takes creativity after that managers blindly follow the plan. They do not change the plan according to the dynamic nature of the business. Sometimes they do not even make the appropriate suggestions to upper management. The work becomes routine.
4] Planning is Expensive
Planning is a cost-consuming process. Since it is an intellectual and creative process, specialized professionals must be hired for the job. Also, it involves a lot of research and facts collection and number crunching. At certain times the cost of the planning process can outweigh its benefits.
5] Not Completely Accurate
When planning we have to forecast the future and predict certain upcoming events in the organization and the industry. So, of course, there cannot be hundred per cent certainty in such cases. So it can be said that business planning lacks accuracy
Solved Question for You
Q: Which of the following can be referred to planning?
- Government policy
- All of the above
Ans: The correct option is C. Planning is forecasting as it is deciding what to do in advance. Planning is futuristic as it never relates to the past. So planning bridges the gap between where the company is and where it wishes to go.
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Home Blog Business Business Plan Presentations: A Guide
Business Plan Presentations: A Guide
A vital element in today’s highly competitive business landscape is the ability to craft and deliver a business plan presentation. This applies to both entrepreneurs and corporate leaders.
This guide describes essential aspects required to build a business plan presentation and deliver it to stakeholders.
Table of Contents
What is a Business Plan Presentation?
Is a business plan presentation the same as a business presentation, executive summary, justification of the business proposal, swot analysis, the niche of the proposal & actors in the industry, competitors, competitive intensity, trend analysis and critical variables, value chain, market analysis, jobs-to-be-done, value proposition, revenue streams, cost structure, distribution channels, key partnerships for the business model, organizational structure & management, go to market and marketing plan, development plan, qa, and continuous improvement model, distribution plan, inventory management, initial funding and financing structure, projection of income and costs.
- Evaluation of Projected Return vs. Required
Sensitivity to critical variables, how to present bibliographical information in a business plan presentation, how to deliver a business plan presentation.
A business plan presentation is the medium we use to communicate a business plan to an audience.
Presenters commonly ask what is the target length of a business plan presentation in terms of slides. Our expertise in this field tells us it’s advisable to work between 13-20 slides, remaining as concise as possible and using the help of visual aids. Let the graphics speak rather than fill your slides with text blocks.
No. A business plan presentation is used to communicate an identified business opportunity and how it is planned to be served in a way that generates profit. A business presentation is a more generic term, explained in our article about business presentation examples .
How to Create a Business Plan Presentation
This section will list our recommended content for a successful business plan presentation. We broke it down into four stages which help the presenter build the story backing the business: a-. The opportunity and the competitive landscape analyzed, b- the business model designed and tested to serve the opportunity, c- the implementation plan of the business model, and finally, d- the financial and economic projections estimated that show the profitability of the opportunity.
For the purpose of this guide, the slides will refer to a case study of photo editing software.
Stage 1 – Identifying the Opportunity
After the title slide that defines how to start a presentation , any business plan should proceed by introducing the executive summary in a concise but impactful format.
The purpose of the executive summary is to inform the audience what to expect from the presentation and its conclusion.
Work with a maximum of two slides for this section, highlighting the key elements through visual cues. Check our guide on how to present an executive summary .
The next slide should disclose all the reasoning behind the business plan proposal, why this plan is being presented at this present moment, and projections of how the plan aligns with the current market trends.
Presenters can share the analysis done by the Market research team as long as it’s made clear which problem is relevant to the current market trends that this business plan aims to solve.
Mention all the references used to arrive at the conclusions expressed so data is backed with meaningful sources.
Any corporate PPT template can help you craft this slide, but presenters can also boost their performance through the use of infographics . If your solution for the selected problem involves a complex process, consider using a process flow template to expose the step-by-step justification of this proposal.
Use a SWOT template to showcase the Strengths, Weaknesses, Opportunities, and Threats of this business opportunity.
Make sure the SWOT diagram is legible. Work your way to meet the same aesthetic style despite speeding up the process with templates. Mention the tools used for gathering the information for this SWOT Analysis in the footnote and ensure the audience understands which information elements help you reach conclusions in each quadrant. Check our guide on how to create a SWOT analysis and see if your business plan requires a SWOT or SOAR analysis .
Every business plan is scoped under a niche or industry sector. With this slide, describe the sector in which the proposal is immersed. Communicate its value, list the actors involved, and describe their high-level relationships.
List the analyzed competitors. Communicate their attributes. The competitors’ comparison in business plan presentation can be visually explained using tools from the Blue Ocean Strategy framework, like the Strategy Canvas .
The competitive intensity of an industry sector is studied through the Porter’s 5 Forces model. This intensity expresses how attractive the industry is. Explain the conclusion in each force showcasing the model.
First, introduce the variables identified as important for the industry sector, citing the insight’s source. Secondly, drill down each variable and break down the different trend dimensions ( PESTEL )
- Use a highly visual slide, like a dashboard template , to introduce factual data regarding the trends over a specific time period. Growth rates must be represented in time frames of over 180 days to evaluate the trend accurately.
- List the critical variables (consumers, product, production capability, and financing) briefly.
- Disclose how each variable can affect pricing and your position within the niche for that trend. Presenters can refer to case studies from successful competitor stories on how they responded to trend changes in the niche.
When presenting the value chain, we ought to articulate the sequence of activities the company handles to create value within the business plan. Start by breaking down the value chain into its key components, briefly explaining the stages from inbound logistics all the way through customer service. It is important to highlight the linking point between each stage and express the value of coordinating team activities to enhance overall efficiency.
We can use flowchart diagram templates as visual aids for the audience so they can understand the process sequence. Check our guide on how to make a flowchart .
Present the identified Market and its Segments. Continue explaining how conclusions were driven through the analysis and sizing of the market.
Presenters can use target market analysis templates , market segmentation templates , or TAM SAM SOM templates to compare their target market with the total available market.
We recommend you check our guide on market segmentation for this process.
Then drill down with a Persona definition.
This study can be made by creating ideal customers, describing their demographics and psychological factors that make them prospective candidates to purchase the product or service this business plan presentation refers to.
Here is our guide on creating buyer personas .
The Jobs-to-be-Done theory explains why certain customers are attracted to products and services and how those elements solve core problems in the consumers’ lives.
A Perceptual Map is a tool we can use to measure the consumer perception of different products/services in the same market. This can be particularly useful if our value proposal is to brand ourselves as cheaper alternatives to already existing solutions. Check our guide on perceptual maps for further information.
Check our guide on the Jobs-to-be-Done framework and add suggestions to the business plan presentation.
Stage 2 – Business Model
To describe the Business Model in your Business Plan Presentation, use the business model canvas analysis tool. Display your design in one slide.
For specific sections of the BMC, you can add slides if you need to drill down for further details. In our experience, the following sections require a deeper level of explanation.
List the Segments targeted in your Business Model. You can include a slide with additional information and segment size. Reference the Market analysis explained earlier to justify the selection or which were the pivots applied.
In order to explain the reasoning behind the Value Proposition and how it serves the segments selected, you can use the Value Proposition Canvas tool to explain the logic behind this selection.
The Value Proposition outlines the unique benefit our product or service offers the market and why customers should choose our offer over potential alternatives. Since we have already analyzed the potential buyers and presented the market, it’s time to deliver that value proposition using our best assets: customer testimonials, report data, surveys, etc.
As testimonials often weigh the most in established brands, be sure to present this information through a narrative that showcases why your product or service had a positive impact on the life of that customer. You can use customer testimonial templates to give an extra boost through visual aids.
Explaining how much the customers will pay for the product/services is critical to understanding the viability and profitability of the business. Showcase for each segment the pricing model and the engagement terms.
The Income Model expresses the sources of revenue for our business plan. This has to be in relationship with the pricing strategy for established businesses. Lean startups can work concerning their minimum viable product (MVP) and then elaborate with projections for future releases or changes in their income stream structure.
At this point, companies need to present the sources of revenue depending on their origin:
- Product Sales
- Subscription Model
- Freemium Model
- Partnerships with other brands in different niches
- Advertising and Sponsorships
Check our guide on pricing strategy models for more information about how to present this point. You can use revenue stream templates to represent this data in style.
Drill down the cost structure categories and relate them to the Value Chain explained earlier. Show a cost breakdown chart to make it easier for the audience to understand their weight in the total costs.
As this step can be a bit complex to articulate, we recommend you check our guide on Cost Structure to see how you can resume all that information in one slide.
At the business model stage, distribution channels should be briefly introduced since they will be mentioned again in the Distribution Plan . In some industries, it is important to highlight which channels are chosen over others for the sake of revenue and faster operation.
Our Distribution Channels PowerPoint Template is a perfect resource for this.
Presenting the strategic partnerships for the business plan is a way to prove the plan’s potential reach and success factor. On this behalf, companies must list which resources they are sharing with their business partners regarding expertise, technology, distribution channels, or capital, as these elements will impact the cost structure.
You can use the Business Partnership PowerPoint Template to present this information in a professional-looking format.
Stage 3 – Implementation
The business plan is designed to offer a product, deliver a service, or combine both. At this stage, the business plan presentation drills down on how the organization will build/deliver the product/service implementing the business model outlined earlier.
Describe how the company operates regarding human capital and its roles. Presenters must describe to the audience the hierarchical structure, responsibilities, and how they play a role within the value chain.
You can use Org Charts to represent the roles and responsibilities in the organization visually. It is also advisable to highlight the expertise and experience of the management team, as it helps to build trust.
The Human Resource Plan must refer to your planned recruitment, training, and employee onboarding. Which talent will be required, and how is it planned to build the different teams of the structure.
Check the Go To Market Strategy guide and describe how the Business Plan will enter the market and overcome the initial barriers. Continue with the Marketing Plan limited to 1-2 slides resuming the plan’s tactics to increase brand awareness and the selected channels for this strategy.
You can use the Marketing Plan Templates help to speed up the process by focusing on the content to fill rather than the design or creating complex charts from scratch.
Present the sales plan describing the full sales process, lead generation, nurturing customers, and conversion strategies.
Use Sales PowerPoint Templates to visually illustrate your sales process, like the Sales Pipeline Slide Template for PowerPoint , which depicts the process from lead acquisition to a closed deal.
Check our guide on Sales Plan for further information on this topic.
This step refers to presenting the product/service development plan, the Quality Assurance processes behind its validation, and your company’s commitment to a continuous improvement process based on surveyed data or customer feedback.
We can refer to testimonials, user case experiences our team successfully troubleshot, or experiences we learned from competitors in the same niche.
Presenting the distribution plan involves addressing logistics topics, supply chain , and sharing fulfillment strategies. Although we already presented the potential distribution channels, this is the step in which you detail how each will interact and their impact on the estimated revenue.
Present one slide mentioning your company’s approach to these channels, if applicable:
- Direct Sales (either physical store or e-commerce)
- Retail Partnerships
- Wholesalers or Distributors
- E-Commerce marketplaces
This step involves two different approaches depending on the kind of industry we’re in. For traditional business, inventory management in a business plan presentation must highlight how the inventory will be handled to minimize transportation costs or overproduction. Projections must be shown per quarterly period and take into account seasonality if it has a significant impact on the required storage capacity.
On the other hand, e-commerce companies have to present their online infrastructure to secure the product’s availability 24/7, how customer tickets are handled when the customer cannot access the product, server costs, and how we prevent online leaks.
Stage 4 – ROI and Risk Evaluation
This section will outline the Financial Plan of your Business.
Showcase the financial structure, including equity, debt, and potential investors, at the moment of kick-starting this business. It is a good practice to consider the initial funding slide to be a brief summary of those points, with particular emphasis on the funding needs.
Cash Flow Diagrams , Comparison Chart templates , and Timeline templates to showcase when funds help to meet each of the plan’s milestones are good ideas to represent the elements on this slide.
Income and expense projections must be presented over a defined time period by using graphs or charts to clearly visualize the trends supporting each change.
Break down the revenue sources with clear, identifiable icons to showcase: product sales, subscription fees, advertisement, affiliates, etc. Sales estimations have to be realistic and conservative, as they will be contrasted with the production, marketing, administrative, and personnel costs to leave a gross profit margin calculation.
Evaluation of Projected Return vs. Required
Demonstrate the feasibility of your business plan. Start by presenting the profit margins in relation to the projection of income and expenses, then introduce the break-even analysis .
Presenters can make their message more relevant by presenting an ROI calculation and contrasting it with industry benchmarks in the same niche. By following this approach, presenters prove how the ROI offered by this business plan aligns with the investment’s risk projection.
Presenting a risk evaluation analysis in a business plan presentation involves introducing both risks and their mitigation strategies.
Risk Management templates , like the ROAM framework, can help organize potential risk sources by their severity and impact on the organization. A pyramid diagram can be used to demonstrate how risk management can be delegated across the organization to completely eradicate the risk factor depending on its severity.
The elements you should consider presenting are mainly regulatory changes, market changes, competitors (new or existing), and financial crises.
The final point in our business plan presentation involves summarizing how key variables can influence the projected returns in our plan. Examples of these variables can be sudden increases in raw materials (affecting production costs and sales prices), a new pandemic (affecting workforce capacity and shortage of raw materials), geopolitical situations like war, etc.
We highly recommend presenting these critical variables using scenario analysis techniques according to measured data. Introduce best-case, worst-case, and most likely-case to give a full panorama of how your organization is prepared against any contingency.
An often overlooked point in a business plan presentation comes when listing the bibliographical information used to craft the business plan. Follow these steps to ensure a professional outcome for this slide or document.
- Use a title like: “Bibliography,” “Source Credits,” or “References.” If your business plan presentation cites examples from other companies, use a “Works Cited” section.
- References are usually shown in the APA style, but the MLE or Chicago style can be requested depending on your location or situation.
- Maintain a consistent style in terms of reference style used, font, text size, and formatting options across the entire slide deck. Footnotes or in-text citations can be used for important data.
- Verbally acknowledge your sources when required throughout the course of your presentation. This helps to establish credibility and respect for other people’s work rather than just dropping a slide with chunks of text.
This section will cover the most commonly asked questions on delivering a business plan presentation.
How many slides should my business plan presentation list?
This will depend entirely on your niche and the complexity of the business plan. Generally, work with at least 15 slides and no more than 30. It is best to use an extra slide rather than overcrowd an existing slide with tons of information.
What is the best format to present a business plan?
There are different options to present any business plan, so the selected option will mostly consist of the presenter’s preferred style and the audience’s age and interests.
- PowerPoint Presentation : You can start from a blank slide and go all the way through a professionally designed PPT template . PowerPoint documents allow you to present images, text, audio, videos, and any kind of graphic to help you convey the core ideas behind the business plan. They can work with any PC or Mac device, as well as mobile devices.
- PDF Documents: This can be a choice made in a hurry or by preference. Sharing a PDF document can work, but you must include the fonts used in the original document, as some compatibility issues can be present.
- Pitch Deck : Rather than doing a lengthy business plan presentation, a pitch deck consists of a maximum of 15 slides to deliver your proposal concisely. This is the typical approach we can see in TV shows like Shark Tank.
- Video Presentation : In some cases, using a video in a business plan presentation is relevant, especially if we are to introduce an innovative product in the market. You can use videos to showcase features, present services in a live format, introduce your team, and plenty of other options.
Are printables required in business plan presentations?
Although they are not required, using supplementary material in business plan presentations can be useful. You can prepare reference material for investors, especially involving complex data like graphs in an amplified format (and reference the slide in which they appear and vice versa).
Providing a printable to accompany your business plan presentation helps to give an image of professionalism and respect to your proposal.
What are the don’ts of writing a business plan?
The main purpose of this article is to craft and deliver a business plan presentation. Still, we would like to clarify some common errors seen in business plans that typically affect the performance of the presentation.
- Using overcomplicated language : Jargon or unnecessary acronyms may confuse spectators who are not in touch with all the details relevant to a particular industry.
- Ignoring the audience : Not considering the variety of interests among investors, partners, and team members can hinder your presentation.
- Neglecting/underestimating competitors : Any realistic business plan considers the existing competitors in their niche and perhaps potential newcomers. Not doing so will leave you unprepared to present a doable business plan.
- Ignoring Risk Assessment : Omitting the Risk Assessment analysis and mitigation strategies does not respect the value investors and your team have.
How long should the business plan presentation be?
As a general guideline, try to fit your business plan presentation between 20-30 minutes. Some complex plans may require additional time to be presented.
Does the presentation need to be tailored to different audiences?
Using this tactic can be a winning factor for both investors and your team, as you prioritize effective communication for the roles they are relevant. Take these items into consideration for tailoring the presentation for specific needs.
The focus should be on goal accomplishment and the strategies targeted to the team’s roles. Emphasize how teamwork is the pathway to success and how each individual contributes to the bigger picture.
If new technologies or knowledge are required as part of the business plan implementation, then this is the moment to disclose that information and inform the process to coach the team into it.
Whenever delivering the business plan presentation to a board of directors, focus on the strategic goals, financial projections, and KPIs.
Showcase how this business plan aligns with the company’s core values, mission, vision, and long-term strategy.
Presenting your unique value proposition, potential ROI, and highlighting the market opportunity is extremely important. Focus on selling your business model and vision with accurate financial projections and growth strategy.
Dedicate some minutes to present your industry’s competitive landscape and answer why your product or service is a better offering than what competitors produce.
As we can see, creating a business plan presentation is a process that can be time-consuming if we lack the required business plan presentation tools to turn data into visually appealing formats.
Remember to work concisely without losing the big picture of what you intend to explain. Your presentation is the entry point into the heart of your business; therefore, by adopting a structured approach, you can deliver an experience that engages, inspires, and builds confidence.
1. Coffee Shop Illustration Business Plan Slides
Create your new business plan presentation with quality vector illustrations for Coffee Shops. Ideal for cafeterias, coffee bars, barista giftshop stores, bookshops and more.
Use This Template
2. Real Estate Business Plan PowerPoint Template
Realtors looking to start their own agencies should take a look at this attractive selection of slides with tailored real estate vector illustrations. These presentation plan slides show the different stages that a prospective buyer may incur, from hiring the services of a Real Estate agent, checking different properties, to finally buying a home. Graphs and charts are included in vivid colors that are fully editable to meet the required branding.
3. Restaurant Business Model PowerPoint Template
As we’ve seen with the previous cases, these vector images depicting typical restaurant activities can help us build a business plan presentation sample to discuss with our team prior to an important meeting. Save time and money by introducing these professional designs into your presentation.
4. One Pager Business Plan PowerPoint
To briefly summarize the objectives of your business plan, work in-team with this one-pager business plan slide. Ideal to take notes, give a general picture of the current status of the business plan and key growth opportunities.
5. Business Plan PowerPoint Templates
If you want to create the best business plan presentation, this slide deck can make that task 100% easier. Containing all the elements described in this guide, introduce your data and prepare to deliver a powerful speech.
6. Flat Bold Business Plan PowerPoint Template
Another slide deck intended for those looking at how to make a business plan presentation that delivers a memorable experience. With a minimalistic design approach, it perfectly balances formal elements and impactful visual cues to help increase your audience’s retention rate.
7. Car Sharing Business Plan PowerPoint Template
Create the next Uber-like car-sharing service with the help of these carpooling vector illustrations perfectly arranged in a cohesive business plan slide deck. Presenters can explain the ins and outs of their business model with highly detailed graphics that grab the attention of potential investors. Check it out now!
8. Beauty Salon Business Plan PowerPoint Template
Business plan presentations don’t have to look formal or boring. This slide deck is geared towards beauty salon businesses, especially for those targeted to women. Chic design, bold color scheme, and extremely useful tools like a pricing list to present an idea like a subscription-based model where consumers see the total value of their investment.
9. CrossFit Business Plan PowerPoint Template
Finally, we list an option filled with tools and gym vector illustrations for those looking to start a gym business or CrossFit academy. These illustrations were crafted with care to express the core idea on every single slide, such as human-shaped graphs to present relevant KPIs.
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The Importance of a Business Plan
Jan 02, 2020
110 likes | 115 Views
The Importance of a Business Plan. Frank Cooney B.Arch MRIAI of Cooney Architects. Set a Goal - an objective. 1. Why do you do what you are doing?. 2. And should you be ?. 3. What are your core values and beliefs?. 4. Cooney Architects core values:- Architecture
- cooney architects
- core values
- marketing plan
- blue table strategy
- 2004 2007 strategy plan
The Importance of a Business Plan Frank Cooney B.Arch MRIAI of CooneyArchitects
Set a Goal - an objective 1 Why do you do what you are doing? 2 And should you be ? 3 What are your core values and beliefs? 4 Cooney Architects core values:- Architecture The ‘Blue Table’ strategy Respect the individual We want to be superior in everything we do Personal and professional satisfaction Sustainability 5 6 7 8 9 10 Image source - Philip Kelly Image source - Philip Kelly Image source - IN2 - Daylight analysis
1 What are your Core Values & Beliefs ? 2 Paul Hawken, in his book ‘The Ecology of Commerce’ sets out a ‘declaration of sustainability’ :- 3 • Reduce carbon emissions • Provide secure, stable and meaningful employment • Be self organising rather than regulated • Honour market principles • Be more rewarding than our present way of life, present day limits can become tomorrow’s opportunities • Restore habitats, ecosystems and societies (and our heritage) • Rely on current income • Be fun and engaging and strive for an aesthetic outcome 4 5 6 7 8 9 10 Leitrim Innovation & Growth Centre Image source - Cooney Architects
Set a Goal - an objective 1 2 B.H.A.G 3 What are your interim objectives? 4 What are your long term objectives? Architectural objectives Professional objectives Lifestyle objectives Human resources objectives Financial objectives 5 6 7 8 Getting the balance right… 9 10
Core Competency Image source - Cooney Architects Research Internal Review - Company overview and business definition 1 2 Core Competency - Customer needs survey - Let our customers tell us where we need to improve 3 Specialist Expertise - Customer needs survey - Track record - Our people/Specialist skills/new skills required - Our strategic alliances - Physical environment - Computers/programmes/specifications 4 5 6 7 Location - Sectors & regions 8 Financial analysis - Costs - How do we price projects? - Invoicing - Projected income - Cashflow - Overheads - Collections - Cost control 9 SWOT analysis PESTle analysis 10 Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external) Political/Legal/Environmental Economic Social Technological
Research External Review - Company overview and business definition - Let our customers tell us. 1 2 Market Research - Customer needs analysis - Who are the top ten buyers in each of our sectors - Price sensitivity 3 4 Precedents - 5 Architectural practices we admire 5 Where will the work come from? - What is the projected spend in our sectors? - Do we have specialist expertise in those sectors? - Do those projects fit with our objectives? - Which regions? - What we won’t do - Porters trade offs 6 7 8 Risk Analysis 9 The Customers Decision Making Process 10 Competitor Analysis - Differentiation/competing on cost
Set out your strategy - Key success factors Route to Market - Do we have the marketing expertise in-house? - How will we communicate the benefits of working with Cooney Architects to our customers 1 2 Marketing Plan - Communicating how we exceed our customers expectations and needs 3 4 Building a Brand - Becoming a trusted advisor - Get to pull rather that push - Endorsements/testimonials - Publications/Lectures - Social networking 5 6 7 Strategic Alliances - Only work with the best 8 Marketing documentation - The Pigeon hole system - Every submission is unique and tailored - Continual internal assessment and improvement of marketing documentation - Get feed back on every submission - E-Tenders 9 10 The 80:20 Rule
Set out your strategy - Key success factors 1 Operations - Number/type and location of Projects Operations - Financial control systems - Projecting and implementation 2 Operations - Empowering the team 3 Operations - Resources 4 Operations - Research, personal development, CPD & Innovation 5 Operations - Project stages, design, devlivery and post occupancy 6 Operations - Workflow programming, meeting deadlines, delegation and quality control 7 Cooney Architects 8 1995 - No strategy 1996 - Frustration 1998 - Brian Moran Strategy 2004 - 2007 - Strategy Plan 2008 - Strategy Plan - reverse 2010 - Strategy Plan - IMI 9 10
Implementations & Actions 1 Monitor Progress - Change strategy as required 2 The ‘SMART’ Plan Marketing Roadmap 3 4 5 6 7 8 9 10
Celebrate achievements 1 Use disapointments as an opportunity 2 Enjoy… 3 Paul Hawkens ‘The Ecology of Commerce’ sets out a ‘declaration of sustainability’. 4 5 John Healy’s book ‘19 Acres’ describes life in Charlestown in Mayo in the 1940’s, a version of the above that some would, nowadays, consider ‘backward’. Yet he was describing a vibrant society that achieved many of the above criteria, I was particularly struck by the fact that, for example, real down-cycling, recycling and avoidance of waste, was happening as a matter of course. 6 7 8 9 10
1 2 3 4 5 6 7 8 9 Thank you 10
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442 views • 11 slides
The Importance of a Professional Business Plan in the Immigration Visa Process
The Importance of a Professional Business Plan in the Immigration Visa Process. Presenter: Lauren A. Cohen, Esq. . Traditional vs. Visa Business Plan (E/L). When Is a Business Plan Required?. Most E/L cases.
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The Importance of Repeat Business
The Importance of Repeat Business. How Good Customer Service Pays Off. “Customers First”. We have all heard the phrase “The Customer is Always Right” Not all businesses operate under this mantra Do you think they should?. Why Should We Care?. Article: 10-15% annual loss of customers
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The Importance of Business Ethics. Ned C. Hill, Dean W. Steve Albrecht, Associate Dean Marriott School of Management Brigham Young University 2006. Outline. What is ethical behavior and why is it important to business? The ethical value proposition Laws, policies and ethics
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The Importance of Business Planning
The Importance of Business Planning. Presented By: Longwood University Small Business Development Center. W ho is Longwood University SBDC. We are a business planning and problem solving resource for small business owners – potential or existing.
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the essentials of a business plan
the essentials of a business plan. Eric Engineer Sevin Rosen Funds [email protected]. what are investors looking for?. your fundraising toolbox. CONCISE & CONSISTENT. get it down to less than 15 slides. Slide 0 Title + intros + back story Slide 1 10,000 foot view
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Business PLAN The Business Plan is a necesity...
Business PLAN The Business Plan is a necesity. Introduction. The business plan is a concise and comprehensive summary of the business.
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Importance business plan of a good (ebrand8116vs)
Strategies for success are records utilized for arranging out particular insights about your business. Thorough strategies for success have three areas - business idea, commercial centre and monetary - and these are separated into seven parts that incorporate the outline or rundown of the arrangement, a portrayal of the business, market procedures, rivalry investigation, configuration and improvement, operations and administration, and budgetary data. Indeed, even little one-page strategies for success have significance and reason for the accomplishment of the business on the other hand.
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The Importance of Technology in a Business
Doesn’t matter whether you are a small business or a large corporation, technology can help your business grow in certain ways! Take a look - https://dentalwebnow.com/importance-technology-business/
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Business Plan - The Importance
Are you about start planning for your business? If yes is answer, then this presentation will help you with the importance of writing a business plan. For more details visit - http://www.direct2resource.com/
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The Importance of Business Branding
Branding goes way beyond just a logo or graphic element. When you think about your brand, you really want to think about your entire customer experience, everything from your logo, your website, your social media marketing experiences, the way you answer the phone, to the way your customers experience your staff. To know more details please visit here https://advdms.com/social-media-marketing/
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The Importance of Accounting for a Business
Writing an accounting assignment helps students to understand how to record transactions accurately. Students might wonder why businesses spend a significant amount of money and resources to run their accounting department. Web- https://myassignmenthelp.com/sg/accounting-assignment-help.html
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Business Plan-The Groundwork of a New Business
It is vital to create a business plan for running a successful electrical business. The business plan contains all the business details like the business model, structuring of the company, financial projections, marketing and advertising strategies that play a crucial role in the setup of a business.
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The Importance of Business Planning. , 2013 Year 10 GCSE Business Studies. Starter Activity. What is in a NAME? Can you think of any Business Names based on PUNS! Example: The Cod Father (Fish and Chip shop) Chain Reaction (Bike Shop). Learning Objectives.
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The Importance of Having a Comprehensive Business Plan
A comprehensive business plan helps you see your business across various ends from one point of view. Your plan is the one that will dictate the channel your business takes. Therefore, if you are thinking of starting a business or have been in business, you donu2019t have a comprehensive plan, here are some Ontario Business Plan benefits to consider. Additionally, with the Manitoba entrepreneur immigration, you will have the capacity to control your business effectively without changing your main objectives
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Acknowledge the Importance of Images in a Business
How do you think would people know about your business ideas and creative minds if not shown in pictures of the flyer? Donu2019t you think it is important to print images on the business flyers or documents that how your brand name along with the services you provide. Importance of image in business could be analysed with the fact that people today are attracted towards the colourful representations more than the written texts
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The Importance of Having a Business Website
Learn why a website is important for your business and how a website can help your business grow.
The Importance Of Business Insurance
Finding a plan for your specific needs can be daunting. With the help of our experienced brokers, you can get the best protection and rates. Read this file and learn about the importance og business insurance & the different reasons to invest in commercial coverage. Visit www.businessinsurancecenter.com to know more or book an appointment at 888-585-0511.tttt
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