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PAGE ITABLE OF CONTENTSHURDLE: THE BOOKONBUSINESS PLANNINGMILLENNIUM EDITION (REVISED)How to develop and implementa successful business plan.By: Tim BerryPAGE IIHURDLE: THE BOOK ON BUSINESS PLANNINGPalo Alto Software, Inc., Millennium Edition (Revised), October, 2000This edition contains new information, expanded treatment of topics, and improved orcorrected table examples in several chapters.Publisher:Palo Alto Software, Inc.144 E. 14th Ave.Eugene, OR 97401USAFax: 1 (541) 683-6250Email: Website: Copyright 2000 Timothy J. BerryAll rights reserved under International and Pan-American Copyright Conventions. Allrights reserved. Reproduction of this work in whole or in part without written permission of thepublisher is prohibited. Published in the United States by Palo Alto Software, Inc., Eugene, OR.Library of Congress Catalog Number: 00-109560ISBN 0-9664891-4-4Cover design by Paul Berry. Book layout by Teri Epperly. Editor, Steve Lange.PAGE IIITABLE OF CONTENTSAbout the AuthorTim Berrys latest book is On Target:The Book on Marketing Plans, co-authoredwith Doug Wilson, published in October,2000. His CPAs Guide to Business Planningwas published in 1998 by Harcourt BraceProfessional Publishing. His other bookson business planning with spreadsheetswere published in the 1980s by Dow-Jones-Irwin, Microtext/McGraw-Hill, andHayden Books. His business software hasbeen published by Palo Alto Software andM & T Publishing. He has been aprofessional business planner since 1974,as an employee of Business Internationaland vice president of Creative Strategies,as a consultant to Apple Computer, as amember of the board of directors ofBorland International, and as presidentand founder of Palo Alto Software. He hasgiven seminars on business planning in10 countries on three continents.Berry holds a Stanford MBA degree,an MA with honors from the University ofOregon, and a BA magna cum laude fromthe University of Notre Dame.AcknowledgementsI want to thank Paul Berry for not justcover design, but for inspiration as well. Iwas recently introduced to the phrase“Entrepreneur in Heat.” If you have to askwhat that means, then youve never beeninvolved with somebody starting abusiness. The shortcut is simply “EIH.”Paul has been EIH a lot lately.Teri Epperly has done a wonderful jobwith this book, designing the layout,managing the graphics, and patientlywaiting on me through the ups and downsof my developing software, writing thisand one other book, and managing acompany all at the same time.To Vie Radek, Doug Wilson, Cristin,Megan, and most of all Vange, thanks forputting up with me while this was comingtogether.Sample Business PlansThis book includes two completesample business plans. One sample is acomputer store that is actually a compositeof several computer reseller businessesthe author consulted with during the early1990s. The other was a consultingcompany that was accepted for financingby a major venture capital firm, althoughit was never actually formed. Both wereoriginally published as part of BusinessPlan Pro and Business Plan Toolkit,published by Palo Alto Software, Inc.WorkbookAlso included is the Hurdle Workbook.The workbook pages provide a place towrite ideas on your business while youread and gather information. The textoutline was taken directly from BusinessPlan Pro and Business Plan Toolkit. Asyou read through this book, werecommend you go to the topic referencein the workbook.PAGE IVHURDLE: THE BOOK ON BUSINESS PLANNINGHurdle book online!The latest printing of this book reorganizes the original chapters into seven sections.These changes were done to create a similar look and feel with our new online edition.The online edition is continually edited to bring the most up-to-date businessplanning information to our customers. Please visit our business resources website at:http:/ VTABLE OF CONTENTSTable of ContentsPart 1: Fundamentals . 1As you start the planning process, begin with a general view of the whole project. Reviewyour goals and consider your options.Chapter 1: Its About Results. 3What Makes a Good Plan? .4Use of Business Plans .5No Time to Plan? A Common Misconception.5Keys to Better Business Plans .6A Business Plan Fable .6Summary .7Chapter 2: Pick Your Plan . 9What is a Business Plan? .9What is a Start-up Plan? .10Is There a Standard Business Plan?.10What is Most Important in a Plan? .10Can you Suggest a Standard Outline?.10Standard Tables and Charts. 11Form Follows Function .14Investor Summaries and Loan Applications.14Timeframes: Is Three Years Enough? .14Summary .14Chapter 3: The Mini-Plan. 15Objectives.15Mission Statement.16Keys to Success.17Break-even Analysis.17Market Analysis .19Pause for Reflection.20Summary .20Chapter 4: Starting a Business. 21Customers First.21Myths on Starting a Business.22A Simpler Plan for Start-ups.22Simplified Business Plan Outline .24Realistic Start-up Costs.26Understand the Risks.27Friends and Family Funding.30PAGE VIHURDLE: THE BOOK ON BUSINESS PLANNINGLicenses, Permits, and Legal Entities .30The Business Entity.31Business Names, Trademarks, Copyrights, etc. .34Part 2: Tell Your Story . 39A standard business plan includes company background information, history, and basicdescriptions.Chapter 5: Describe Your Company. 41Company Information.42Think Strategically.43Baseline Numbers .44Summary .50Chapter 6: What You Sell . 51Start with a Summary Paragraph .51Detailed Description .52Competitive Comparison .52Sourcing and Fulfillment.53Technology .53Future Products.54Sales Literature .55Summary .55Chapter 7: Management Team . 57Planning for People.57Cover the Bases in Text .58Develop Your Numbers .60Summary .62Part 3: Gathering Information . 63A good plan will include useful information about your market, your customers, and thebusiness youre in.Chapter 8: The Business Youre In. 65Industry Analysis .66Finding Information .68Finding Business Assistance.74Summary .77PAGE VIITABLE OF CONTENTSChapter 9: Know Your Market. 79Practical Market Research .79Internet Research for Business Plans.83Summary .86Part 4: Forecasting. 87Forecasting is more art than science, a combination of good research, logic, simple math,and educated guessing. Its hard to forecast but its harder to run a business withoutforecasting.Chapter 10: Forecast Your Sales. 89Sales Forecast - Simple .90Sales Forecast - Detailed .90Explain Forecast and Related Background.93Summary .94Chapter 11: Market. 95Market Segmentation is Critical .95Market Analysis .96Filling Out the Text .98Summary .100Chapter 12: Expense Budget . 101Simple Math, Simple Numbers.101Budgeting is About People More Than Numbers.102Your Budget and Milestones Work Together.104The Budget Will be Part of Profit and Loss.105Summary .108Part 5: Financial Analysis . 109The financials arent as hard as you think, particularly if you have the patience to follow thesteps. A good plan includes sales, cash flow, profits, and related financials.Chapter 13: About Business Numbers .111Numbers Tell the Story. 112A Graphical View. 119Linking the Numbers .120Summary .120Chapter 14:The Bottom Line. 121PAGE VIIIHURDLE: THE BOOK ON BUSINESS PLANNINGChapter 15: Cash is King . 125Basic Cash Planning Example .125A More Realistic Example .127Cash Flow Breakdown .128Understanding Cash Flow .134Summary .134Chapter 16: Finish the Financials. 135The Balance Sheet.135Business Ratios.137Break-even Analysis.140Refine and Polish the Financials .141Summary .141Part 6: Strategy and Tactics. 143Strategy is focus. You also need tactics to implement the strategy, and tactics require concretemilestones and well defined management responsibilities.Chapter 17: Strategy is Focus . 145Define Overall Strategy .145Define Marketing Strategy.148Define Sales Strategy .149Summary .149Chapter 18: Make it Real . 151Implementation Milestones.151Manage Your Summaries.152Long-Term Plan.153Summary .153Chapter 19: Plan for Implementation . 155Start With a Good Plan .155Track and Follow Up .156Keep Your Plan Alive.156Measure a Plan by its Implementation .166Summary .166PAGE IXTABLE OF CONTENTSPart 7: Following Up . 167Ultimately, the impact of your plan depends on how you manage and implement it, how itspresented, and to whom.Chapter 20: Print and Publish. 169Publishing = Management.169Final Edit .170Presentation .170Related Documents.170Summary .170Chapter 21: Getting Financed. 171Time Value of Money, NPV, and IRR.171Small Business Financing Myths.175Where to Look for Money.175Words of Warning .180Submitting a Plan .180Summary .180SAMPLE PLANS:Acme Consulting . 181AMT, Inc. . 207HURDLE: Workbook . 243Appendix A: Glossary . 299Appendix B: Index . 309PAGE XHURDLE: THE BOOK ON BUSINESS PLANNINGThis page intentionally blank.PAGE 1Part 1:FUNDAMENTALSCh 1:Its About ResultsCh 2:Pick Your PlanCh 3:The Mini-PlanCh 4:Starting a BusinessPAGE 2HURDLE: THE BOOK ON BUSINESS PLANNINGFUNDAMENTALSAs you start the planning process, begin with ageneral view of the whole project. Review your goalsand consider your options.CHAPTER 1: ITS ABOUT RESULTSPAGE 3Chapter 1:ITS ABOUTITS ABOUTITS ABOUTITS ABOUTITS ABOUTRESULRESULRESULRESULRESULTSTSTSTSTSFUNDFUNDFUNDFUNDFUNDAMENTAMENTAMENTAMENTAMENTALSALSALSALSALS!1Its About Results2Pick Your Plan3The Mini-Plan4Starting a BusinessAbout 10 years ago, I was having lunch withProfessor James March, a business school professorwhose class Id enjoyed a few years earlier, as a gradstudent. I was then in my late 30s, making myliving mostly through business plan consulting. Idhad some successes. One of my plans was for acompany that went from zero to more than $100million of sales in four years. Apple ComputersLatin American group increased sales from $2million to $27 million during the four years Id doneits annual plan. Id had some failures too, but wewont mention those.“So what is the value of a business plan?”Professor March asked at one point.“Thousands of dollars,” I answered. “Tensof thousands, in some cases.”“Wrong,” he answered, to my shock. “Verywrong.”The value of a plan is the decisions itinfluences, he explained, and ultimately, howmuch money is in the bank as a result.He was very right, although I was fairlysmug about my successes and didnt like hisresponse. And the underlying lesson is vital tothis book.HURDLE: THE BOOK ON BUSINESS PLANNINGPAGE PBPAGE 4IllustrIllustrIllustrIllustrIllustration 1-1: Planning is a Pration 1-1: Planning is a Pration 1-1: Planning is a Pration 1-1: Planning is a Pration 1-1: Planning is a Processocessocessocessocess, , , , , Not J Not J Not J Not J Not Just a Planust a Planust a Planust a Planust a PlanA business plan will be hard to implement unless it is simple, specific, realistic and complete.Even if it is all these things, a good plan will need someone to follow up and check on it.Ive absorbed the idea into my workon business planning. Plans should bemeasured by results. No matter howwell researched, beautifully written, orexcellently presented, what really makesa difference is how it impacts the resultsof the business.What Makes a Good Plan?Illustration 1-1 shows a business planas part of a process. You can think aboutthe good or bad of a plan as the planitself, measuring its value by its contents.There are some qualities in a plan thatmake it more likely to create results, andthese are important. However, it is evenbetter to see the plan as part of the wholeprocess of results, because even a greatplan is wasted if nobody follows it.The plan depends on the humanelements around it, particularly theprocess of commitment andinvolvement, and the tracking and followup that comes afterward. Im going todeal with those elements in comingchapters of this book. They are vital. Butfor now, lets look at the qualities thatmake the plan itself better or worse.CHAPTER 1: ITS ABOUT RESULTSPAGE 5Successful implementation startswith a good plan. There are elementsthat will make a plan more likely to besuccessfully implemented. Some of theclues to implementation include:1. Is the plan simple? Is it easy tounderstand and to act on? Doesit communicate its contents easilyand practically?2. Is the plan specific? Are itsobjectives concrete andmeasurable? Does it includespecific actions and activities,each with specific dates ofcompletion, specific personsresponsible and specific budgets?3. Is the plan realistic? Are the salesgoals, expense budgets, andmilestone dates realistic?Nothing stifles implementationlike unrealistic goals.4. Is the plan complete? Does itinclude all the necessaryelements? Requirements of abusiness plan vary, dependingon the context. There is noguarantee, however, that the planwill work if it doesnt cover themain bases.Use of Business PlansPreparing a business plan is anorganized, logical way to look at all ofthe important aspects of a business. First,decide what you will use the plan for,such as to:Define and fix objectives, andprograms to achieve thoseobjectives.Create regular business reviewand course correction.Define a new business.Support a loan application.Define agreements betweenpartners.Set a value on a business for saleor legal purposes.Evaluate a new product line,promotion, or expansion.No Time to Plan? ACommon Misconception“Not enough time for a plan,”business people say. “I cant plan. Imtoo busy getting things done.”Too many businesses make businessplans only when they have to. Unless abank or investors want to look at abusiness plan, there isnt likely to be aplan written. The busier you are, theHURDLE: THE BOOK ON BUSINESS PLANNINGPAGE PBPAGE 6more you need to plan. If you are alwaysputting out fires, you should build firebreaks or a sprinkler system. You canlose the whole forest for too muchattention to the individual trees.Keys to Better BusinessPlansUse a business plan to setconcrete goals, responsibilities,and deadlines to guide yourbusiness.A good business plan assignstasks to people or departmentsand sets milestones anddeadlines for trackingimplementation.A practical business plan includes10 parts implementation for everyone part strategy.As part of the implementation ofa business plan, it should providea forum for regular review andcourse corrections.Good business plans arepractical.Business Plan “Donts”Business Plan “Donts”Business Plan “Donts”Business Plan “Donts”Business Plan “Donts”Dont use a business plan to showhow much you know about yourbusiness.Nobody reads a long-windedbusiness plan: not bankers,bosses, nor venture capitalists.Years ago, people were favorablyimpressed by long plans. Today,nobody is interested in a businessplan more than 50 pages long.A Business Plan FableOnce upon a time there were threeentrepreneurs who set out to seek theirfortunes. Each of them developed abusiness plan.The first business plan was built ofstraw. It was easy to complete, but it wasmostly just puffery. For example, it hadobjectives like “being the best” and“excellence in customer satisfaction”without any way to measure results. Ithad a lot of talk, but few specifics. Idalmost say it was written like a sales orpublic relations piece, except tha
