1、2023年7月30日星期日第一个经营计划第一个经营计划(1)Purpose of Business PlanningAssisting inraising moneyFinding out the unknownPractising analysisand presentationBuilding a teamClarify ideasCalculating how muchmoney is neededSetting&monitoringobjectives&targetsAssessingfeasibility&viabilityAppraising qualityof managemen
2、tEvaluating securityversus riskMANAGERSLENDERS/INVESTORSOWNERSOn-going reviewMajor decisionsBusiness purchaseStart-upWHEN?WHO?WHY?Principal Motivation For Developing A Business Plan(Critical Research Ltd,February,1996)The Initial Business Plan Informs outsiders of your intentions.Guides your early m
3、onths of trading.Must show investors the expected rate of returnand that there is a good chance of being paid back.Must demonstrate your managerial competence.Must assess the strengths of your team.Must demonstrate a good market for your product orservice.Focuses upon critical success factors.Should
4、“grab the attention”of the reader.The Written Plan Executive summary Description of business Personnel Marketing Operations Human resources Capital resources Financial statementsDefining the MarketConsumer Marketin terms of age,sex,family size,income,marital status.importance of social class.importa
5、nce of local area.likely usage rates.importance of lifestyle.importance of prestige and image.customers preferred point of sale.balance of price versus features giving value for money.Industrial Markettype of industry.size of potential customersrequired frequency of delivery.price sensitivity.after-
6、sales service and/or maintenance.special characteristics of market and existing suppliers,if any.Why Will Customers Buy?What are the customers needs and wants?The Offer Package:-appearance;colour,packaging,style,materials.delivery time;maintenance;performance;speed,reliability,noise,vibration.qualit
7、y;“value for money”Sources of differentiationRemember:-customers rarely act rationally;emotion and perception matter significantly.What Quantity Will Customers Buy?Market size:segmentation,share,volume and value.Market structure distribution channels,how does the product/service reach the customer?M
8、arket competition(see next slide)Market trends historical developments,predicted future changes,response to uncertainty.Market investment time and money to achieve viable sales levels.Market Competition Who are our potential competitors?How much do they sell?How have they performed recently?How are
9、they organised?How do they sell?Who are their main customers?What is their pricing policy?Do customers want something which they dont provide?Market Research Market break-down size of market overall,size of segment,our likely share Market build-up customers purchases x number of customers desk resea
10、rch directories,literature,surveys,Internet primary research interviews,questionnaires,test and trialsRemember:-Be Systematic and LogicalEvaluating Business PlansCriteria sometimes used by commercial banks:C.A.M.P.A.R.I.CharacterAbilityManagementPurposeAmountRepaymentInsuranceP.A.R.S.R.PersonAmountR
11、epaymentSecurityRewardPresenting the Business PlanIdentify with audienceKeep it shortCatch attentionConfident but not presumptiveBe passionateMaintain eye contactClear visual aidsAll key personnel presentGive demonstrationAnticipate questionsPractice,practice,practiceSmall Firm Owner-manager Attitud
12、es Towards External Sources of FinanceSources:Alex Lawrie&BCCWheel of FinanceInstitutionalfundsGrantsPublicfundsPrivatefundsPersonalcontributionsBusinesscontributionsBanklendingTechnologyfundingAwardsREGLocal authorities&development agenciesInnovationgrantSponsoredawardsSMART/SPURR&Dcollaborativepro
13、jectsSeed&developmentcapitalVenturecapitalStandardproductsEC loansSpecialschemesBusinessangelsCorporateventuringPartnershipsRSASFLGSNatWest BankUse Of External Sources Of FundingSource of financeAllMicroSmallMediumLargerOlderNewerStable/DeclineMediumGrowthFastGrowthManfctrService%receiving from:Bank
14、s83.780.584.185.790.185.481.882.484.787.485.681.6Venture Capital6.52.47.113.46.35.57.44.86.08.37.55.4Hire Purchase/Leasing44.633.350.346.241.450.338.838.151.047.848.340.4Factoring6.03.77.37.63.64.17.47.34.55.46.25.8Customers/Suppliers8.59.87.77.69.98.28.711.77.48.38.98.1Prtners/wrkng shrhldrs19.524.
15、617.425.213.515.323.715.418.423.715.024.5Other private individual5.69.44.93.41.82.58.44.03.37.64.17.2Other sources9.78.19.311.814.69.410.09.59.310.18.910.6Mean%share by:Banks60.660.859.160.168.964.656.663.562.158.562.558.4Venture Capital2.91.03.45.22.62.43.42.62.43.73.12.8Hire Purchase/Leasing16.013
16、.918.312.612.717.514.613.418.116.818.213.4Factoring3.52.24.14.22.42.24.53.92.73.13.33.7Customers/Suppliers2.22.62.01.91.81.92.53.21.92.31.92.6Prtners/wrkng shrhldrs7.611.86.77.23.65.59.97.17.08.14.611.1Other private individual1.73.01.50.80.40.62.81.11.11.71.42.0Other sources5.44.74.98.27.55.25.75.34
17、.85.84.96.1Total responses1185297648119111561598273418278627554Small Business Research Centre,Cambridge 1992(Barclays Bank PLC,1996)Duration Of LoansSmall Firm Problems With Banks Credit Rationing-refusal to fund high quality project Oversupply of Credit -funding poor quality project Adverse Selecti
18、on-rising interest rates mean low risk borrowers go elsewhere leaving only high risk borrowers Moral Hazard-banks ability to monitor progress of a project Bank charges-level and unpredictability Collateral-amounts needed and form taken lead to erosion of future borrowing potential and limited liabil
19、ity Advice-advisers dont know the business,dont know the industry and cant give helpful advice Interest Rates-too high and uncertain.Rejection Of Applications For Venture Capital FundingBoocock et al,1993Bridge Bridge Mezzanine Second stage Start-up capital First stage Seed corn Stages in Financing
20、a New VentureVolumeTimeIntroductionGrowthMaturityDeclineNegative Cash-flowsNegative Becoming Positive Cash-flowsPositive Cash-flowsPositive Becoming Negative Cash-flowsPre-startStart upConsolidateEarlygrowthSustainedgrowthOwn savings&grant aidBank loansAngelsSeed fundsVenture fundsBank loansFlotatio
21、nFinancing Stages of GrowthDavid Irwin,1999Source:Alex Lawrie,1999?Finance for Start-upsFinancing New Small VenturesSources:ISSA,FDA,BVCA 1999?Small Firms And External Finance-General Issues(1)Size excludes many small firms from certain sections of external capital markets.This leads to equity gaps.
22、(e.g.-Boocock et al,1993)Debt is considered to be the principal source of external finance.(Hall,1989)Owner-managers claim banks do not provide sufficient funds and are not sympathetic towards expansion plans or start-ups.Bank are also considered to be male dominated and discriminate against women applicants for loans.(e.g.-Wilson,1979)
