• Planning as Part of the Business Operation
            Planning is a process that never ends.
                     •     A preliminary business plan which finalizes over time.
            There are many different types of plans which all contribute to 
            the business operation.
                     •     Financial plans, marketing plans, human resource plans, production 
                           plans and sales plans.
                     •     Plans may be short-term or long-term and they be strategic or 
                           operational.
            All plans have one purpose: to provide guidance and structure to 
            management in a rapidly changing market environment.
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  • What is the Business Plan?
            A business plan is a written document describing all relevant 
            external and internal elements in starting a new venture.
                     •     Often an integration of the functional plans.
                     •     For startups, it addresses short- and long-term decisions for the first 
                           three years of operation.
                     •     The plan is like a road map of business development.
                     •     External factors are uncontrollable.
                     •     There is some control over manufacturing, marketing, and personnel.
            When preparing the plan, the entrepreneur can determine how 
            much money is needed to achieve the plan.
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  • Who Should Write the Plan?
            The entrepreneur should write the business plan, but they may 
            consult many sources.
                     •     Lawyers, accountants, marketing consultants, and engineers are useful.
                     •     The SBA, SCORE, SBDCs, universities, friends, and relatives are sources.
                     •     The entrepreneur could hire or offer equity to others with expertise.
            The entrepreneur should assess their own skills to help determine 
            if they need to hire a consultant.
                     •     An assessment identifies what skills are needed and how to obtain 
                           them.
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  • Scope and Value of the Business Plan
            Before preparing the business plan, a quick feasibility study 
            determines any possible barriers to success.
                     •     Clearly define the venture’s goals and objectives.
                     •     If goals and objectives are too general or not feasible, the business 
                           plan will be difficult to control and implement.
                     •     Well defined goals and objectives are important given the impact of 
                           technology on the venture.
            Once this foundation is in place, establish strategy decisions.
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  • Market Information Needs
            The first step is to define the market, making it easier to project 
            market size and subsequent market goals.
            Evaluate general environmental and demographic trends, then 
            assess trends in the industry from a national perspective.
            Next, look at local environmental and demographic trends, then 
            specifically local industry trends.
            Finally, assess strengths and weaknesses of local competitors.
            Cumulatively, this assessment leads to market positioning and 
            market objectives.
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