Developing an Effective Business Plan © 2014

Transcript:Developing an Effective Business Plan © 2014:
Developing an Effective Business Plan © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Chapter Objectives © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 12–2 To define a business plan and demonstrate its value To explore the planning pitfalls that plague many new ventures To describe the benefits of a business plan To set forth the viewpoints of those who read a business plan To emphasize the importance of coordinating the business plan segments To review key recommendations by venture capital experts regarding a plan Chapter Objectives (cont’d) © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 12–3 To present a complete outline of an effective business plan To present some helpful hints for writing an effective business plan To highlight points to remember in the presentation of a business plan © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 12–4 The Importance of Planning Planning is essential to the success of any undertaking. Critical factors that must be addressed when planning are: Realistic goals. These must be specific, measurable, and set within time parameters. Commitment. The venture must be supported by all involved—family, partners, employees, team members. Milestones. Subgoals must be set for continual and timely evaluation of progress. Flexibility. Obstacles must be anticipated, and alternative strategies must be formulated. © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 12–5 What Is a Business Plan? A written document