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Topic 3 : Crafting a Business Plan and Building a Solid Strategic Plan -…
Topic 3 : Crafting a Business Plan and Building a Solid Strategic Plan
Business Plan
The operational and financial details
The marketing opportunities and strategy
An entrepreneur’s proposed business venture
The managers’ skills and abilities
Executive Summary
Target Customers
Point of differentiation
Benefit
Clincher
Context
Key Elements of a Business Plan
Description of a Firm's Product or Service
Business and Industry Profile
Mission and Vision Statement
Competitor Analysis
Executive Summary
Market Entry Strategy
Title Page & Table of Contents
Marketing Strategy
Show customer interest
Document market claims
Entrepreneurs’ and Managers’ Resumes
Plan of Operation
Pro Forma (Projected) Financial Statements
The Loan or Investment Proposal
The "5 Cs" of Credit
Collateral
Character
CapacityC
Conditions
Capital
5 aspects of a small company
Pricing they offer
Way they sell
Service they provide
Values to which they are committed
Products they sell
Building a Sustainable Competitive Advantage
Core competencies
Skills
Capabilities
Sustainable competitive advantage
Lessons learned
Superior value for customers
Strategic Management Process
3.Scan environment for opportunities and threats
4.Identify key success factors
2.Develop a vision and translate it into a mission statement
5.Analyze competition
1.Develop a vision and translate it into a mission statement
6.Create goals & objectives
7.Formulate strategies
8.Translate plans into actions
9.Establish accurate controls
Balance Scorecards
A set of measurements unique to a company that includes both financial and operational measures.
Gives managers a quick, yet comprehensive, picture of a company’s overall performance.