how to write your mission statement -...
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Lincoln North Star Business Plan Business ManagementMr. Fleming
Business Plan Report Directions and TipsFive Important Tips:
1. The business plan should tell a compelling story about your business, explaining who, what, when, where, how and why.
2. Your plan should be focused and clear. It’s not about the number of pages or style of the cover.
3. The plan should define specific business objectives and goals with general parameters to guide the organization.
4. Writing a business plan should force logic and discipline into a business.5. A good business plan is a living document. It should be updated regularly.
You will create a Business Plan for your business that will be presented at the end of the semester in a ONE MINUTE presentation. It is important that you work on this plan during assigned class time and that you put in extra time as necessary to get your job done. To help you with your Business Plan, you will also complete worksheets that will prepare you for specific sections of your Business Plan.
Formative Assessments: Attached worksheets that synchronize with Business Plan.
Summative Assessments: Business Plan —Use template provided. Your Report must be typed with Margins – 1” for
all margins. Use Normal Spacing – do NOT double space, have 2 returns between paragraphs.
Presentation —One minute persuasive presentation given to potential investors.
For help with writing a Business Plan, please see the SBA PowerPoint Video - http://app1.sba.gov/training/sbabp/index.htm - this PowerPoint also includes a link to the Business Plan Template and templates to help with your Financial Management Section.
Please only work on the sections as they are assigned.
Rubric – 200 Points SUMMATIVE
Item/DescriptionPossib
le Points
Title Page – centered, looks professional, includes Business Logo 5Table of Contents – lists each section/subsection and page number 5Executive Summary 0After reviewing this section, the reader should: Want to learn more about your
business Have a basic understanding about
your company
20
Business Description & Vision 0After reviewing this section, the reader should know: What the business is and what it
stands for (it’s mission!) Your perception of the company’s
growth & potential Specific goals and objectives of the
business Background information about the
company
20
Definition of the Market 0After reviewing this section the reader should know: Basic information about the
industry you operate in and the customer needs you are fulfilling
The scope and share of your business market, as well as who your target customers are
20
Description of Products and Services 0
After reviewing this section, the reader should know: Why you are in business What your products and services
are and how much they sell for How and why your products &
services are competitive
20
Organization & Management 0
After reviewing this section, the reader should know: The legal form of ownership for
your business Who the leaders are in your
business as well as their roles The general flow of operations
within the firm
20
Marketing & Sales Strategy 0After reviewing this section, the reader should know: Who your market is and how you
will reach it How your company will apply
pricing, promotion, product diversification and channel distribution to sell your products and services competitively
20
Financial Management – New Business 0After reviewing this section the reader should: Have a good understanding
regarding the financial capacity and/or projections of your company
20
Appendices 0Company BrochureSWOT Analysis 15Pictures of your business location and products (EC) 0Layout of business (EC) 0
0Quality of Work – followed directions, on time, student’s own work, is something that could be shown to a banker
0
Presentation 10Compelling and persuasive w/visual aid 2255TOTAL 25
2305
Business Plan Template
Title Page
Your Company Name
Business PlanDate
Street AddressCity, State and Zip Code
Phone NumberE-Mail AddressWeb Address
Table of Contents
1. Table of Contents
2. Executive Summary
3. Business Description & Vision
4. Definition of Market
5. Description of Products and Services
6. Organization & Management
7. Marketing and Sales Strategy
8. Financial Management
9. Appendices
Executive Summary
This section should: Be written last Provide an enthusiastic snapshot of your company,
explaining who you are, what you do and why. Be less than 2 pages
After reviewing this section the reader should:
Want to learn more about your business Have a basic understanding about your company
Start here….
Business Description & Vision
Name__________________________________________________ Worksheet #1
This section should: Mission statement (business purpose) Company vision (values and statements about company
growth) Business goals and objectives Brief history of the business
After reviewing this section the reader should:
Who the business is and what it stands for Your perception of the company’s growth and potential Specific goals and objectives of the business Background information about the company
How to Write Your Mission Statement
http://www.entrepreneur.com/article/printthis/65230.html
A mission statement is a key tool that can be as important as your business plan. It captures, in a few succinct sentences, the essence of your business's goals and the philosophies underlying them. Equally important, the mission statement signals what your business is all about to your customers, employees, suppliers and the community.
The mission statement reflects every facet of your business: the range and nature of the products you offer, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with your customers, employees, suppliers, competitors and the community.
Answering the following questions will help you to create a verbal picture of your business's mission:
Why are you in business? What do you want for yourself, your family and your customers? Think about the spark that ignited your decision to start a business. What will keep it burning?
Who are your customers? What can you do for them that will enrich their lives and contribute to their success--now and in the future?
How to Write Your Mission Statement (continued)
What image of your business do you want to convey? Customers, suppliers, employees and the public will all have perceptions of your company. How will you create the desired picture?
What is the nature of your products and services? What factors determine pricing and quality? Consider how these relate to the reasons for your business's existence. How will all this change over time?
What level of service do you provide? Most companies believe they offer "the best service available," but do your customers agree? Don't be vague; define what makes your service so extraordinary.
What roles do you and your employees play? Wise captains develop a leadership style that organizes, challenges and recognizes employees.
What kind of relationships will you maintain with suppliers? Every business is in partnership with its suppliers. When you succeed, so do they.
How do you differ from your competitors? Many entrepreneurs forget they are pursuing the same dollars as their competitors. What do you do better, cheaper or faster than other competitors? How can you use competitors' weaknesses to your advantage?
How to Write Your Mission Statement (continued)
How will you use technology, capital, processes, products and services to reach your goals? A description of your strategy will keep your energies focused on your goals.
What underlying philosophies or values guided your responses to the previous questions? Some businesses choose to list these separately. Writing them down clarifies the "why" behind your mission.
What "radiant words" can you use? "Every word counts," says Abrams. The statement should create dynamic, visual images and inspire action. Use offbeat, colorful verbs and adjectives to spice up your statements. Don't hesitate to drop in words like "kaleidoscope," "sizzle," "cheer," "outrageous" and "marvel" to add zest. If you want customers to boast about your goods and services, say so--along with the reasons why. Some businesses include a glossary that defines the terms used in the statement.
Definition of the Market
This section should: Describe your business industry and outlook
Name__________________________________________________ Worksheet #2
Define the critical needs of your perceived or existing market
Identify your target market Provide a general profile of your target clients Describe what share of the market your currently have
and/or anticipate
After reviewing this section the reader should:
Basic information about the industry you operate in and the customer needs you are fulfilling
The scope and share of your business market, as well as who your target customers are
Industry Overview—
Using newspaper, magazine and internet sources, gather information about the size and growth of the specific industry you will start your business in. Identify all of your sources below. Your decision to start a business must be research-based. If you cannot find research to defend your business concept, you might consider changing ideas.
1. What reasons can you provide to justify starting this business? Include competitive environment, consumer trends, economic environment, etc. Please list sources.
Industry Overview (continued)—
2. Why do you think this particular business will be successful? What is the failure rate of similar businesses? Be very specific and list all sources.
Market Analysis—
Create a customer profile or a description of your typical customer. Do research to find out the typical customers of similar businesses. Provide information for each marketing segment below:
Demographics (age, gender, income, ethnic background, income, educational background, etc.)
Psychographics (attitudes, values, hobbies, interests, lifestyles, opinions, etc.)
Geographics (where do they live? Population, weather, region, etc.)
Description of Products and ServicesThis section should:
Other source: Unit 1 Lab p 98-88
Specifically describe all of your products and services Explain how your products and services are competitive If applicable, reference a picture or brochure of your
products, which would be included in the plans’ appendix
After reviewing this section the reader should:
Why you are in business What your products and services are and how much
they sell for How and why your products and services are
competitive
1. Provide a brief description of major products and services that you will provide.
2. What makes your business unique? How are you different than your competition? What is your competitive advantage? Who are your major competitors?
3. What will your pricing strategy be? How does this compare to your competition?
Name__________________________________________________ Worksheet #3
Organization & ManagementThis section should:
Other sourcesUnit 1 LAB p 98-99
Provide a description of how your company is organized as well as an organization chart
Describe the legal structure of your business Identify necessary or special licenses and/or permits
your business operates with Provide a brief biography description of key managers
within the company
After reviewing this section the reader should:
The legal form of ownership for your business Who the leaders are in your business as well as their
roles The general flow of operations within the firm
Organization—
1. What form of business ownership will you have? List the advantages for your specific business
2. Draw an organizational chart.
3. Develop a job description for at least two positions in the organizational chart including skills and experience required.
Management—
Name__________________________________________________ Worksheet #4
1. What personal characteristics and experience do/will you have that will benefit your business? Consider leadership and entrepreneurship traits.
2. What education do/will you have that will benefit your business?
3. List any other special skills, abilities, traits that make you the best person to start this business. If you are working in a partnership, why does your partner compliment you?
4. What areas of weakness will you consider outsourcing?
Marketing and Sales StrategyThis section should:
Other source:Pages 576-77
Identify and describe your market—who your customers are and what the demand is for your products and services
Describe your channels of distribution. Explain your sales strategy, specific to pricing,
promotion, products and place (4 P’s)
After reviewing this section the reader should:
Who your market is and how you will reach it How your company will apply pricing, promotion,
product diversification and channel distribution to sell your products and services competitively.
Marketing—
1. Where will you be located (place)? Provide justification for your decision.
2. Consider other aspects of distribution (place)—internet, delivery, parking, competition, traffic, cost of rent or purchase, public transportation, convenience, safety, prestige and zoning. Other source: http ://entrepreneurs.about.com/od/gettingstarted/a/chooselocation.htm
Name__________________________________________________ Worksheet #5
Marketing (continued)—
3. How will you promote your business? Consider advertising and other promotional strategies.
4. Create a business logo and attach. Consider the following tips for creating a logo: Your logo is your first impression to buyers. The more professional it appears, the more credibility you gain. It needs to distinguish your company from the competition. It should create a feeling or mood without the use of words (font, artwork, etc.) Color communicates!
5. Develop a business slogan. A slogan is a short phrase that does a lot of work. In uust a few words, it can convey all sorts of information about your business. It becomes part of the business culture. A good slogan:
Tells your prospects the benefits you offer them. Shows how you position yourself versus your competitors. Makes your business memorable to prospective customers.
___________________________________________________________________________________
6. Address other aspects of the marketing plan related to product, price, place and promotion that have not been covered elsewhere in your business plan. Use prompts of page 576-77 to help you generate ideas related to image, product lines, pricing structure, etc.
Financial Management
This section should:
Other source:SBA templates
Estimate of start-up costs Break-Even Point Analysis looking at how many units
needed to sell to cover your start-up cost. For example: I’m opening a restaurant, I would need to
calculate the cost of one menu item (say cheeseburger) and determine the sell price. Using the difference to find my break-even point.
BEP= Start Cost/ (Sell Price – Costs)
After reviewing this section the reader should:
Have a good understanding regarding the financial capacity and/or projections for your company
AppendicesThis section should:
All optional
SWOT analysis (REQUIRED), I will explain how to do this it’s pretty easy.
Company brochures Sample promotional tools including advertisements