business planning journal materials

BUSINESS PLANNING JOURNALPRODUCTS AND SERVICES

Describe your products and services in detail.

What makes your products and services different from other products and services on the market

in terms of quality, value, and convenience?

If your products and services are not different from other products and services on the market,

why will people buy from you?

If you are selling products, who are your suppliers and why have you chosen them?

How will your answers to the above questions affect your financial projections?

Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 1

BUSINESS PLANNING JOURNEL MARKETING: Product

Review your Products and Services Business Planning Journal. Have your products and services

changed after completing Market Feasibility? If so, how?

Are there any special requirements for designing your products? If so, what are they?

Will the design of your products affect your marketing efforts? If so, how?

Are there any special packaging requirements for your products? If so, what are they?

Will the packaging of your products affect your marketing efforts? If so, how?



BUSINESS PLANNING JOURNEL MARKETING: Promotion

How will you attract customers to your business?

What promotional and advertising strategies will you use?

How do you plan to keep customers purchasing from you?

How do you plan to expand your market?



BUSINESS PLANNING JOURNEL MARKETING: People

Who will assist you in marketing your products and services?

What qualifications must they have?



BUSINESS PLANNING JOURNEL OPERATIONS: Customer Service

What customer service polices and procedures do you plan to implement in your business?



BUSINESS PLANNING JOURNEL OPERATIONS: Legal Structure

What is the legal business structure of your business? Why did you choose this structure?

What supporting documentation does this structure require?



BUSINESS PLANNING JOURNEL OPERATIONS: Operating Procedures

When do you plan to open your business?

What hours of the day and days of the week will you be open? Will your hours be adjusted

seasonally?

What will you accept for payment for your goods and services (credit cards, cash, monthly credit

accounts)?

Describe the process of producing and delivering your products and services to the customer

from start to finish. (Provide a flow chart of the process if possible, from suppliers to customers.)



BUSINESS PLANNING JOURNEL OPERATIONS: Renovations and Capital Equipment

What renovations will be necessary?

How much will they cost?

List the capital equipment needed for your business.



BUSINESS PLANNING JOURNEL OPERATIONS: Taxes, Licenses, and Insurance

What taxes will your business need to pay?

What special licenses are required for your business to operate (local, state, federal)?

What type of insurance coverage do you plan to obtain for your business?



BUSINESS PLANNING JOURNEL OPERATIONS: Key People

Who are the key people that will assist you in your business? (Examples include accountants,

bookkeepers, attorneys, insurance agents, small business assistance organizations, etc.)



BUSINESS PLANNING JOURNEL FINANCIALS: Breakeven Analysis

What is your breakeven point?

How did you calculate it? (Show calculations or computer printout.)

How did you arrive at your projected gross profit margin?

What assumptions did you use to estimate monthly operating costs?

How do you expect your breakeven point to change during your first year of business? Why?


BUSINESS PLANNING JOURNEL FINANCIALS: Cash Flow Projections

What assumptions have you made concerning start-up costs?

What assumptions have you made concerning capital equipment purchases?

List assumptions for cash flow projections (include sales projections, replenishing inventory, and

operating expenses).


BUSINESS PLANNING JOURNEL FINANCIALS: Personal Financial Statement

OBTAIN A PERSONAL FINANCIAL STATEMENT


BUSINESS PLANNING JOURNEL FINANCIALS: Risk Factors

What could happen inside your business that would affect the start-up and first year of

operations? (Examples include: losing your manager, renovations taking longer than expected,

losing your major supplier, etc.)

How would you react to the above factors?

What could happen outside your business that would affect the start-up and first year of

operations? (Examples include: the economy turning sour, losing major customers, new

competitors, lawsuit, etc.)

How would you react to the above factors?


BUSINESS PLANNING JOURNEL MARKETING: Place

How will your products and services be delivered to customers?

Who will be involved in this delivery?



BUSINESS PLANNING JOURNEL EXECUTIVE SUMMARY

Describe your business proposal in a paragraph. Include your name, business name, location,

type of business, business structure, key managers, products and services, and market.

State the amount of money you are requesting and for what it will be used.

How will the money be repaid?

What type of collateral are you offering?

How much do you plan to invest in the business?

Why will the business be successful?


BUSINESS PLANNING JOURNEL MARKETING: Target Market/Customer Profile

In what geographical area do you plan to market your products and services?

What market segments are you targeting?

How large are your target markets?

What percent (share) of these target markets do you expect will buy from you?

Describe the growth potential of your target markets.

Describe other potential variations (seasonality, etc.) in your target market.

How do your target markets compare to your competitions?

Describe the customer profiles of your top 3 market segments.

Why will these people buy from you?



BUSINESS PLANNING JOURNEL MARKETING: Competition

Who are your five strongest competitors, either direct or indirect? Where are they located? What

do they sell?

Is their business growing, holding its own, or declining? Why?

How will your business be like your competitors’ businesses?

How will your business be different from your competitors’ businesses?

How will your business compete successfully against your competitors’?

How do you anticipate your competitors will react to your entry into the market?



BUSINESS PLANNING JOURNEL OPERATIONS: Management and Personnel

What is the background of the key manager of the business?

What management experience does he/she have?

What education does he/she have that will contribute to the success of your business?

What special abilities, interests, hobbies, and/or experiences does he/she have that will

contribute to the success of your business?

What are the personnel needs of your business?

What skills are required of these staff members?

Are people with these skills available in your area?

Will your personnel be paid hourly or salaried? Part-time or full-time?

What fringe benefits will you offer, if any?

What type of training will your personnel need?



BUSINESS PLANNING JOURNEL MARKETING: Industry Analysis

How would you describe the industry of your chosen business?

Is the industry growing, holding its own, or declining? Why?

Do you expect your chosen business to behave differently from the industry as a whole? If so,

why?



BUSINESS PLANNING JOURNEL MARKETING: Price

How have you determined the prices for your products and services?

How do your pricing strategies compare to your competitions?



BUSINESS PLANNING JOURNEL OPERATIONS: Location and Layout

Where will your business be located? Why did you choose this location?

Will the location be leased or owned? If leased, what are the rent payments?

Describe the physical features of your location. (Include square footage, number of floors,

appearance of building, parking, and access to your customers and suppliers via highways, rail,

airports, etc.)

Draw a diagram of the layout of your location. Include it in your business plan.

What businesses are located nearby?

Why did you choose this location?



Documents

business planning journal materials