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首页 商业计划书英文版

商业计划书英文版.pdf

商业计划书英文版

晨辞叶
2018-11-19 0人钱柜777手机版登陆 0 0 0 暂无简介 举报

简介:本文档为《商业计划书英文版pdf》,可适用于综合领域

TableofContentsTheRoutefromConcepttoCompanySuccessfactorsStagesofdevelopmentTheBusinessIdeaDevelopingabusinessideaElementsofapromisingbusinessideaProtectingyourbusinessideaPresentingyourideatoinvestorsTheBusinessPlanAdvantagesofabusinessplanCharacteristicsofasuccessfulbusinessplanTheinvestor’spointofviewTipsonpreparingaprofessionalbusinessplanStructureandKeyElementsofaBusinessPlanExecutivesummaryProductorserviceManagementteamMarketandcompetitionMarketingandsalesBusinesssystemandorganizationImplementationscheduleOpportunitiesandrisksFinancialplanningandfinancingExhibitKEYFACTORSFORSUCCESSOFINNOVATIVESTARTUPSIdeas•Degreeofinnovation•Scope•PatentCapital•Availabilityamount•Needsresponsibilities•ExitsforinvestorsPeople•Inventors•Entrepreneurs•TeammembersTraditionalserviceproviders•Attorneys•Patentlawyers•Taxconsultantsaccountants•MarketresearchersNetworkandexchange•Coaching•Networking•Teambuilding•Innovativeserviceprovider–Venturecapitalists–Headhunters–Angelinvestors–Hightechstartupconsuldbeinapositiontofillinforanotherteammemberforashorttimeifnecessary(SeeExhibit)BuDagm"MOsyouthsinesslocationescribebrieflythechoiceoflocationforyourbusinessDonotenterintoalongtermrentalreement,asyourbusinessmayhavetomoveinresponsetothegrowthyouanticipateYouayhavetomakethismovefairlyquicklyakeorbuy"andpartnershipdecisionsnceyouhavedeterminedthecoreofyourbusinessandhavedrawnupthenecessarybusinessstem,youwillhavetothinkaboutwhowillbestcarryouttheindividualactivitiesActivitiestsideyourchosenfocusshouldbehandledbythirdpartiesButsupportingactivitieswithinenewcompanydonotnecessarilyhavetobecarriedoutbyyouThesemayincludebookkeepingorhumanresourcesForeachactivity,thequestiontoaskis:Dowedoitourselves,orhavesomeoneelsedoittomakeortobuyMakeorbuydecisionsneedtobeconsciousdecisionstakenafterweighingtheadvantagesanddisadvantagesSupplierpartnerships,forexample,cannotbedissolvedfromonedaytothenext,andsomepartnerscannoteasilybereplacedif,forsomereason,theyarenolongeravailableWhenconsideringmakeorbuydecisions,relyonthefollowingcriteria:•StrategicsignificanceThoseaspectsofperformancethatmakeamajorcontributiontoyourcompetitiveadvantageareofstrategicimportancetoyourbusinessTheymustremainunderyourcontrolAtechnologycompanycouldhardlyrelinquishresearchanddevelopment,andaconsumergoodsmanufacturerwouldnevergiveawayitsmarketingactivities•SuitabilityEverybusinessactivitydemandsspecificabilitiesthatmaynotbeavailablewithinthemanagementteamYourteammust,therefore,considerwhetherinspecificinstancesitisbesttocarryoutaparticulartask,acquiringthenecessaryabilities,orwhetheritwouldbebettertohandoverthetasktoaspecializedcompanySpecialistsmaynotonlybeabletocarryouttheassignmentbetter,theymayalsobeabletoofferacostadvantagethankstohigherproductionvolumes•AvailabilityBeforeyoumakeadecisiontobuy,youneedtofindoutwhethertheproductorserviceisavailableintheformorwiththespecificationsyourequireNegotiate,wheneverpossible,withseveralsuppliersYouwillusuallyfindthebesttermsinthiswayandwilllearnmoreabouttheserviceyouarebuyingOften,youcanhelpasupplierimproveitsperformanceIfyoucannotfindsomeonetosupplywhatyouneed,youmayfindabusinesspartnerwhoiswillingtoacquirethenecessaryskillstodosoThequestionforastartupishowyouwanttocooperatewithothercompaniesEverypartnershiphasitsadvantagesanddisadvantages•Informal,nonbindingpartnershipsrepresentnogreatobligationforeithersideBothpartiescanendthepartnershipquicklyandeasilyButtheymustalsolivewiththeknowledgethatsupplyordemandcoulddryupjustasquicklyFurthermore,supplierswillnotbeabletomeetallthespecialneedsofacustomersincetheycannotselltailoredproductstoalltheircustomersCasualpartnershipsaretypicalformassproducts,everydayservices,andstandardizedcomponentsforwhichreplacementbuyersandsellersareeasilyfound•ClosepartnershipsaresometimescharacterizedbyahighdegreeofinterdependenceTheyaretypicalofhighlyspecializedproductsandservicesorhightradevolumesInthesesituations,itisusuallydifficultforbothsidestochangepartnersortobuyorselllargequantitiesofspecialpartswithinashorttimeperiodTheadvantageforbothsidesisthesecurityofabindingrelationshipandthepossibilityofconcentratingonone'sownstrengths,whilebenefitingfromthestrengthsofpartnersInorderforapartnershiptodevelopintoasuccessfulbusinessrelationship,anumberoffactorsmustbeconsidered:•WinwinsituationBothsidesmustbeabletogainafairadvantagefromtherelationshipWithoutanincentiveforbothsides,apartnershipcannotbesustained•RisksandinvestmentsPartnershipsinvolverisksthatareusuallybrushedasidewhenbusinessisgoingwellAsupplierwithanexclusivityagreementcan,forexample,endupinadifficultsituationifthebuyersuddenlycutsbackproductionandpurchasesfewercomponentsThisisespeciallytrueifthesupplierhasacquiredspecializedproductiontoolingthatcannotimmediatelybeusedforotherordersandbuyersConversely,abuyercanfacedifficultiesifamajorsupplierceasestodeliver(bankruptcy,fire,strike,etc)Suchrisksandpossiblefinancialconsequencesmustbethoughtthroughfromtheoutsetandperhapsregulatedbycontract•DissolutionAsininterpersonalrelationships,businessrelationscanalsosuffertensionandresultinirreconcilabledifferencesMakesuretolaydownindetailunderwhichconditionsapartnercanwithdrawfromapartnershipWhenworkingonyourbusinessplan,itisnottooearlytobeginthinkingaboutwhomyoumaywanttocooperatewithandwhatformthismaytakePartnershipswillallowayoungcompanytobenefitfromthestrengthsofestablishedcompaniesandfocusondevelopingtheirownstrengthsThroughpartnerships,youcanusuallygrowfasterthanyoucouldonyourownKEYQUESTIONS:BusinesssystemandorganizationPhase!Whatdoesthebusinesssystemforyourproductservicelooklike!Whatactivitiesdoyouwanttohandleyourself!Wherewillthefocusofyourownactivitieslie!Whatbusinessfunctionsmakeupyourorganization,andhowisitstructured!Whatresourcesdoyouneed(quantitativeandqualitative)tocreateyourproductservice!Howhighisyourneedfortechnicalinput(rawmaterials,materialstocreateyourservice)!Whatwillyoumake,whatwillyoubuy!WhichpartnerswillyouworkwithWhataretheadvantagesofworkingtogetherforyouandyourpartnersPhase!Wherewillyoulocateyourbusiness!Whatcapacityforproductmanufactureandserviceproductiondoyouplan(numberofunits)!Howmuchwillproductionanddeliveryofyourproductservicecost!How,andatwhatcost,canyouadjustyourcapacityintheshortterm!Whatmeasuresareplannedforqualityassurance!Ifyouneedawarehouse,howwillyouorganizeyourinventory!Howmuchofyourproducthastobeputinstorage!Howareyourcostsstructured(fixed,variable)Implementationschedule"Businessislikechess:Tobesuccessful,youmustanticipateseveralmovesinadvance"WilliamASahlmann,ProfessorInvestorswanttoknowhowyouenvisionthedevelopmentofyourbusinessArealisticyearplanwillinspirecredibilityamonginvestorsandbusinesspartnersMoreover,itwillhelpyouthinkthroughyourvariousactivitiesandinterdependenciesYouwillendangeryourbusinessifyouattempttoreachyourtargetswithfaultyand,aboveall,overlyoptimisticplanningDrawingupyourimplementationscheduleConcentrateonthemostmajormilestonesandthemostimportantinterdependenteventsThefollowingthreeelementswillusuallysuffice:•Ganttimplementationschedule(forasampleGantttimeline,seeCityScapecasestudy)•Majormilestones•ImportantconnectionsandinterdependenciesbetweentheworkassignmentgroupingsHumanresourcesplanningAsyournewbusinesstakesoff,systematicpersonnelplanningwillbecomemoreandmoreindispensableGrowthwillrequireyoutorecruitnewemployeeswhowillhavetobetrainedandintegratedintothebusinessMaintainingasimplystructuredworkingenvironmentwillhelpyoudrawupclearjobdescriptionsandseekjusttherightemployeesKeepinmindthataqualified,specializedworkforcemaybedifficulttofindevenintimesofhighunemploymentYouwilloftennotbeabletoavoid"stealing"goodemployeesfromcompetitorsIncludecostsinyourpersonnelplanninginordertoarriveatthetotalcostofhumanresources(wagesandindirectlaborcosts)fortheincomestatementinyourbusinessplanThecostofpersonneldependsonanumberoffactors,suchastheindustryitself,employeequalifications,andageAdditionally,indirectlaborcostscanamounttooverofthewageInvestmentanddepreciationplanningInvestmentanddepreciationplanningincludesallinvestmentsthatmaybecapitalizedandthecorrespondingwriteoffsTheamountofdepreciationdependsontheservicelifeplannedforthepropertyUsually,propertyiswrittenoffinfullovertoyearsinequalannualamounts(straightlinemethod)Investmentsaretobeincludedintheliquiditycalculation,andthetotalamountofannualwriteoffslistedintheplannedincomestatementKEYQUESTIONS:ImplementationschedulePhase!Whatarethemostimportantmilestonesforthedevelopmentofyourbusiness,andwhenmusttheybereached!Howdoyouplantostructuretheworktoreachthesetargets!Whichtasksandmilestonesareinterdependent!Forwhichtasksmilestonesdoyouanticipatebottlenecks!HowmanynewemployeeswillyouneedintheindividualbusinessareasoverthenextyearsWhatwillthiscost!Howmuchrealcapitalisnecessarytoachieveinitialsales!Listyourplannedshortterminvestments!!Listyourplannedlongerterm(toyears)investments!!Whatinvestmentswillberequiredwhenwhichmilestonesarereached!HowhighistheannualdepreciationforeachinvestmentOpportunitiesandrisks"OneofthegreatestmythsaboutentrepreneursisthattheyareallriskseekersAllsanepeoplewanttoavoidrisk"WilliamASahlmann,ProfessorTheobjectofthisexerciseistoidentifyamarginoferrorfordeparturesfromyourassumptionsIfpossiblewithreasonableeffort,itisadvisabletodrawupbestcaseandworstcasescenariosinvolvingkeyparameterstoidentifytheopportunitiesandrisksThesecalculationswillallowventurecapitaliststojudgehowrealisticyourplansare,andtobetterassesstheriskoftheirinvestmentChangevariousparametersinthescenarios(suchaspriceorsalesvolumes)tosimulatehowachangeinconditionsmightaffectyourkeyfigures(sensitivityanalysis)KEYQUESTIONS:OpportunitiesandrisksPhase!Whatbasicrisks(market,competition,technology)doesyourbusinessventureface!Whatmeasureswillyoutaketocountertheserisks!Whatextraordinaryopportunitiesbusinesspossibilitiesdoyouseeforyourcompany!HowcouldanexpansionofyourcapitalbasehelpPhase!Whatwillyourplanninglooklikeforthenextfinancialyearsunderbothabestandworstcasescenario!Whateffectwillthishaveonyourneedforcapitalandyourreturn!Inyourview,howrealisticarethesescenarios!WhatconsequencesdotheyhaveonyourbusinessplanningFinancialplanningandfinancing"Planningsubstituteschaosformistakes"UnknownFinancialplanningassistsyouinevaluatingwhetheryourbusinessconceptwillbeprofitableandcanbefinancedTothisend,theresultsofallprecedingchaptersmustbecompiledandconsolidatedProjectedgrowthinvalueresultsfromtheplannedcashflowsfromyouroperativebusinessThesearerevealedthroughliquidityplanning,whichalsoprovidesinformationonyourvariousfinancingneedsInaddition,theprofitsituationofyourbusinesscanbeseenintheincomestatementThisstatementisalsonecessaryaccordingtocommercialandtaxlawTherearemanywaystopresentthefiguresTheappendixcontainssampletablesofhowtoperformliquidityplanningandmakeupanincomestatement,aswellasabalancesheetMinimumrequiredoffinancialplanninginyourbusinessplan:!Acashflowcalculation(liquidityplanning),incomestatement,balancesheet!Forecastsovertoyears,atleastyearbeyondthepointofbreakingeven,thatis,beyondthegenerationofpositivecashflow!Detailedfinancialplanningforthefirstyears(monthlyorquarterly),thereafterannually!Allfiguresmustbebasedonreasonableassumptions(onlythemainassumptionsneedtobedescribedintheplan)PlannedincomestatementWhetheracompany'sassetsgrowordiminishdependsonthebottomlineattheendofayearTheincomestatementcanhelpyouforecastthisIncontrasttoliquidityplanning(=plannedcashflow),anincomestatementfocusesontheissueofwhethertransactionsleadtoanincrease(=revenue)oradecrease(=expense)inthenetworthofyourbusiness(definedasthesumofallassetsminusdebt)Gothroughyourentirebusinessplananddecidewhetheryourassumptionswillleadtorevenuesorexpensesand,ifso,howhightheywillbeIfyouareindoubtabouttheexactamountofcostsyourbusinesswillincur,gatherquotesandestimatesDonotforgettocoverthecostofyourpersonallivingexpensesInthecaseofalimitedliabilitycompany,thiswouldbethesalaryofyourgeneralmanagerListwriteoffsinyourinvestmentanddepreciationplanningThecostofinvestmentsthemselves(ie,thepurchasepriceoftheinvestment)isnotincludedintheincomestatement,becausetheamountpaidoutdoesnotleadtoachangeinthenetworthofthebusinessMaterialcostscompriseallexpensesforrawmaterials,auxiliaries,expendablesupplies,andpurchasedgoodsandservicesYourplannedhumanresourcesexpenditureincludeswagesandsalariesplussocialsecuritycontributionsandtaxesandislistedunderpersonnelcostsForthepurposeofsimplification,thecategory"othercosts"istreatedasacollectiveitem,includingamongotherthings,rent,insurance,officesupplies,postage,advertising,andlegalcounselWhenassigningindividualrevenuesandexpensesstrictlyobservelegalregulationsFinally,calculatethedifferencebetweenallrevenueandexpensesinafinancialyear,bywhichyouwillarriveatanannualnetprofitlossThiswillgiveyouanoverviewoftheoperatingresult,butitwillnotgiveyouareliableassessmentofyourlevelofliquidfundsForthis,youwillneedliquidityplanningSalesofyourproductorservicemaybebookedinthecurrentfinancialyear,eventhoughpaymentdoesnotoccuruntilthenextyouwillneedtolistthesalesrevenueeventhoughthemoneyhasnotyetbeendepositedintoyouraccountsThesameistrueforexpensesTheincomestatementisgenerallyplannedinannualintervalsToenhancetheaccuracyofyourplanningforthefirstyear,youshouldmakemonthlyforecasts,andquarterlyforecastsforthesecondyearForthethird,fourth,andfifthyears,continuetomakeannualprojectionsYoucanmakeuseofthetablescontainedintheappendixofthisGuidetolistthefiguresLiquidityplanningYourcompanymusthaveacertainamountofcashonhandatanygiventimeinordertoavoidbecominginsolvent,whichleadstobankruptcythatwillmeanthefinancialruinofyourbusinessDetailedliquidityplanningshouldhelpensureapositivecashflowTheprincipleissimple:ReceiptsarecompareddirectlytodisbursementsPleasenotethatwritingorreceivinganinvoicedoesnotmeanthatthemoneyisalreadyinyouraccountorthatyouhavepaidthebillLiquidityplanningisconcernedwiththedateofpaymentwhenthemoneyactuallycomesinorgoesoutThus,liquidityplanninginvolvesonlythosetransactionsthatcauseachangeinyourcashreservesDepreciation,liabilities,andnonmarketoutputarenotincludedLayouttheamountandtimingofallthepaymentsyouexpectYourcompanyissolventwhenthesumofitsreceiptsisgreaterthanthesumofitsdisbursementsatanygiventimeYouwillhavetodrawoncapitalforthosetimeswhenthisplanningdoesnotcoverallexpensesThesumofalltheseindividualpaymentswillequalthetotalcapitalrequiredforthatplanningintervalThefartheryoulookintothefuture,themoreuncertainyourplanningwillbeLiquidityplanningshouldthusbecarriedouteverymonthforthefirstyear,quarterlyforthesecondyearandonlyannuallyforthethird,fourthandfifthyearsTheappendixofthisGuidecontainstablesyoucanuseforanexactcompilationofthefiguresProjectedbalancesheetVenturecapitalistsareinterestedinseeinghowyourassetsareexpectedtogrowasrepresentedonaprojectedbalancesheetHere,thetypeandvalueoftheassetsareplacedontheassetsideofthebalancesheetacrossfromthesourceofthecapitalontheliabilitiessideAswiththeincomestatement,thereisastandardaccountingformat,requiredbylaw,forbalancesheetsTheyarepreparedatannualintervalsAgain,theappendixofthisGuidecontainstablesyoucanuseforanexactcompilationofthefiguresFinancingneedsLiquidityplanningenablesyoutodeterminetheamountofcapitalyouwillneedandwhenyouwillneedit,butitdoesnotindicatehowtheseneedswillbemetWebasicallydistinguishbetweenequity(investorshaveastakeinthebusiness)andloancapital(whichisborrowedfromoutsidesources)Selecttherightmixforyourbusinessfromthemyriadsourcesoffinancingavailabletoyou(Exhibit)"Youcan'tgetsomethingfornothing,"thesayinggoesandthesameistrueofmoneyYourfamilymayasklittleinreturnforfinancialassistanceprofessionallendersaremoredemandingExhibitSOURCESOFCAPITALATVARIOUSSTAGESOFDEVELOPMENTSeedphaseStartupGrowthEstablishmentPersonalsavingsFamilyloansGovernmentgrantsIndividuals(�usinessangels�VenturecapitalMortgagesLeasesBankloansStockexchangeAllthemanagementteamcanofferinvestorsfortheircashisapromise–notexactlyagoodpositionfromwhichtonegotiateNevertheless,youhaveagoodchanceofbeingfinanciallysuccessfulifbusinessgoeswell,becauseprofessionalinvestorsalsohaveaninterestintopperformancefromtheteamBeclearaboutyourneedsandexpectationsandthoseofyourinvestorsIfyouareseekingalongtermcommitmentandaresatisfiedwithasmallcompany,youareprobablywelladvisedtomakeuseoffamilyfundsandloansfromfriendsandbanksYouwillretainamajorityshareholding,butyouaresignificantlyrestrictingyourchancesforgrowthIf,however,youdesirerapidexpansion,youwillwanttoprocureventurecapitalVenturecapitalistswillgenerallyexpecttoobtainalargeshareofthecompanyYoumay,infact,havetorelinquishthemajorityoftheequityProfessionalinvestors,however,arenotinterestedinmanagingthebusinessaslongasyoumeetyourtargets,eveniftheyhavethemajorityshareholdingTheyhave,afterall,investedinthemanagementteaminordertoleadittosuccessTheywillsupportyouactivelywiththeirmanagementskillsandcontributespecialtyknowledge,suchaslegalormarketingexpertise,ties,andcontactsAdealcanbeverycomplicatedItisalwaysadvisabletocontactexperiencedentrepreneursandgettheexpertadviceoftrustees,taxadvisors,andlawyersYoumayalsowanttogatheranumberofbidsfromvariousinvestorsDonotbeputoffbycomplicatedarrangementsThereareusuallylegitimatereasonsforthem,suchastaxbreaks,controlofthefundsinvested,etcBeabsolutelycertain,however,thatyouunderstandallthedetailsofthedealCalculatingtheinvestor'sreturnExhibitYearCALCULATINGTHERETURN$MillionsYearYearYearYearYearSeriesofcashflowsDiscountfactorDiscountedvalueofcashflowsatIRRofTotalInvestorsevaluatethesuccessofaninvestmentbythereturntheygetonthecapitalinvestedAsaresult,anticipatedreturnshouldbeapparentataglanceinthebusinessplanIntheCityScapecasestudy,forexample,investorsputatotalof$millionintotheenterpriseduringitsfirstyears($,$,and$million,respectively)Afteryears,andlistingonthestockexchange,realisticproceedsofapproximately$millionareexpectedHowhighisthereturninthiscase(Exhibit)Fromthepointofviewoftheinvestor,allfundscontributedtoanewcompanyresultfirstinnegativecashflowsAfterabusinessbreakseven,positivecashflowswillnotimmediatelybepaidoutintheshapeofdividends,butwillbefirstusedtostrengthenthebalancesheetCashwillbereturnedtotheinvestorsatrealizationBecausecashflowswilloccuroverseveralyears,theymustbediscounted,thatis,calculatedbacktothepresent(interestandcompoundinterestcalculation)Thediscountfactorsforthevariousyearscanbearrivedatusingthefollowingformuladiscountfactor=(r)Twherebyr=thediscountrateinpercentandT=theyearinwhichthecashflowtakesplaceTocalculatethereturn,theinternalrateofreturn(IRR)methodisusedTheIRRisthediscountrateatwhichthesumofallpositiveandnegativecashflows,discountedatpresent,resultsinzeroTheIRRfortheCityScapeprojectexampleisThatmeansthattheinvestorsgetanannualreturnofontheircapitalThisisareasonablereturnconsideringtheriskinvolvedM(inostcalculatorsandspreadsheetshaveaspecialIRRfunctionwithwhichtocalculatetheIRRExcelthisistheIRR()function)ItcanalsobecalculatedbyhandValuationofacompany(ie,workingouthowmuchamarketispreparedtopayforshareswhenabusinessgoespublic)isanartinitselfAsimpleruleofthumbisthatthevalueissixtoeighttimesthecashflowornetprofit(aftertaxes)ofthebusinessintheyearofinitialpublicofferingInthecaseofCityScape,afactorofsixmultipliedbythenetprofitinthefifthyear($million)wasused,whichresultsinavaluationof$millionIfyouhavenoexperienceinfinancialplanning,consultingwithcoachesorexperts(eg,taxconsultantsoraccountants)ishighlyrecommendedInparticular,discusstheissuesofturnoversalesandincometaxes,whichhavebeensimplifiedhere,withataxadvisoratoneofthecompetitioneventslistedatthefrontofthisGuideNotethatmostbusinessventuresfailduetolackoffinancialplanningIfyoudon'thavesomeonewiththenecessaryskillsonyourteamalready,startlooking!KEYQUESTIONS:FinancialplanningandfinancingPhase!Howwillyourrevenues,expenses,andincomedevelop!HowwillyourcashflowdevelopWhenwillyouexpecttobreakeven(=sumofallrevenuesgreaterthanthesumofallexpenses)!Howhighisyourneedforfinancingbasedonyourliquidityplanning!Howmuchcashisneededintheworstcasescenario!Whatassumptionsunderlieyourfinancialplanning!Whichsourcesofcapitalareavailabletoyoutocoveryourfinancingneeds!Whatdealareyouofferingpotentialinvestors!Whatreturncaninvestorsexpect!Howwilltheyrealizeaprofit(exitoptions)Thispageintentionallyblan
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