The Business Plan Workbook A Step By Step Guide To Creating And Developing A Successful Business 1st Edition Colin Barrow ,Paul Barrow ,Robert Brown - Solutions

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Who aside from your team can you enlist to advise on your business plan?
Prepare and rehearse a presentation of your business plan.
Who can help you to edit and rewrite the final version of your plan?
Write a first draft of your business plan along the lines recommended.
Who do you propose to send your business plan to first, and why have you chosen them?
Why do you consider them important?
What other business controls do you plan to introduce into your business at the outset?
Explain the relationship between any sales activity and the results expected. For example: ‘We expect to open one new account for every ten we cold-call; or for every 10,000 cold emails sent out.
What other marketing records do you plan to keep, eg for advertising costs and results?
Draw up a customer record card for your business, or show your existing one.
Describe your records for monitoring sales activities.
What contingency plans do you have to either manage or minimize the consequences of these risks?Risk area Plan Effect
What are the key risks that could adversely affect your projections?(These could include technical, financial and marketing risks.)Risk area Financial impact on:Sales Profits
What further private cash, if any, is available to invest in the business?Source Date Funds provided Amount £/$/€Total £/$/€
Will you be receiving any grants or loans to help to finance your business (other than from the organization to which you are now applying)?Source Date Funds provided Amount £/$/€Total £/$/€
What security, if any, is available as collateral for any loan?Security Value £/$/€Total £/$/€
What exit route(s) could be open to potential investors?
What percentage of your venture would you be prepared to sell to raise the required funds?
How and when will any borrowing be repaid? Do a list like this:Source of repayment Amount £/$/€ Date Total £/$/€
Prepare a schedule showing when you need these funds.
Where do you expect to raise the funds you need to finance your business?
How does this compare with the sum that you and your partners or shareholders are putting in (ie level of gearing)?For example, if you already have £/$/€1,000 of assets and are looking for a loan of £/$/€5,000, the funds required are £/$/€6,000. If you have already invested£/$/€500 and
Based on the maximum figure in your cash-flow forecast, how much money do you need and what do you need it for?
Look back to Assignment 8 on Pricing, and review your proposed selling price in the light of work/research carried out during this assignment.
Estimate the effect of the following events on your break-even point for each year:a. a 10 per cent rise/fall in sales volume;b. a 10 per cent rise/fall in unit selling price;c. a 10 per cent rise/fall in variable costs per unit of sale, eg a meal;d. a 10 per cent rise/fall in fixed costs;e. a
Construct a break-even analysis for year 1 of your business from the figures calculated in the last three chapters.
Carry out a sensitivity analysis, noting by how much each of the following must change seriously to affect the apparent viability of your business plan:a. Sales lower by x per centb. Fixed costs higher by x per centc. Cost of goods sold higher by x per cent.
Construct a four-line summary (sales, gross profit, operating profit and profit before tax) of your profit and loss accounts for the full five years (annually).
Construct a profit and loss account for years 1, 2, 3, 4 and 5, assuming you achieve the level of sales in your sales forecast. Include a statement of key assumptions made.
Construct a cash-flow statement for years 1, 2, 3, 4 and 5 assuming that you achieve the level of sales in your sales forecast.
Construct a cash-flow statement for the pre-trading period leading up to‘opening’ day.
Give an estimate of the likely market share that these forecasts imply.
Support your forecast with examples from other similar ventures started recently, and drawing from company accounts and other sources.
Prepare a sales forecast by value and volume for each major product group (eg for a hotel: bedrooms, restaurant, off-licence) throughout the whole period of the business plan – eg up to five years (monthly for years one and two and quarterly thereafter).
Give market research data that support or verify these forecasts. This is particularly important for ventures in the retail field, for example, when names of customers are not necessarily known in advance.
Provide details of all customers you expect to sell to over the forecast period, and how much you expect to sell to each.
Provide details of any firm orders on hand.
How will you equip your office?
What bought-in materials and/or services will you need, where will you buy them from and how much will they cost?
What plant and equipment will you need, what can it do, how much will it cost and where will you get it from?
If you are making a product, describe the production process; also explain how your principal competitors go about manufacturing.
How much of your product or service do you plan to produce in-house?
Start using Google Analytics to track and analyse your website traffic.
Review social media activity in your market and see which channels –Instagram, Pinterest, Twitter, Facebook, LinkedIn etc are most used by current players.
Check out submission services to see if they could be useful.
Decide on your domain name, making sure first that you can use it. Test it out online to make sure it can be found easily, does not conflict with similar names that might ‘steal’ you web traffic and does not pull up your direct competitors.
Brainstorm a list of key words that people could use when searching for your products or services online. Then see how those could be built in and repeated on your website.
To gain visibility, run a competitive website analysis into the performance of your website or proposed website with those of your competitors. Use Alexa or any similar website comparison tool.
Can you demonstrate in some way that is visible to your customers and employees that you are meeting the appropriate quality standards?
Can customers reach you by phone, email or your website and get their questions answered quickly and efficiently?
Do customers know where their order is in the production – despatch – delivery process?
Are customers being given the right level of after-sales support and advice?
Are all people who come in contact with customers the right people for that type of work and have they been properly trained?
What operating risks – fire, health and safety, etc – need to be considered?
What channels of distribution are used in your field; which do you plan to use and why?
If you have not found your premises yet, what plans do you have to find them?
Are these premises adequate for your future needs?If not, what plans do you have?
What are the insurance details:– sum insured?– premium?
What rates are payable on your business premises?
If leasehold:– What is the unexpired period of lease?– Is there an option to renew?– What is the present rent payment?– What is the date of rent payment?– What is the date of the next rent review?
If freehold, what is/are the:– value?– mortgage outstanding?– monthly repayments?– mortgage with whom?
Why do you need this type of premises and location? What competitive advantage does it give you?
Describe the location.
What type and size of premises are required for your business?
Can you and your key employees get to the area easily and quickly?
Is the area generally regarded as low or high growth? Is the area probusiness?
Is the location conducive to the creation of a favourable market image? For instance, a high-fashion designer may lack credibility trading from an area famous for its heavy industry and notorious for its dirt and pollution.
Are there competing businesses in the immediate neighbourhood? Will these have a beneficial or detrimental effect?
Are there any changes in the pipeline that might adversely affect trade, eg a new motorway bypassing the town, changes in transport services, closure of a large factory?
How accessible is the site by road, rail, air?
How does the cost of premises, rates and utilities compare with other areas?
How readily available are raw materials, components and other supplies?
Are the necessary back-up services available?
If you need skilled or specialist labour, is it readily available?
Is there a market for the particular type of business you plan? If you’re selling a product or service aimed at a particular age or socioeconomic group, analyse the demographic characteristics of the area. Are there sufficient numbers of people in the relevant age and income groups? Are the
If you have already done some advertising or promotional work, describe what you have done and the results you have achieved. Has your work on this assignment given you any pointers for future action?
Prepare an advertising and promotional plan for the upcoming year, explaining:a. what you want to happen as a result of your advertising;b. how much it’s worth to you to make that happen;c. what message(s) you will use to achieve these results;d. what media you will use and why;e. how the results
Write a press release announcing the launch of your venture. List the media to whom you will send the release.
Prepare a leaflet describing your product/service to your main customers.(Don’t worry if you don’t plan to use a leaflet – the exercise will serve to ensure you have put your offer in terms that recognize customers’ needs, rather than simply being a technical specification.)
Does your answer to question 6 lead you to believe that there is an opportunity to sell at different prices in each market segment – and so enhancing profits?
Are any of your possible market segments less price-sensitive than others?
Compared with your product/service how much better/worse are those of your competitors?
What price do your competitors charge?
Using the costs as calculated above and your profit objective, calculate the optimal price you should charge.
Refer forward to Assignment 20 and then calculate the fixed and variable costs associated with your product.
List all the costs you are likely to incur in making or marketing your product.
Are there any possibilities of developing new products or services complementary to the one(s) described above?
Will you be providing any warranties, guarantees or after-sales service?
How is your product or service different from those already on the market?
Do you have, or plan to have, any legal protection such as patents?If so, explain what you have done so far to establish your rights.
Is it currently available for sale?If not, what needs to be done, how much will that work cost and how long will it take?
Describe your product or service, as if explaining it to a novice.
What is unique about your proposition that makes it stand out from the competition?
What, in the light of this competitive analysis, do you believe to be the critical factors for success in your business sector?
What are their relative strengths and weaknesses compared both with each other and with your business?
Analyse their size, profitability and operating methods, as far as you can.
List and briefly describe the businesses with which you will be competing directly.
What share of this market are you aiming for initially?
Is the market you are aiming at currently rising or falling? What is the trend over the past few years?
What factors are important in the customer’s decision to buy or not to buy your product/service?

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The Business Plan Workbook A Step By Step Guide To Creating And Developing A Successful Business 1st Edition Colin Barrow ,Paul Barrow ,Robert Brown - Solutions

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