Preparing the Business Plan

Chapter Three—The Business Plan

Even though it couldn’t give you guarantee for your success in your entrepreneur career,
you need to prepare the business plan before commencing any business activity. The
planning function of management is essentially defining in advance:
 What is to be done,
 How it will be done,
 Who will do it and
 The resources that will be used.

Definition of Business Plan

Business plan is a written document prepared by the entrepreneur that describes all the
relevant external and internal elements involved in starting a new venture. It is a
comprehensive set of guidelines for a new venture. It is often an integration of functional
plans such as:
Marketing,
Finance,
Manufacturing and
Human resources
The business plan should be prepared by the entrepreneur however he or she may consult
with many other professional in its preparation. Lawyers, Accountants, Marketing
Consultants and Engineers are useful in the preparation of the plan.
The business plan is a written document that sets out the basic idea underlying a business
and related start-up considerations.
The business plan may present a proposal for launching an entirely new business. More
commonly, perhaps, it may present a plan for a major expansion of a firm that has already
started operation.
For example, an entrepreneur may open a small local business and see the possibility
of opening additional branches or extending its success in other ways.
A feasibility plan is an outline of potential issues to address and a set of guidelines to help
entrepreneurs make better decisions. Writing an honest plan with well supported
information will benefit everyone. The business plan may be read by employees, investors,
bankers, venture capitalists, suppliers, customers, advisors, and consultants. Well-developed

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plan should be to the point, clearly identifying products and/or services, markets and the
founders.
A feasibility plan doesn’t have to be “slick”, but it does have to be prepared in a
quality manner. It should be easy to read and understand, and complete and
accurate.
A business plan is a document which sets out
 What the business is all about,
 What the business is going to do and
 How it is going to do it.
A business plan may be defined as a roadmap, a statement of strategy, or any other relevant
conceptual label. Whether exploring a business strategy for growth, or the finances for a
business concern, a business plan is an important ingredient in the success of any small
business organization (Burns, 1990).

Why Planning is so important?

Due to Globalization, the world has been reduced into a small village. Hence, it is very
difficult to stay in the right truck in today’s world unless we have the right start. For this to
happen, planning is an essential tool that flags the way to success. In fact, planning does not
ensure success rather it enhances the chance of succeeding.

Business Planning is the process of setting objectives and devising actions to achieve those
objectives, and answers such questions:
 What business am I in?
 What finances do I need?
 What is my sales strategy?
 Where can I find needed personnel?
 How much profit can I expect?
Planning is a process that never ends for a business. It is extremely important in the early
stages of any new venture when the entrepreneur will need to prepare a preliminary
business plan. The business plan will be finalized as:
 The entrepreneur has a better sense of the market,
 The product or services to be marketed,
 The management team, and
 The financial need of the venture

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As the venture evolves from an early start-up to a mature business, planning will continue
as management seeks to meet its short term or long term business goals.

Basic Functions of a Business Plan

According to Burns (1990), a business plan performs the following management functions
in a small business enterprise functions:
1. It can assist the entrepreneur crystallize and direct his business ideas.
2. It can help the entrepreneur set goals and objectives, including the associated criteria to
measure performance.
3. It can act as a means to attract any form of funding needed for the business
4. It can convince venture capitalist and other investors that the entrepreneur has isolated
some beneficial growth business opportunities in all dimensions.
A small business venture without a plan is substantially directionless in terms of
environment, goals, policies, and strategies. Generally, a firm’s business plan shows the
firm’s purpose, philosophy, plan of action, expected challenges and the route to future
success, growth and development.
Preparing a business plan that outlines the plans, strategies, and goals for an entrepreneur’s
business concern is useful for any type of business, especially start-up or early stage small
business enterprises. These sections discuss how a business plan functions, and the
preparation of key sections of a business plan.

Writing a Business Plan

The adequacy, relevance, and soundness of an entrepreneur’s business plan can make the
difference between a successful company and an unsuccessful one. It should be noted that it
is nearly impossible for a business entrepreneur to foresee everything that will happen to
his company via his business plan.
Additionally, no business plan provides an absolute roadmap to success in any business
concern. Therefore, the entrepreneur should be prepared to revise his business plan as the
relevant conditions facing his company change and as more accurate data and information
become available. Therefore, a small business plan should be flexible enough to
accommodate some relevant business variations. Generally, poor business planning is a
major reason for small business failure.
A business plan serves three major functions, which include:

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a. A planning tool and technique for the growth of the business concern. ---------
technical guideline
b. A document to convey (carry) relevant information to prospective investors in the
business concern. ---- convincing investors
c. An index base to measure and monitor the company’s performance over time. ----
--- measuring performance
The reasons small business entrepreneurs write business plans include:
1. For selling the interests of the entrepreneur and other stakeholders to the relevant
audience.
2. To obtain bank funding.
3. To obtain investment finance
4. To arrange joint venture agreements (strategic alliances)
5. To obtain substantial business contracts from vendors
6. To attract major human resource/personnel
7. To tidy-up mergers and acquisition deals.
Some of the noticeable issues a small business entrepreneur should consider when writing a
business plan include:
 The business plan should be as concise as possible.
o The relevant audience may not want to read a long-winded document. As a
rule of thumb, a business plan should comprise thirty-five single spaced
pages at most, excluding the appendices.
 A business plan should be easy to read and understand, without typographical or
grammatical errors.
 A business plan should be informative to audiences concerning the large and
profitable market opportunities for the business enterprise.
 A business plan should take the strength and depth of the company’s management
team, among others.

Objectives of a Business Plan

A business plan is the cornerstone of starting a business as well as a significant tool for
monitoring the progress and growth of your company.
For the entrepreneur starting a new venture, a business plan has four basic objectives:

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1. It identifies the nature and the context of the business opportunity-why does
such an opportunity exist?
2. It presents the approach the entrepreneur plans to take and exploit the
opportunity
3. It identifies the success factors of the venture
4. It serves as a tool to raise financial capital
A business plan can be viewed as an entrepreneur’s game plan; it crystallizes the dreams
and hopes that motivate the entrepreneur to start the business.

Ten key reasons below are why you should need business plan:
1. To attract investors
2. To see if your business ideas will work
3. To outline each area of the business
4. To setup milestones
5. To learn about the market
6. To secure additional funding or loans
7. To demonstrate your financial needs
8. To attract top-level people
9. To monitor your business
10. To device convergence (extra) plans

The Components of Business Plan

(Format of Feasibility Plan)
The business plan should be comprehensive enough to give any potential investors a
complete picture and understanding of the new picture and it should help the entrepreneur
clarify his or her thinking about the business. There is no hard and fast rule regarding the
components of business plan and most of the time the following are recommended to be
included while preparing business plan:
1. Cover page
2. Executive summary
3. Business description
4. Product or service
5. Market research and analysis

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6. The market plan

7. Manufacturing or operations plan
8. Leadership / entrepreneurial team.
9. Financial documentation

1. The cover page:

This is the title or cover page that provides the brief summary of the business plan’s
contents. It should contain the following:

 The name and address of the company

 The name of the entrepreneur(s), telephone number, fax number, e-mail address
and web site address if available can serve as the title page of your plan.
 Month and year your plan was prepared (important)
 Copy number of the plan and Copy right of the business (if needed)
 A paragraph describing the company and the nature of the business
 A statement of the confidentiality of the report, this is for security purpose and is
important for the entrepreneur

2. Executive summary:
This section of the business is prepared after the total plan is written. About two to three
pages in length, the executive summary should stimulate the interest of the potential
investors. The executive summary provides the reader a quick look at the goals, plans and
purposes of the business. A prospective lender often uses the executive summary to
determine whether it is worth the time to read the entire plan. The purpose of the executive
summary is to catch the interest of the investors and to make them read on.

Generally the executive summary should address a number of issues or questions that any
one picking up the written plan for the first time would want to know.

For example:
 What is the business concept or model?
 How unique is this business concept or model?
 Who are the individuals starting this business?
 How will they make money and how much?
It is the “problem” that either captures an investor’s interest or skills all incentives to read
further. Under executive summary we will have:

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i) Venture defined-the company should be identified to include:

 When it will be formed,
 By whom and
 For what purpose.
Purpose is very important. Example, it may be manufacturing, merchandizing, publishing,
service providing, and etc.
ii) Market characteristics: existing and potential markets must be briefly described in
terms of size and geographic characteristics.
The plan must provide a summary of data to validate projections.
iii) Entrepreneurial team: the key personnel that is essential for the firm’s success. These
individuals must be identified, and their skills and talents must be adequately specified.

iv) Financial summary: critical financial considerations must be summarized to include

start-up estimates of revenue, costs, cash flow requirements and profit or loss. These should
be extended for at least three years. A good plan will identify the breakeven point in sales
volumes or dollar.

3. Business Description:
This section should begin with the mission statement or company mission of the new
venture. The description of venture should be detailed in this section of the business plan.
This will enable the investors to learn the size and scope of the business. This statement
basically describes the nature of the business and what the entrepreneurs hopes to
accomplish with that business. The key elements to be discussed in this section are:
 The products or services ,
 The location and the size of the business,
 The personnel and office equipment that will be needed ,
 The back ground of the entrepreneurs and
 The history of the venture.

4. Product or service:
The plan must provide an accurate description of a product or service before attempting to
explain how it will be marketed. Essential information required to describe a product
includes:

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 Distinctive characteristics of the product itself,

 How it works (or is used),
 Materials, costs, and methods of manufacturing,
 Proprietary protection (patents, trade-mark, copyrights), and
 Potential competing (substitute) products

Most new products also require validated testing and many will require approval by
regulatory agencies. It also explains how the products will be introduced and diversification
plans and prospects for incremental growth.

5. Market Research and Analysis:

The objective of market research and analysis is to establish that a market exists for the
proposed venture. The most difficult and important part of the plan that entrepreneurs
must provide a credible summary of potential are:

 Potential customers,
 Potential competitors,
 Evaluation of the marketing mix
Potential customers: - identifying descriptive and behavioral segments of the customers
 Demographic and geographic--- Descriptive
 Behavioral –psychographic (lifestyle, personal image) benefit segmentation
(expected benefit) and usage rate (heavy users and brand loyalty)
o Demographic profile of customers like age, sex, income, education, religion
etc…Buying habits and relevant information for new venture must be
collected.
Evaluate market: - future markets and funds or changes window of business
opportunity, niche position information is collected.

Analyze competitors: - existing competitors with similar products or services

 Future competitors and ease of entry
 Industry structure.
 Assumption about the new venture:-It is important to describe in the marketing
research section assumptions that support market projections for the new venture.

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 Market niche- is a carefully defined segment of a broader market. It defines the

positioning of a product or service to create a distinct marketing focus.
 Pricing system- describing the pricing system is essential for developing a customer
profile. High price for luxuries goods, discount for frequent sell, credit policies, etc.
 Methods of distribution- is a manner in which a product or service will be brought to
the market. The choice of distribution system defines the market niche, influences
prices, and delineates promotional activities. A creative method of distribution gives a
business and its distinctive competency.
 The sales forecast -marketing research must conclude with solid data on projected sales.
It is a culmination (conclusion) of research to indicate the quantity of sales and expected
sales revenues during the planning period. Present well documented on specific market
data and how sales are expected to occur during the first three to five years of business.

6. The Market Plan:

It builds on market research and distinct characteristics of the business to explain how the
venture will succeed. It describes how the products or services will be distributed, priced
and promoted. This section usually focuses on specific marketing activities. It describes
pricing policies, quality image, warranty policies, promotional programs, distribution
channels and other issues such as after sale service and marketing responsibility.

 Pricing system -discounts, quantity and bulk prices, methods to set prices
 Promotional mix -strategy of combining appropriate uses of public relations,
advertising, displays, demonstrations, personal sales etc.
 Distribution channels- use of market channels including retailers, wholesalers,
catalog, telemarketing, personal sales, representatives, or other approaches

7. Manufacturing or Operations Plan:

All business manufacturing or non-manufacturing should include an operations plan as
part of the business plan. This section goes beyond the manufacturing process (when the
new venture involves manufacturing) and describes the flow of goods and services from
production to the customers. It might include:

 Inventory or storage of manufactured products,

 Shipping, inventory control procedures, and
 Customers support service.

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A non-manufacturer such as a retailer or service provider would also need this section in
the business plan in order to explain the chronological steps in completing a business
transaction. It is important for ventures that manufacture, design, or sell products as well as
for service firms that require capital equipment.

The elements of manufacturing or operation plan are:

 Facilities - purchase or lease, renovation, equipment and technology parking and

transport, legal and zoning issues
 Inventory – opening inventory purchasing system, subcontracting, inventory
management supplies and support
 Human resource- operating personnel skill requirements, supervision services and
support unusual requirement
 Operations: research and development, manufacturing process, service structure,
quality control safety, and maintenance.
 Legal and insurance issues- legal protection such as copyright, patent right and
trade mark

8. Leadership / Entrepreneurial team:

Investors put greater emphasis on the entrepreneurial team than on the business concept.
So, entrepreneurs must take care to profile the entrepreneurial team honestly and
effectively. They should emphasize team member’s strength, past success and positive
characteristics and avoid/reduce weaknesses. Each person’s role in the new ventures should
be described briefly. (Who does what), Personal data like age, address, salaries to be paid
etc… (For cost calculation) should be discussed in detail.

9. Financial plan:
Like the marketing, production, and organizational plan the financial plan is an important
part of the business plan. It determines the potential investment commitment needed for the
new venture and indicates whether the business plan is economically feasible or not.

Generally three financial areas need to be discussed in this section of the business plan:

1. The entrepreneurs should summarize the forecasted sales and the appropriate
expense for at least the first three years. It includes the forecasted sale, cost of goods
sold and the general and administrative expenses

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2. Important to determine cash on a monthly basis especially in the first year

3. The last financial item needed in this section of the business plan is the projected
balance sheet.
 It shows the financial conditions of the business at a specific time.
 It summarizes the asset of a business, its liability, the investment of the
entrepreneurs and any partners and retained earnings or (cumulative loss).

Operating and Capital Budget

If the entrepreneur is a sole proprietor then he or she is responsible for the budgeting
decisions. In the case of partnership, where employees to exist, the initial budgeting process
may begin with one of this individuals depending on his or her role in the venture

The final determination of the budget will ultimately rest with the owners or entrepreneurs.
Capital budgets are intended to provide a basis for evaluating expenditures that will impact
the business for more than one year

Operating cost: The operating costs include all costs incurred in order to operate the
business activities. It include list of fixed expense incurred regardless of sales volume such
as rent, utilities, salaries, advertising, depreciation and insurance should be completed.

Table 1 A sample operating budget for first three month

Expenses January February March
Salaries $23.2 $23.2 $26.2
Rent $2 $2 $2
Utilities $0.9 $0.9 $0.9
Advertising $13.5 $13.5 $17
Selling expense $1 $3 $1
Insurance $2 $2 $2
Payroll taxes $2.1 $2.1 $2.5
Depreciation $1.2 $1.2 $1.2
Office expenses $1.5 $1.5 $1.5
Total $47.4 $49.4 $53.9
1. Income Statement

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Income statement indicates the analysis of revenue and expenses. It only reflects the actual
cost of goods sold as a direct expense. In the preparation of pro forma income statement the
entrepreneurs must first develop a sales budget that is an estimate of the expected volume
of sales by month. In preparation of income statement sales by month must be calculated
first. The cost of goods sold can be computed in two ways

Directly: The variable cost of producing a unit multiplying number of units sold
By using an industry standard percentage of sales
Table 2 Poultry Farming
Forecasted Income Statement (in birr)
For the Years December 31, 2010/2011-2015
Revenue: 2010/2011 2012 2013 2014 2015

Sale of Eggs 150,000 165,000 181,500 199,650 219,615

Sale of Grower Chickens 535,000 588,500 647,350 712,085 783,294
Sale of Culled Chickens 60,000 66,000 72,600 79,860 87,846
Other Income 30,000 33,000 36,300 39,930 43,923
Total Revenue 775,000 852,500 937,750 1,031,525 1,134,678

Costs and Expenses:

Feed cost 180,790 184,406 188,094 191,856 195,693
Labor cost 180,000 183,600 187,272 191,017 194,838
Medicine & veterinary cost 30,000 30,600 31,212 31,836 32,473
Transportation cost 20,000 20,400 20,808 21,224 21,649
Repair and Maintenance 2,000 2,040 2,081 2,122 2,165
Utility Expense 35,000 35,700 36,414 37,142 37,885
Advertising and Promotion 2,000 2,040 2,081 2,122 2,165
Insurance Expense 2,000 2,040 2,081 2,122 2,165
Other Costs and Expense 10,000 10,200 10,404 10,612 10,824
Depreciation Expense 67,440 53,952 43,162 34,529 27,623
Interest Expense 82,000 73,800 56,580 38,458 20,246
Total Costs and Expenses 611,230 598,778 580,188 563,043 547,726
Income Before Tax 163,770 253,722 357,562 468,482 586,952
Less: Profit Tax 49,131 76,117 107,269 140,545 176,086

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Net Income 114,639 177,606 250,293 327,938 410,866

2. Cash flow
It is the summary of cash receipts and cash payments .It is not the same as profit. Profit is a
result of subtracting expense from sales, whereas cash flow results from the difference
between actual receipts and cash payments. Sales may not be regarded as cash because a
sale may be incurred but payment may not be made. Cash payments to reduce the principal
on a loan do not constitute a business expense but constitute a reduction of cash. Also,
depreciation on capital assets is an expense which reduces profit not a cash outlay.

Table 3 Poultry Farming

Forecasted Cash Flow Statement
December 31, 2010/2011 – 2015 (in birr)
Cash Inflows: 2010/2011 2012 2013 2014 2015
Beginning Cash Balance 0 501,111 513,812 556,098 633,749
Sale of Eggs 150,000 165,000 181,500 199,650 219,615
Sale of Grower
Chickens 535,000 588,500 647,350 712,085 783,294
Sale of Culled
Chickens 60,000 66,000 72,600 79,860 87,846
Other Income 30,000 33,000 36,300 39,930 43,923
Depreciation Tax
Shield 20,232 16,186 12,948 10,359 8,287
Borrow from Bank 820,000 - - - -
Total Cash Inflows 1,615,232 1,369,797 1,464,510 1,597,982 1,776,713
Cash Outflows:
Feed cost 180,790 184,406 188,094 191,856 195,693
Labor cost 180,000 183,600 187,272 191,017 194,838
Medicine and
veterinary cost 30,000 30,600 31,212 31,836 32,473
Transportation cost 20,000 20,400 20,808 21,224 21,649
Repair and
Maintenance 2,000 2,040 2,081 2,122 2,165
Utility Expense 35,000 35,700 36,414 37,142 37,885
Advertising and
Promotion 2,000 2,040 2,081 2,122 2,165

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Insurance Expense 2,000 2,040 2,081 2,122 2,165

Other Costs and
Expense 10,000 10,200 10,404 10,612 10,824
Bank Loan Principal
Repayment 164,000 164,000 164,000 164,000 164,000
Bank Loan Interest
Repayment 82,000 73,800 56,580 38,458 20,246
Construction of
Building 120,000
Acquisition of
Equipment and Machine 163,200 - - - -
Acquisition of
Generator 50,000 - - - -
Acquisition of
Refrigerator 24,000
Profit Tax 49,131 76,117 107,269 140,545 176,086
Dividend Payment - 71,042 100,117 131,175 164,347
Total Cash Outflows 1,114,121 855,985 908,412 964,233 1,024,534
Net Cash Balance 501,111 513,812 556,098 633,749 752,179
3. Balance sheet:
The entrepreneur should prepare a projected balance sheet depicting a condition of the
business at the end of the first year. This balance sheet will require the use of the pro forma
income and cash flow statements to help justify some of the figures.

The pro forma balance sheet reflects the position of the business at the end of the first year.
It summarizes the asset, liabilities and net worth of the entrepreneurs. Every business
transactions affects the balance sheet, but because of the time and expense as well as need ,
it is common to prepare balance sheet at periodic interval .Thus, the balance sheet is a
picture of the business at a certain moment in time and does not cover a period of time.

Asset: Represent everything of value that is owned by the business. Value is not necessarily
meant to imply the cost of replacement or what its market value would be but is the actual
cost or amount expended for the asset. Assets are categorized as current asset and fixed
asset.

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Current asset: cash and anything else that is expected to be converted into cash or
consumed in the operations of the business during a period of one year or less .These
current asset are often dominated by receivable or money that is owned to the new venture
from customers.

Fixed asset: are those tangible and will be used over a long period of time.

 Examples include land, building, machineries, etc…

Liabilities: these accounts represent everything owned to creditors. Some amounts may be
due within one year (current liabilities) and other may be long term liabilities (debts).
Examples are account payable, bank loan, notes payable, etc…

Owner’s equity: the amount owners have invested and/or retained from the venture
operations. This represents the excess of all assets over all liabilities. It represents the net
worth of the business. Revenue increase assets and owner’s equity and expense decrease
owner’s equity and either increase liabilities or decrease assets.

Table 4 Poultry Farming

Forecasted Balance Sheet
December 31, 2010/2011 – 2015 (in birr)
ASSETS
Current Assets: 2010/2011 2012 2013 2014 2015
Cash on Hand 501,111 513,812 556,098 633,749 752,179
Stock 2,540 2,540 2,540 2,540 2,540
Total Current Assets 503,651 516,352 558,638 636,289 754,719
Fixed Assets:
Buildings 88,000 70,400 56,320 45,056 36,045
Equipment and Machine 126,560 101,248 80,998 64,799 51,839
Generator 36,000 28,800 23,040 18,432 14,746
Refrigerators 19,200 15,360 12,288 9,830 7,864
Total Fixed Assets 269,760 215,808 172,646 138,117 110,494
Total Assets 773,411 732,160 731,284 774,406 865,213
LIABILITIES & CAPITAL
Liabilities
Accounts Payable 2,772 18,958 31,906 42,265 50,552
Bank Loan 656,000 492,000 328,000 164,000 0

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Total Liabilities 658,772 510,958 359,906 206,265 50,552

Capital:
Paid-up-Capital 0 0 0 0 0
Retained Earning 114,639 221,202 371,378 568,141 814,661
Total Capital 114,639 221,202 371,378 568,141 814,661
Total Liabilities & Capital 773,411 732,160 731,284 774,406 865,213

Preparing Business Plan

There are probably three perspectives that should be considered in preparing the business
plan.
1. The entrepreneur’s perspective: He is the one who understands better than anyone
else the creativity and technology involved in the new venture. The entrepreneur
must be able to clearly articulate what the venture is all about.
2. The customer perspective: Too often an entrepreneur will consider only the product
or technology and not whether someone would buy it. Entrepreneur should try to
view his or her business through the eyes of their customers.
3. The investor’s perspective: The entrepreneurs should try to view his or her business
through the eyes of the investors.

A Standard Business Plan Outline

You can answer several questions with the business plan outlines such as:
 What information needs to be in your business plan?
 What is the order of information that will make the most sense to lenders and
investors?
The precise business plan format can vary; but if you need a standard business plan to seek
funding as opposed to a plan-as-you-go approach for running your business, described
below there are predictable contents of a standard business plan outline.
A business plan normally starts with an Executive Summary, which should be concise and
interesting. People almost always expect to see sections covering the Company, the Market,
the Product, the Management Team, Strategy, Implementation, and Financial Analysis.

Simple business plan outline:

1. Executive Summary: Write this last. It’s just a page or two of highlights.
2. Company Description: Legal establishment, history, start-up plans, etc.
3. Product or Service: Describe what you’re selling. Focus on customer benefits.

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4. Market Analysis: You need to know your market, customer needs, where they are,
how to reach them, etc.
5. Strategy and Implementation: Be specific. Include management responsibilities with
dates and budgets. Make sure you can track results.
6. Management Team: Describe the organization and the key management team
members.
7. Financial Analysis: Make sure to include at the very least your projected Profit and
Loss and Cash Flow tables.

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