Business Planning Principles and Applications

Business Planning Principles and Applications

52 Pages · 2010 · 189 KB · English

Business Planning Principles and Applications Moller Maersk Innovation & Change Management Workshop. I. Basic Concepts II. Business Plan Elements

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William K Aulet, Senior Lecturer and Acting Managing Director MIT Entrepreneurship Center MIT Sloan Executive Education, 27 October 2009 One Amherst Street, Room E40196 Cambridge, MA 021421352 USA phone: +16172538653 fax: +16172538633 email: [email protected] http://entrepreneurshipmitedu Business Planning Principles and Applications Moller Maersk Innovation & Change Management Workshop Desired Outcomes of the Presentation 1 You understand the basic concepts to properly approach a fundraising business plan 2 You are familiar with the key elements of any business plan and how to constructively construct these sections for fundraising as well as for the success of your business 3 You will understand what are the critical success factors of business plans to people who will provide funding 4 You will understand the difference between an operating business plan and a fundraising business plan relative to the frequency with which it gets updated Outline: I Basic Concepts II Business Plan Elements III Critical Success Factors IV The Dynamic Business Plan IBasic Concepts IIBusiness Plan Elements IIICritical Success Factors IVThe Dynamic Business Plan Outline: Purpose of Business Plan • Internal use of plan – Focus – Alignment – Commitment • External use of plan – Get funding – Set expectations – Alliances/Partnerships/Mergers Definition of a Business Plan? •Written – Commitment • Quantitative – Measurable –Financials – Milestones • Clarity – Specific – Convincing Understand Your Audience • Management Team • Employees • Customers/Partners • Funders • Other influencers • Acquirers Planning is absolutely essential for any new venture Elements of Business Plan •Market ÎCustomers ÎMarket • Product or Service • Technology/Competitive Advantage • Operations • Competition • Team • Financial Projections • Exit Strategy/Returns • Executive Summary Basic Concepts if Fundraising What is the reason for your business? Then, what is the objective of financing? What is your long term financing strategy? What is the objective of this financing activity? What is your preferred source? Compatible with your culture, owners objectives and needs? Is the Board of Directors clear on all of the above? Understand your target customer – this is sales Business Plans to raise money vary by objective and target audience All Business Plans are not exactly alike … but they do have the same key elements IBasic Concepts IIBusiness Plan Elements IIICritical Success Factors IVThe Dynamic Business Plan Outline: Simple Logical Flow Entrepreneurial Marketing • Target customers • Product Definition • Value Propositions • Business Model Sales •Prospects Îcustomers •Customize • Feedback • New opportunities Engineering • Build it •IP • Feedback • New opportunities Finance • Measure & Track • Resource allocation • Productivity • Plan & Analysis • Feedback Founders’ values, goals, skills, interests and assets Elements of Business Plan Market ÎCustomers ÎMarket Product or Service Technology/Competitive Advantage Operations Competition Team Financial Projections Exit Strategy/Returns Seeing the Future Opportunity 11 Market ÎCustomers ÎMarket Focus on your first market only Richly describe your target customer in all dimensions Name them specifically Size the overall market Describe the “asis” state Name the ones you specifically have spoken to who have this pain/opportunity Describe Key Characteristics of target customers/market Describe their ability to get funding to buy new solutions What is the compelling factor/event that will make them buy Who are other entrenched players Name the first 10 target customers If successful, what would be your next logical market? Gathering Information & Understanding Entrepreneurial Marketing is not a spectator sport!!! Quantifying the Value Proposition “When you can measure what you are speaking about and express it in numbers, you know something about it; When you can not measure it… your knowledge is meager and unsatisfactory” Lord Kelvin Example: Toy Development Process Tech Package Design Ideation PhaseLooks like Works like Commercialization Development Times 4 Weeks 414 Days Model Types: 2D Drawings 3D CAD Models 3D Hand Models 2 Weeks Engineering Manufacturing Rework 2 3 Months Tool cavity development analog CNC Software CNC Milling 4 Weeks** Could be lower with FreeForm 4 Days Model Types: FreeForm Native File 3 Days Engineering Manufacturing Rework 3 Weeks Digital tool cavity via STL CNC FreeForm Files CNC Milling 16 Weeks Total Development Time 8 Weeks** Total Development Time Today’s Process FreeForm Process 50% Reduction in Time FreeForm 70% Reduction in Time 70% Reduction in Time US Design Firms Asian Tool Suppliers Evaluating Marketing Section Bad: Lead with Technology Addressing many markets “China Syndrome” No solid economic value proposition No competition OK to Good: Understand customers List customers Top down and bottom up sizing of market including growth rates Reasonable addressable market and market penetration assumptions Great: Spoke to lots of specific customers includes testimonials and listed contact info Identified champion(s) and committed user advisory board Compelling and proven value proposition validated Demonstrated that target

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