3. modül business decisions and economics
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EntrepreneurshipEducation
MODULE 3Business Decisions
Business Economics
GAZİANTEP
ZİRVE UNIVERSITY
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What is a Financial Plan?
• The amount of financing that the business needs tosurvive,
• Timing of positive and negative cash flows,
•How to find lowest cost financing and how to use it.
This part of the business plan shows the possilibility tofulfill the liabilities.
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To prepare a good Financial Plan
How much I should pay to produce? Costs
How much my fixed assets depriciate? Depriciation
How much loan I have? Debts
Who owes me money and How much? Receivables
How should I report my financial activities? Accounting
How much financial surplus I have ? Profit
What is the level of income ? Sales
At what price should I sell my product? Selling Price
What do we have in the firm? Assets
How much money I have? Cash
How much money do I need to continiue to produce? Working capital
How can I settle my future financing? Proforma Financial Statements
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Financial Plan
Goals
Financial Needs
Internal
Financing
External Financing
Where to find? How?
(on what
conditions)
Use where? How to use?
(Conditions)
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• A good financial plan involves financial control.
Financial control enables to compare the ex-ante(estimated) and ex-post (realized) values.
Ex-PostEx-Ante
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Finansal Kontrol nedir?
My Estimates
Reasons
ofdeviations
and
correcting
activities.
Is there any deviation? How
big? Is it high and crucial?
What is
your end
point?
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How much is the initial investment
capital of your business plan ?
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Initial investment capital for your business plan
Initial investment capital requirement Table (TL)
Investment Expenditures Total Description
Research and Project preperation Expenditures Arcihtect, Engineer, Advisor etc. Specialistservices,Expenditures
Building Construction CostsMain Building, Auxiliary units, Deppo, Administrative and
social building
Machinery and Equipment Expenditures
(Domestic)The price of machineries and equipments (KDV Included)
Office Equipments Computers, Handsets, Fax machines, Internet, Furntiture etc.
Electricity-Water,Gas- Venting installation
Rent- Deposits
Carriage/transportatiın and Insurance Costs Transportation of machineries and insurance expenditures.
Installation Costs Start up costs of Machineries
Pruchasing Costs Trial production costs
General CostsNotary, Insurance, Transportation, Communication, Personnel,
advertisement etc.
Start up Expenses and Public fees Start up costs of the firm
Maintanance and Repair Expenditures Modification,Restoration etc.Transportation Costs
Electricity-Water,Gas Subsciription Expenses
Promotion costs
Unexpected costs (% 10)
Total Fixed Costs
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Initial investment capital requirement Table (TL)
Investment Expenditures Total Description
Research and Project preperation Expenditures - Arcihtect, Engineer, Advisor etc. Specialist services,Expenditures
Building Construction Costs - Main Building, Auxiliary unit, Deppo, Administrative and socialbuilding
Machinery and Equipment Expenditures
(Domestic)125.000 The price of machineries and equipments (KDV Included)
Office Equipments 15.000 Computers, Handsets, Fax machines, Internet, Furniture etc.
Electricity-Water,Gas- Venting installation 1.000
Rent- Deposits 2.000
Carriage and Insurance Costs 500 Transportation of machineries and insurance expenditures.
Installation Costs - Start up costs of Machineries
Pruchasing Costs - Trial production costs
General Costs 2.000Notary, Insurance, Transportation, Communication, Employees,
advertisement etc.
Start up Expenses and Public fees 2.500 Start up costs of the firm
Maintanance and Repair Expenditures 3.000 Modification,Restoration etc.
Transportation Costs 1.000
Electricity-Water,Gas Subsciription Expenses 1.000
Total 153.000
Unexpected costs
(5% of the Total amount)7.650 Unexpected Expenditures
Total Fixed Costs 160.650
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Machinery and Equipment ExpendituresMachinery Quantity Unit Cost Total Amount
Total - -
VAT %18 - -
Grand Total - -
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Utility Services Machinery and Equipment ExpendituresCosts Quantity Unit Cost Total Amount
Total - -
VAT %18 - -
Grand Total - -
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WORKING CAPITAL TABLE (TL)
Working Capital:
It is the amount of capital that the firm has to finance until the
products and services in that opererating cycle are sold.
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WORKING CAPITAL TABLE (TL)
CostsAnnual Operetaing
Costs
Duration
(Months) Working Capital Requirement (TL)
Raw materials and Consumables
Rent
Electiricity
Water
Communication
Gas (Heating-Fees)
Employees
Natural Gas
Repair-Maintanance
General Costs
Accounting Costs
Stationery Expenses
Advertisement-Selling Costs
Packing Supplies Expenses
Transportation Costs
Unexpected costs
Total
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WORKING CAPITAL TABLE (TL)
CostsAnnual Operetaing
Costs
Duration
(Months) Working Capital Requirement (TL)
Raw materials and Consumables 216.165,00
1
18.013,75
Rent 3.000,00 250,00
Electiricity 3.000,00 250,00
Water 600,00 50,00
Communication 1.800,00 150,00
Gas (Heating-Fees) 1.800,00 150,00
Employees 52.632,00 4.386,00
Natural Gas 0,00 0,00
Repair-Maintanance 500,00 41,67
General Costs 600,00 50,00
Accounting Costs 1.200,00 100,00
Stationery Expenses 1.000,00 83,33
Advertisement-Selling Costs 7.500,00 625,00
Packing Supplies Expenses 1.200,00 100,00
Transportation Costs 1.000,00 83,33
Unexpected costs 29.199,70 2.433,31
Total 321.196,70 26.766,39
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ANNUAL OPERATING COSTS TABLE (TL)
Some operating costs can be both fixed and variable at the same
time. At this point, that operating costs should be analyzed and the
percentage of fixed and variable costs should be specified.
“Annual Operating Costs Table” shows the items of
expenditures.
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Fixed Costs
These are the costs still exist in your business.even If you stop producing goods/services.
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Fixed Costs…
General Expenses
• Rent and Estate Taxs
• Lighting, Heating, Communication, Stationery
• Insurance, Repairment, Maintanance• Employee Fees and Insurance Costs
• Interest and ve Brookerage Fees
• Other Expenses
Marketing and Sales Expenditures
• Promotion
• Travelling, Honouring the guests
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Fixed Costs
Administrative Costs
• Stationery
• Communication
• Salaries
• OthersDepricitation
• Building
• Machinery
• Equipments
• Vehicles
• Others
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Variable Costs
These are the costs that directly affect from the goods and
services.
These costs are incurred/realized at the point where goods or
services are produced.
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Variable Costs
Ask yourself whether the costs are varying regarding the amount of
goods and services produced. If they vary, those are variablecosts.
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Variable Costs
Raw Materials
Finished- Semi Finished Goods
Production Costs
Sales Brookerage
Temporary Employment
Delivery
Others
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ANNUAL OPERATING COSTS TABLE (TL)
Cost Items Total
Expenditures
(%)
Fixed/Variable Fixed Costs Variable Costs
Raw materials and Consumables
Rent
Electiricity
Water
CommunicationGas (Heating-Fees)
Employees
Natural Gas
Repair-Maintanance
General Costs
Accounting Costs
Stationery ExpensesAdvertisement-Selling Costs
Packing Supplies Expenses
Transportation Costs
Unexpected costs
TOTAL
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ANNUAL OPERATING COSTS TABLE (TL)
Cost Items Total
Expenditures
(%)
Fixed/
Variable Fixed Costs Variable Costs
Raw materials and Consumables 216.165,00 0/100 0,00 216.165,00
Rent 3.000,00 100/0 3.000,00 0,00
Electiricity 3.000,00 30/70 900,00 2.100,00
Water 600,00 30/70 180,00 420,00
Communication 1.800,00 30/70 540,00 1.260,00
Gas (Heating-Fees) 1.800,00 30/70 540,00 1.260,00
Employees 52.632,00 100/0 52.632,00 0,00
Natural Gas 0,00 100/0 0,00 0,00
Repair-Maintanance 500,00 70/30 350,00 150,00
General Costs 600,00 70/30 420,00 180,00
Accounting Costs 1.200,00 100/0 1.200,00 0,00
Stationery Expenses 1.000,00 60/40 600,00 400,00Advertisement-Selling Costs 7.500,00 80/20 6.000,00 1.500,00
Packing Supplies Expenses 1.200,00 0/100 0,00 1.200,00
Transportation Costs 1.000,00 0/100 0,00 1.000,00
Unexpected costs 29.199,70 80/20 23.359,76 5.839,94
TOTAL 321.196,70 89.721,76 231.474,94
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Income Statement
Every Business prepares income statement to see their profits/lossesat the end of fiscal year.
Newly established businesses need to prepare this table frequently tosee their profitability.
This table shows the amount of revenues and costs in a fiscal year.
Debts and credits do not give any information about the firm’s fixedassests. For this reason, income statement cannot indicate the value ofthe firm itself.
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Income Statement
5.2.2
Sales Revenues (A)
Variable Costs:Raw material
Other Production CostsBrokerage FeesPromotion Fees
OthersTotal (B)
Gross Profit (C=A-B)
Fixed Costs
FeesRent
Insurance Administrative Expenses AdverstisementInterest PaymentDepriciation
Total (D)
Net Profit /Loss ( E=C-D)
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Income Statement
5.2.2
Sales Revenues (A) 55.000 Variable Costs: Raw Materials
Other Productions Costs
Brokerage Fees Promotion Costs
Electricity Total (B)
20.000 3.000
500
500
200
24.200
Gross Profit (C=A-B) 30.800 Fixed Costs
Employee Fees Rent Insurance
Administrative Costs Advertisement Electric-Water Heating
Depriciation Total (D)
5.000 1.000
300
200 300 100 150 200
7.250 Net profit /loss ( E=C-D) 23.550
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Cash Flow Estimates (TL)
Cash Flow Statement table shows cash inflows and outflows for each timeperiod starting from the investment period.
It is not possible to see the profit of the firm from this table.
Cash flow statement analysis enables to understand not only the inflows
and outflows but also the effects of cash flows on the financial structure ofthe firm such as
Investments,
Loan Repayments,
Tax Payments.
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Cash Flow Estimation/Calculation Table (TL)
Cash, at the end of the reporting period in the cash flow table,
should not be negative.
If it is negative, this indicates that financing needs for theinvestment and working capital needs are not satisfied/found.
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Items At the
Start up
Months
Total1 2 3 4 5 6
Cash Inflows Sales revenues
KOSGEB Grant
Equity Capital
Debts
Bank Credits
Total Inflows
A
Cash Outflows
Variable Costs
Fixed Costs
Total Cash outflowsB
A - B = Net Cas flow C
Opening remaining D
Closure remaining C + D
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ÜRETİM/SATIŞ HEDEFLERİ Production/Sales Goals
Goods/
Services
1.
M
2.
M
3.
M
4.
M
5.
M
6.
M
7.
M
8.
M
9.
M
9.
M
10.
M
11.
M
Total Unit
Cost
Sum
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What is Breakeven Point?
• This point shows the amount of sales that makes total revenues
equals to the total costs.
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BREAKEVEN POINT ANALYSIS
Units Sold
Operating Costs
Fixed Costs
Variable Costs
Fixed + Variable
costs
Sales Revenues
B.E.P.
Sales Revenues
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Calculating Breakeven Point
Sales – Variable Costs = Gross Profit
Gross Profit x 100 = Gross Profit Margin
Sales
(Fixed Costs + Depriciation) x 100 = X = B.E.P.
Gross Profit Margin
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Calculating Breakeven Point
Question 14,000 (sales) - 2,000 (Var.C) = 2,000 (GP)
2,000 (GP) x 100 = %50 (GPM)
4,000 (sales)
(1,000 (FC) + 200 (Dep.) ) x 100 = 2,400
50 (GPM)
This firm starts making profit after selling 2.400 units.
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Total Investment Requirement and Possibble Financing Sources
Total Cash Needed
Investment Sum
Initial Investment
Working Capital
Total Investment
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Financial Structure in Investment Period Table
Financial Requirement Sum
Initial Investment
Working Capital
Total Financial Requirement
Financial Sources Equity
Debts
Grants (KOSGEB etc.)
Credits
Total Financial Sources
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Financial Structure in Investment Period Table
Financial Requirement Sum
Initial Investment 81.739,90
Equity Capital 26.766,39
Total Financial Requirement 108.506,29
Financial Sources
Equity 64.506,29
Debts 0,00
Grants 4.000,00
Credits 40.000,00
Total Financial Sources 108.506,29
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Investment Expenditures Sum Explanation
1. Land Costs
2. Research and project prep. Costs
3. Land Configurations
4. Building Costs
5. Machinery and Equipment Costs
(Domestic)
6. Machinery and Equipment Costs
(Imported)7. Utility Services
. Machinery and Equipment Costs
8. Import and custom clearence Costs
9. Transportation and Insurance Costs
10. Installation Costs
11. Purchasing Costs
12. Licence Fees
13. General Costs
14. Unexpected Costs
TOTAL FIXED INVESTMENT
Initial Investment Requirement Table
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Raw Materials
1 2 3 Tag 11.550,00 14.610,75 18.482,60
Combed Cotton 4.725,00 5.977,13 7.561,06
Order Form 931,50 1.178,35 1.490,61
TimeTable 2.700,00 3.415,50 4.320,61
Calender 12.993,75 16.437,09 20.792,92
Flashing Sign 700,00 885,50 1.120,16
Simple Sign 450,00 569,25 720,10
Combed Cotton
26,25 33,21 42,01
Brochures 10.080,00 12.751,20 16.130,27
Invitation Letters1.050,00 1.328,25 1.680,24
Canvas 29.374,80 40.390,35 55.536,73
Toplam 74.581,30 97.576,57 127.877,30
Raw material Costs (yearly)
•increase in costs due to inflation has been added.
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Labor Expenditures
Labor Expenditures 1 2 3 4 5
TOTAL
Other Costs 1 2 3 4 5Rent
Electricity
WaterFuel oil (Used by
Machineries)
Repairment and
Maintanance
Licence Fees
TOTAL
General Costs
• XX people works in this firm. Accouting service is outsourced. Values in the
table are the annual labor costs to the firm.
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Marketing and Sales Expenditures 1 2 3 4 5
Business Cards
Brochures
Customer Visits
Promotional Product Sales
Advertisements
Signs
Posters
TOTAL
Marketing and Sales Expenditures
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Calculating Working Capital Requirement
Items for Working Capital RequirementAnnual Operating
CostsDuration(Months)
Working CapitalRequirement
1. Raw material Stockpile
2. Finished goods Stock
3. Goods in Customer’s stock
4. Financing need for the general costs
TOTAL
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1. Raw Material StockPileThis is the amount of stocks that we need to have in hand when we
stop buying raw materials for production.
It is also called as safety stock . (For instance, A firm producing plastic can
not purchase an amount of raw materials under a certain level from
PETKIM. In this case, the remaining is kept for raw material and safety
stock ) The amount of cost that the firm need to finance its stock is the
amount of cash we should have in hand.
For example: To find this value of the 1 month raw material stock, we
need to divide the raw material costs in to 12.
CALCULATING WORKING CAPITAL REQUIREMENT
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2. Finished Goods Costs
This is the amount of finished goods inventory in hand when we stop
producing. In other words, it is the amount of finished goods inventory
to satisfy the received orders. This cost is calculated by multiplying unit
production cost with the number of required stocks.
(For instance, The cost of producing one unit of nappy is 0,2 . Assume that
we need 15 days of stocks to satisfy the received orders, which makes
2.000.000 units of nappies. In this case, the cost of this finished goods
inventories to the firm is 0,2*2.000.000 = 400.000, which is also a
working capital requirement.)
CALCULATING WORKING CAPITAL REQUIREMENT
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3. Goods in ustomer‟s Stock
In general, majority of the sales to the customers are credit sales. Hence, we
need some capital to keep on producing (to puchase raw materials) until
the time we receive the money. This is called as Goods in ustomer‟s Stock.The amount of annual raw material total costs corresponding the duration
of the credit sales forms the Goods in Customer „s Stock.
For instance, Assume that annual raw material total costs is 1.200.000. If
the sales of the firm are credited for 2 months, Goods in ustomer‟s Stock
equals to 1.200.000 *2/12= 200.000.
CALCULATING WORKING CAPITAL REQUIREMENT
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4. Cash Requirement for General Expenditures
“Cash Requirement for General Expenditures” is calculated by substracting
total raw material costs from total operating costs . This value is divided by
the duration that the firm needs stock (In months) to calculate the cash
need
General Expenses
Cash Needs =
(Annual total operating costs – Annual Total Raw Materials Costs
12
(We need that stock for 1 month )
CALCULATING WORKING CAPITAL REQUIREMENT
General Expenses
Cash Needs =
(General Expenses+electricity + water+ Fuel+ Labor+ Rent+ Marketing Exp)
12
(We need that stock for 1 month )
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How to find Financial Support?
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INSTITUTIONS OFFERING TAX EXEMPT FOR THEENTREPRENEURS
KOSGEB Entrepreneur Support Programme – Incubation, Tax Shield
TOBB Council of Young Entrepreneurs – Incubation, Tax ShieldTechnology Parks – Incubation, Tax Shield – (Boğaziçi, ODTÜ, İTÜ,KSÜ…)
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INSTITUTIONS GIVING SUPPORT FOR THEEQUIPMENT AND INFRASTRUCTURE NEEEDS OF
THE ENTREPRENEURS
Etohum – Incubation, Seed Funding,Educational Entrepreneurship Unit – Incubation,
Seed Funding Center,AveaLabs – Incubation
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INSTITUTIONS GIVING SUPPORT FOR THEFINANCING NEEDS OF THE ENTREPRENEURS
212 VC – – Initial Investment (Start up Period)Aksoy Internet Ventures – Initial Investment (Start up Period)
Endeavor – Angel Finance NetworkGalata Business Angels – Angel Finance Network
Golden Horn Ventures – Initial Investment (Start up Period)Ilab – Initial Investment
Inovent – Incubation, Seed FundingInventram – Incubation, Seed Funding
Inventures – Seed Funding, Angel FinanceLabx – Angel Finance Network
Tımar Ventures – Investment CapitalTurkven – Investment CapitalVerusa – Investment Capital
Young Turk Ventures – Angel Finance 59
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