LLL: do HR part
The Business Plan Format
There will be 4 primary sections to your Business Plan:
I) Executive Summary
II) The Business
III) Financials
IV) Supporting Documents
Although there is no single formula for developing a business plan, some elements are common to all business plans. The following is a more detailed outline of the Business Plan Requirements:
Cover sheet
This will include Business Name, your name, completion date.
The plan must be professionally presented with Headers/Footers, page numbers, etc.
Table of contents
This must include all major sections of the business plan and their matching page numbers.
Sections I and II will be one continuous Word document and uploaded into blackboard. Section III is uploaded separately in Excel and Section IV will be updated as a PDF.
I. Statement of purpose/Executive Summary
This is typically a one page summary of the business plan identifying the purpose for writing the plan, summarized information about the type of business, the expected opening date, products and services and location. If you are intending to take a business loan, the loan amount, how you will use the money and how you will repay the money must be referenced. You must also list your first-year revenue and profit. This section must also include your Mission Statement.
II. The Business
A. Business Overview
Explain the business (basic overview)
In full paragraph format explain the business that you are in and why you selected this business.
Location
Give your exact street address (insert a picture if appropriate), explain why you choose this location as well as the parking, surrounding businesses, transit access, size of the location (square footage) and basic layout.
Hours of Operation
Provide your hours of operation by day of the week. Then you must explain why you choose these hours and what type of hours similar organizations or the surrounding businesses have.
All products/Services Detailed
List all the types of products and/or services that your company sells. Give details about them.
Type of Business Structure
Identify what type of business structure you have selected (Sole proprietor, partnership, corporation, LLC,) and you MUST explain why you selected it. This explain must include your understanding of both the tax and liability implications.
Overview of your company’s strengths and weaknesses
Provide a partial SWOT analysis by detailing both the strengths and the weaknesses of your new business.
B. Operations
Identify renovations that will be required in your facility.
Identify capital expenditures such as delivery van, kitchen equipment, tables/bars, store fixtures, sound systems, security systems and point of sale systems.
Identify your starting inventory, for example if you are opening store I want to know what products will be in the store the day you open the doors.
(insert inventory chart by product type)
After Opening:
If you are making products such as clothing, how and where will it be manufactured and then sold to your customers including forms of payment.
If you are providing a service such as hair salon, restaurant, or retail store explain how reservations are made or customers are greeted, how services are administered and payment is collected.
When and where will supplies and inventory be purchased? Supplies include things that are needed to help run the business. Inventory refers to the items you are selling.
What are the activities that occur on a typical day for the manager?
Describe in detail how you will ensure you are delivering a high quality product/service and that customers are satisfied with your product/service.
C. Marketing
Target Market
Your target market must be identified, explained and quantified (demographics, Psychographics). A reference to Vals or Prism segmentation is required. Why is this product needed by your target market? How big is this target market? Is it limited by geography?
Primary Research
This section MUST include results of your primary research survey. What did you learn from prospective customers?
The Four Ps
Reiterate products/service offered. You can repeat some of the information that you described previously in the business overview section.
Identify exact prices and pricing strategy. Detail what you will be charging for each product and service and explain why you choose those prices. Are you trying to project an image of affordability? Prestige? Something in between? This must be explained.
Detail your promotional plan (advertising, web promotion, sales, public relations). This must include specifics where will you run ads and why, samples of the ads can be developed and included in your supporting documents)
(Insert your promotional chart here)
Discuss your distribution strategy. How/where will your products be sold and why did you choose this option?
Everyone must have a web site for informational purposes at a minimum (directions, hours of operations, etc.). Your web site must be explained, including your URL and any costs associated with it must be identified.
D. Competition
Identify your primary and secondary competitors by name and detail their products/services, customers, prices and what makes you different or better.
(Insert competitor chart here)
E. Human Resources
HR Planning
How many people will you need? Identify all the positions (management and staff) in the business, what their responsibilities will be and who will fill them if identified.
How many employees will be hired into each position and what type of salary and benefits will be offered.
HR Attracting
Where and how will you find your employees?
HR Training and Development
What type of training will they be given? Will you provide an orientation? What will you do to make sure they have, and will maintain, the skills they need on an ongoing basis? Will you help them develop skills for future promotions?
HR Retention
What policies will you have to ensure employees are happy and want to stay?
Management Philosophy
You must provide a brief statement (100-300 words) that describes your management style and/or philosophy.
F. A written page is required as an introduction to your financial statements. This narrative must include your financing (capital and loan); first year revenue/sales, break-even and net income. Additionally, you must identify exactly how each cost was determined.
G. List of sources in proper format (APA). This should include all web sites accessed for data usage, supplies and industry information
III. Financial Data (these will be in one document and uploaded as an Excel file)
A. Sales Analysis
B. Capital equipment and supply list
C. Balance sheet
D. Breakeven analysis and Contribution margin
E. Pro-forma Income projections (profit & loss statements)
F. Pro-forma cash flow
IV. Supporting Documents (these must be scanned and uploaded as a PDF)
· Copy of resumes of all principals
· Demographic statistics
· Location information (real estate listing for example)
· Job descriptions for your staff
· Customer research survey and results
· Project Plan
· Peer evaluation form
The Business Plan Format 2