Producing a Business Plan Presentation that Spells Success!
We will discuss the following business plan presentation items in more detail in this article:
1. An Executive Summary: This defines the important parts of your business idea in a narrative format in two pages or less. This is an opportunity to sell your business idea.
2. A Summary of your Company: This is a true description of your business, ownership, and history. For a start up business this will be presented in a different way.
3. Description of your Product(s) or Service(s): This is an opportunity to describe your service(s) or product(s) and how they are any different from the competition in the sales area that you intend to market them.
4. A Market Analysis:
This is the tough part. This is where you provide the details of your potential customer, who your competitor is, the size of the market, and the anticipated market growth for the area you are targeting.
5. A Strategy and Implementation:
This explains how you will sell and market your service or product, how you will implement your marketing plan, and provides sales projections.
6. A Management Summary:
This is your opportunity to explain your ability to manage this new business idea. This is a critical piece to securing finances. You must be able to establish that you have the ability to make this business successful.
7. A Financial Plan:
This is also critical data for securing financial backing. This will contain key financial data, such as potential sales, your cash flow, and projected profits.
Producing a business plan presentation takes work!
If you found this article trying to discover what a business plan is and how you can produce one easily you may be in for a big surprise!
If the only reason your trying to produce a business plan is solely to seek financial backing you might as well give your money away to a charity or put it all on black in Las Vegas. If that is all your trying do accomplish with your business plan you have missed the bigger picture!
You need to look at your business plan presentation as the tool that will take your business idea from just an idea to a thriving business that provides you a living and career!
I know you have heard the term “Trash In – Trash Out!”
The business plan that you produce must take every ounce of your time and effort to do the research necessary to know exactly what you must do to succeed!
Who is your customer and where are they coming from?
So let’s get started with one of the first steps prior to beginning your business plan presentation. That is to fully understand where your customer is and how to get them through your front doors or subscribe to your service! If you haven’t given this question the time of day until right now, then now is the time to begin giving it serious thought! Without customers continually purchasing your product or service nothing else matters! Nothing!
So let’s asks some questions that will help us to determine who our customer is and where are we going to find them! If you think that places like McDonald’s just randomly selects a place to put in a restaurant you need to reconsider that! In fact they do extensive research about everything before going forward with anything! Your business plan presentation must be able to identify this type of information. So here are some questions;
DO your research before you spend your first dollar!
How old is the type of person that will want your product or service?
How much money does the person make?
Are they home owners or do they rent?
Are they male or female?
Are they single or married?
Do they make a lot of money or not?
Do they have children?
Are they college educated?
These are just a few of the questions you must be asking yourself so that you can produce an well thought out business plan presentation. Before I get into where you can find this information let’s ask a few more questions so that when we go to do our research we are collecting as much of the information needed. Here are a few more questions;
Who is your competition?
Who is your competition?
Where are they located?
How saturated is the market with your product or service?
What is the average length of time this type of business remains in business?
Without knowing what the business your going into is this is just a sample of questions your should be asking and seeking information on.
You will find most if not all the above information right from the United States Census Breau. Yes, the US Census will provide all this information right from their government website for free. You will have to look for it and be creative in ways to find it, but it is there. This is not only a critical part of your business plan presentation but is the type of information that will give you confidence or raise the red flag on your business idea!
So once you’ve done your research online through the United States Census Breau and have determined that your business idea still have significant merit the next step for you to do before sitting down and writing your business plan presentation is to visit your competition. Of course this would be if they have a physical building to visit. Assuming that they do, go and check them out! When you go into their building is there anything that screams out to you. Is it clean! Were you greeted? Is it organized? How much is the average person spending? Does it seem like the business owner or sales person knows the customers? Is the parking easy to get into and out of? Do your research now so you can apply what is working and what is not to your business idea!
Have you considered a Marketing Plan?
Once you have done this upfront work it is now time to figure out your marketing plan! Every business plan presentation must have this included and it is a critical piece of any successful business. Notice I used the term successful. Without all the above that have been mentioned above your business is not going to succeed. Your business plan must be more than just another document! It must be your road map! It must predict the bumps and have a plan for them! It must have a plan to overcome sales that don’t reach your targets!
How do you intend to market your product or service? There are so many ways to get your name out there! Take just a few of these examples; email marketing, building a website, radio, television, direct mail, newspaper, trade shows, professional groups/organizations, etc. You may want to consider a combination of several of these ways or any other of the multiple others out there. Marketing is a huge piece of your business plan presentation.
Once you have decided what you will target it would be time to fully understand the cost of using that form of advertising. This needs to be built into your budget. Don’t underestimate the power of advertising your product or service, but make sure it is effective. Build into your plan ways to know if it is effective. Nothing worse than throwing a bunch of money at something and it is not effective!
The final pieces of your business plan presentation must include information about you and your experience as it relates to managing this business idea that you have. This is your opportunity to make it clear that you have what it takes to make this work! This is probably one part of the business plan that is for the purpose of convincing a potential financial institution that you’re worth investing in! Don’t mistake passion for ability. There are a lot of people that have passion but could never run a business. Banks will know by what you put in this portion of your business plan.
There are certainly more things that go into a business plan but this should get you started. One tool that will really help you is business plan software. I personally have used Business Plan Pro. I believe in it and strongly recommend it. Decide for yourself though. Do your own research and make your own decision.
May God Bless You!
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