Industry Talk: Ashok

 

Business Plan

What is it?

  • Need one line description of business – What are you in the market for?

Helps you think of the major elements:

  • markets
  • resources
  • Forward Plans
  • Cashflow
  • Profit Forecast
  • Product and design

 

Elements of plan

  • Summary
  • Type of company
  • Objectives
  • Product  – USP
  • Market Analysis
  • Marketing Plans
  • Organisation of business
  • Financial Plan
  • Contingency Plan – What if it goes wrong or very right?

 

Key Elements

  • Your vision/ mission
  • Your product/ service
  • Market Analysis – Know the market
  • Positioning your brand  – USP
  • Organisation
  • Funding requirements
  • Strategy to take things forward
  • Expected sales over 3 years
  • Cashflows and profit forecasts
  • Any problems

 

 

Strategic Planning Factors

  • Values and purpose
  • Time
  • Market Analysis
  • Resource availability
  • Degree of turbulence
  • Produce, market and industry
  • Performance measures
  • Level of market orientation

 

Stakeholders

Who are they?

  • Funders
  • The market
  • Social Media
  • Venture Capialists
  • Consumers
  • Business Buyers
  • Press and Media – Get to talk about it – Publish it

 

Business Canvas

Alternative to plan

  • Customer segments
  • Value Propositions
  • Channels
  • Customer Relationships
  • Revenue Streams
  • Key Activities
  • Key Resources

 

Types of Company

  • Sole Trader
  • Partnership – Use this for starting up
  • Limited
  • Cooperative

 

Market Analysis

  • Size?
  • Niche?
  • Competitors?
  • How well established?
  • Is market growing?
  • How accessible is the market
  • How do the competitors marker themselves?
  • Market local, National or international?

 

Marketing Plan

  • Position in market
  • Segment targeting to?
  • Likely sales
  • Targeting, segmenting positioning
  • What will be your overall marketing strategy? – Social media etc

 

Talk in an ACTIVE Voice not PASSIVE!!!

 

Harry ate six shrimp at dinner

NOT

At dinner, six shrimp were eaten by Harry.

 

 

 

 

Reflection

Having had the talk I found it to be useful in helping me better understand what a business plan is and how to make one. Learning that a plan there to help organise the business and form a set of rules that determine what the specifically the business will do/ produce. Therefore it makes me feel less daunted about producing my own business as I know the process behind it. However I don’t think that I will start up my own company just this soon as I don’t feel I have the skills, I stress out just from uni projects let along sorting out actual money and other people’s lives. But its useful to know for the future if I want to set one up in the future.

 

 

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