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Paul Tiffany. Business Plans For Dummies
Business Plans For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Business Plans For Dummies Cheat Sheet” in the Search box. Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go From Here
Getting Started with Business Plans
Preparing to Do a Business Plan
Identifying Your Planning Resources
Checking out the variety of sources out there
Surfing the Internet
INTERNET HOTSPOTS FOR BUSINESS-PLANNING INFO
Purchasing business-planning software
Seeking professional help
Finding friendly advice
Assembling Your Planning Team
Setting the ground rules
Delegating responsibility
Putting Your Plan on Paper or in Cyberspace
Executive summary
Company overview
Business environment
Company description
Company strategy
Financial review
Action plan
Understanding the Importance of a Business Plan
Bringing Your Ideas into Focus
Looking forward
Looking back
Looking around
Taking the first step
Understanding the Planning behind the Plan
Is planning an art or science?
Why planning matters
Satisfying Your Audience
Venture capital
FANCY FINANCING LINGO
Making connections
Doing your homework
Perfecting your pitch
Bankers, backers, and bootstrappers
HELP FROM YOUR UNCLE SAM
Family and friends
Credit cards and crowdfunding
Traditional banks
Setting Off in the Right Direction
Understanding Why Values Matter
Facing tough choices
Weighing utilitarianism and other philosophies
Applying ethics and the law
Getting caught lost and unprepared, if not naked and afraid
Understanding the value of having values
Clarifying Your Company Values
Putting together your values statement
Following through with your values
Creating Your Company’s Vision Statement
Charting the Proper Course
Creating Your Company’s Mission Statement
Getting started
Capturing your business (in 50 words or less)
MINI MISSION ACCOMPLISHED
Introducing Goals and Objectives
Why bother?
Goals versus objectives
Efficiency versus effectiveness
Minding Your Own Business: Setting Goals and Objectives
Creating your business goals
Laying out your objectives
Matching goals and objectives with your mission
MANAGEMENT BY OBJECTIVES
Timing is everything
HOW GOALS CAN KEEP A MISSION ON TRACK
Describing Your Marketplace
Examining the Business Environment
Understanding Your Business
EASTMAN KODAK: A TEARDROP TRIP DOWN MEMORY LANE
Analyzing Your Industry
Configuring the structure
Taking stock of your rivals
Examining technology
Overcoming barriers
Cashing out
Measuring the markets
Just how big is big?
Growing or shrinking?
What choices do customers have?
What about something altogether different?
Remembering the relationships
Recognizing supply and demand
Keeping customers happy
Delivering the sale
Figuring out the finances
The cost side
The profit drivers
Coming up with supporting data
Recognizing Critical Success Factors
Adopting new technologies, procedures, and policies
Getting a handle on what counts most
Determining what drives your business
Looking for a great location
Dealing with distribution
Marketing mind games
Getting along with government regulation
SWOT: Preparing for Opportunities and Threats
Finding warm and soothing waters
Scanning for clouds on the horizon, ice on the water, or worse
Slicing and Dicing Markets
Separating Customers into Groups
EXTRA! EXTRA! YOU NOW HAVE CAR OPTIONS!
Identifying Market Segments
Who buys
Where do they live?
What are they like?
What do they do?
What customers buy
What can your product do?
How do you sell the product?
What does your product cost?
Where can consumers find your product?
THE DIGITAL REVOLUTION AND “MASS CUSTOMIZATION”
Why customers buy
What do they get?
How do they decide?
Finding Useful Market Segments
Is the segment the right size?
Can you identify the customers?
Can you reach the market?
Becoming Market Driven
Getting Up Close and Personal with Customers
Keeping Track of the Big Picture
Categorizing Your Customers
Comparing generations
Defining your good customers
Handling your not-so-best customers
Scoping out the other guy’s customers
Discovering the Ways Customers Behave
Understanding customer needs
Determining customer motives
Figuring Out How Customers Make Choices
Realizing perceptions are reality
Setting in motion the five steps to adoption
Understanding the Global Customer
THE MORAL OF THE STORY: KNOW THY CUSTOMER
Serving Your Customers Better
Looking at a Special Case: Business Customers
Filling secondhand demand
Decision-making as a formal affair
Knowing the forces to be reckoned with
Asking some important questions
Investigating unique forces
Covering Your Competition
Understanding the Value of Competitors
Identifying Your Real Competitors
Considering competition based on customer choice
Paying attention to product usage and unexpected new competition
Spotting strategic groups
Focusing on future competition
Tracking Your Competitors’ Actions
Determining competitors’ capabilities
Assessing competitors’ strategies
Predicting Your Competitors’ Moves
Figuring out competitors’ goals
Uncovering competitors’ assumptions
Competing to Win
Organizing facts and figures
Choosing your battles
Weighing Your Company’s Prospects
Assessing Where You Stand Today
Doing Situation Analysis
Identifying Strengths and Weaknesses
Keeping frames of reference
Defining capabilities and resources
Management: Setting direction from the top
Organization: Bringing people together
Customer base: Pleasing the crowds
AMAZON: CUSTOMER HEAVEN, BUT WAREHOUSE WORKHOUSE?
Research and development: Inventing the future
Digital presence: Competing in the 21st century
Operations: Making things work
Marketing and sales: Telling a good story
Distribution and delivery: Completing the cycle
Financial condition: Keeping track of money
Monitoring critical success factors
HIDING YOUR STRENGTH IN PLAIN SIGHT
Analyzing Your Situation in 3-D
Getting a glance at competitors
Completing your SWOT analysis
Profiting from Your Business Plan
Describing What You Do Best
Looking at the links in a value chain
THE GREAT U.S. STEEL CONUNDRUM
Forging your value chain
Understanding your value proposition
PROFESSIONAL NETWORKING SITE — OR JOBS BOARD?
Putting Together a Business Model
How will you make money?
MAKING MONEY IN THE MEDIA SECTOR
How’s your timing?
Making Your Business Model Work
DAVID MEETS GOLIATH
Searching for a competitive advantage
Focusing on core competence
Sustaining an advantage over time
Earmarking Resources
Figuring Out the Financial Details
Reading Income Statements
Rendering revenue
Calculating costs
Cost of goods sold
Sales, general, and administration expenses
Depreciation and interest expenses
Taxes
Pondering profits
Interpreting Balance Sheets
Ascertaining assets
Current assets
Fixed assets
Intangibles
Categorizing liabilities and owners’ equity
Current liabilities
Long-term liabilities
Owners’ equity
Examining Cash-Flow Statements
Moving money: Cash in and cash out
Knowing where your funds come from
Gauging how you use your funds
Watching cash levels rise and fall
Evaluating Financial Ratios
Meeting short-term obligations
Current ratio
Quick ratio
Inventory turnover
Receivables turnover
Remembering long-term responsibilities
Times interest earned
Debt-to-equity
Reading relative profitability
Net profit margin
Return on investment
Return on equity
Forecasting and Budgeting
Constructing a Financial Forecast
Piecing together your pro-forma income statement
Projected revenue
Anticipated costs
Estimating your balance sheet
Assets
Liabilities and owners’ equity
Projecting your cash flow
Exploring Alternative Financial Forecasts
Utilizing the DuPont formula
Answering a what-if analysis
Making a Budget
Looking inside the budget
Creating your budget
Top-down budgeting approach
Bottom-up budgeting approach
Looking to the Future
Confronting Uncertainty
Understanding the Dangers of Ignoring Change
Defining the Dimensions of Change
Governmental trends
Executive branch
Legislative branch
Judicial branch
Local and state governments
Foreign governments
Economic trends
GDP
Interest rates
Inflation rates
Currency value
DOES SIZE MATTER WHEN IT COMES TO CONFRONTING CHANGE?
Cultural trends
Demographic changes
Social changes
Lifestyle changes
Technological trends
Knowing that not everyone wants the latest and greatest
Tracking tech trends
Anticipating Change
Preparing for a Changing Future
Thinking Strategically
Applying Off-the-Shelf Strategies
Leading with low costs
No-frills product
Experience curve
Low-cost culture
PLATFORM OR PIPELINE?
Standing out in a crowd
Product features
Product packaging
Focusing on focus
Niche markets
Limited territory
KOHL’S CHALLENGES THE RETAIL APOCALYPSE
Changing Your Boundaries
The evolution of new strategic models
Outsourcing and offshoring
Leading and Following
Market-leader strategies
Market-follower strategies
Tailoring Your Own Strategy
Growing Up, Growing Bigger, and Growing Old
Facing Up to the Product Life Cycle
Starting out
Growing up
Maturing in middle age
Riding out the senior stretch
Gauging where you are now
FROM MySpace TO LAST PLACE
Finding Ways to Expand
Same product and same market
New market or new product
New market
New product
New product and new market
Managing Your Product Portfolio
Utilizing strategic business units
Aiming for the stars
Understanding the Growth-Share Grid
Building your own Growth-Share Grid
Asking Two Final Questions About Growth
Knowing that, yes, growth is good
Managing growth wisely
Putting Your Business Plan into Action
Shaping and Shape-Shifting Your Organization
Recognizing That Form Follows Function
Putting Together an Effective Organization
Choosing a basic design
Focusing on a functional model
Divvying up duties with a divisional form
Sharing talents with the matrix format
Dealing with too many chefs in the kitchen
Finding what’s right for you
Thinking and Organizing for the Future
Leading the Way
Encouraging Leadership Roles
Leading from the front or the back
Looking at leadership styles
Developing Business Skills (And Having the Right Personality Traits)
Evaluating personality traits
Distinguishing appropriate skills
Creating the Right Culture
Following Through with Your Vision
Bringing Your Plan to Life (And Making a Final Check)
The Part of Tens
Ten (Or So) Signs That Your Business Plan Needs Refreshing — or Worse
Your Business Goals Change Abruptly
You Don’t Meet Your Plan Milestones
New Technology Makes a Splash
Important Customers Walk Away
The Competition Heats Up
Product Demand Falls Sharply
Revenues Go Down or Costs Go Up
Company Morale Slumps
Key Financial Projections Don’t Pan Out
Too Much Growth, Too Fast
An Unwanted Surprise Pops Up
Ten (Or So) Questions to Ask about Your Plan
Are Your Goals and Mission in Sync?
Can You Point to Major Opportunities?
Have You Prepared for Threats?
Do You Know Your Customers?
Can You Track Your Competitors?
Do You Know Your Strengths and Weaknesses?
Does Your Strategy Make Sense?
Can You Stand Behind the Numbers?
Are You Really Ready for Change?
Is Your Plan Concise and Up-to-Date?
What’s the Worst That Can Happen, and How Will You Deal with It?
Ten (Or So) Business-Planning Never-Evers
Failing to Plan in the First Place
Shrugging Off Values and Vision
Second-Guessing the Customer
Underestimating Your Competition
Ignoring Your Strengths
Mistaking a Budget for a Plan
Shying Away from Reasonable Risk
Allowing One Person to Dominate a Plan
Being Afraid to Change
Forgetting to Motivate and Reward
Faking It
A Sample Business Plan
SUITE 07 BUSINESS PLAN. I. EXECUTIVE SUMMARY
II. COMPANY OVERVIEW
III. BUSINESS ENVIRONMENT. 1. THE MARKET
2. CRITICAL SUCCESS FACTORS FOR COMPETITORS IN THE LUXURY HOUSING MARKET
3. THE COMPETITION
IV. SUITE 07 — THE COMPANY. 1. COMPANY PRINCIPALS
2. VISION, MISSION, AND GOALS
3. RECORD OF PAST ACHIEVEMENTS
FINANCIAL SUMMARY FOR CASES I, II, III
4. SWOT ANALYSIS FOR SUITE 07
V. SUITE 07’s STRATEGY
1. PROPERTY TYPES. A. CATEGORY I: MULTI-FAMILY LARGE APARTMENTS FOR LET OR SALE
B. CATEGORY II: MULTI-FAMILY SMALL APARTMENTS FOR LET OR SALE
C. CATEGORY III: SINGLE-FAMILY HOUSES FOR SALE
2. SUITE 07’s COMPETITIVE ADVANTAGE
3. TURN-KEY ONLY PROPERTY DEVELOPMENT FOR LET OR SALE
4. THE SUITE 07 LAB
5. SPECIAL ACCESS PROGRAM
VI. FINANCIAL PROCESS AND SAMPLE PROJECTION. 1. SUITE 07 FINANCIAL STRUCTURE AND PROCESS
2. PRO-FORMA FOR A REPRESENTATIVE LARGE MULTI-FAMILY RENTAL APARTMENT COMPLEX
DETAILED FINANCIAL PROJECTIONS FOR A TYPICAL MULTI-FAMILY RENTAL PROPERTY
3. PRO-FORMA FOR A REPRESENTATIVE LARGE CONDOMINIUM COMPLEX
VII. ACTION PLAN AND NEXT STEPS. 1. PROPERTY ACQUISITION
2. BRAND BUILDING & COMMUNICATION
3. GEOGRAPHIC EXPANSION
CONCLUSION
APPENDIX I
CASE I: “The Swan” (2016–2017)
CASE II: “The Garden House” (2017)
CASE III: “The Italian” (2020)
APPENDIX II. TARGET GROUPS FOR APARTMENT RENTALS AND SINGLE-FAMILY HOMES. TARGET GROUP I: “Privileged Seniors”
TARGET GROUP II: “Privileged Heirs”
TARGET GROUP III: “One World”
APPENDIX III
SUITE 07 PRIVATE CONCIERGE PRIVILEGES
Index. A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Z
About the Authors
Authors’ Acknowledgments
WILEY END USER LICENSE AGREEMENT
