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Creating a business plan

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Creating a business plan

  1. 1. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Workshop Programme Business Planning
  2. 2. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Agenda • Feedback – actions you have taken • Business surgery • Workshop – Business planning • Implementation in your business
  3. 3. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Course Overview and Positioning MARKETING OPERATIONSSALES MONEY SYSTEMISATION AND RESILIENCE BUSINESS PLANNING VALUE BUSINESS DIRECTION PEOPLE
  4. 4. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Learning Objectives • Workshop objectives – To understand the benefits of having a business plan – To understand the components of a business plan – To learn how to develop a business plan
  5. 5. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Why have a Business Plan? • It’s a roadmap for your business • It explains to potential lenders and investors how they will make a return
  6. 6. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Why have a Business Plan? • It’s a roadmap for your business – Checks you are actually going to make some money - shows income v costs and cash flow – Identifies and validates assumptions – Identifies and mitigates risks – Identifies the required resources – Turns your Vision, Mission and Strategic Objectives into action – Communicates your aims and vision to your staff – Keeps you on track – forms the basis of reviews
  7. 7. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Why have a Business Plan? • It explains to potential lenders and investors how they will make a return – The bank – Friends & family – Business angels and venture funds – You!
  8. 8. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk What should be in a Business Plan? • It tells a story – Where you are going – How you are going to get there – Why you are bothering
  9. 9. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk What should be in a Business Plan? • Direction (aka strategy or purpose) • Market analysis • Sales forecasts • Operational assets & costs, productivity, utilisation • People – structure, numbers, development • Money – budget and best/worst case • Key performance indicators & targets • For external use: Management team & required funds
  10. 10. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk How do you create a Business Plan? Income Costs Cash flow Strategy Marketing Sales Operations People Suppliers Investment Risks Assump- tions
  11. 11. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk How do you create a Business Plan? • The framework is financial... – Sales income • Volume & price – Market analysis, positioning, proposition, price, SWOT – Sales process & forecast – Direct costs • Materials & labour – Productivity, utilisation, service levels, supplier management – Indirect costs • Marketing, sales, salaries, rent – Profit – Cash flow forecast • Terms and conditions, supplier management, credit control, working capital • Sensitivity analysis
  12. 12. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk How do you create a Business Plan? • Use the financial framework to develop the business plan “story” – Variance analysis • Compare the figures with the previous year • Explain the differences (or similarities) by completing the strategy, marketing, sales, people and operations sections • Identify KPIs and targets to match the financial targets – Sensitivity analysis • Identify the factors that affect the net profit • What happens if all these factors go wrong (worst case) or go better (best case)? What does this tell you about your base case?
  13. 13. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk How do you create a Business Plan? • SWOT – Strengths and weaknesses • Internal - relate to your business, how capable it is and what resources it has – Opportunities and threats • External – relate to possible changes in the business environment & market • Often split into Political, Economic, Social, Technological, Legal, Environmental • The point is what you do about the things it identifies – Actions in the Business Plan
  14. 14. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Implementation in Your Business • Suggestions – Prepare a budget for your next financial year – Incorporate this into your monthly management reviews

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