麥肯錫-企業(yè)家商業(yè)計劃培訓(xùn)教程ppt課件

1、Business plan preparationTraining program for Entrepreneurs.AGENDAShort introduction to the use of business plansPreparation guidelines for business plansWrap-up.AGENDAShort introduction to the use of business plansPreparation guidelines for business plansWrap-up.ExistingNewBusiness systemExistingNe

2、wProduct/serviceTYPES OF NEW BUSINESSESSource: Planen, grnden, wachsen (McKinsey)New high-growthventuresEXAMPLESNew productPalmSmartSony PlaystationRollerbladesNew industryDirect satellite TVNetscapeMobile telephonyExisting indus-tries and busi-nessesNew business systemDellFotolaboCharles SchwabFedE

3、x.USE OF BUSINESS PLANSSource:McKinseyStart-up companies:Application for venture capitalSearch for management team membersCommunication with partners, suppliers, Established, developed businesses for investment decisionsIn-house budget allocationsExternal financingHigh insecurity concerning technolo

4、gy, timing, and cash needDifficult data situation due to newness of innovative productsNecessity of external know-how transferLack of skills/motivation/timeStandard useComplications forNew Venture projectsStart-up business plans to be tailored to new venture needs.GENERIC REQUIREMENTSSource:McKinsey

5、Constantly adaptingImpressing by clarityConvincing by factsUnderstandable even for non-expertsConsistent and conciseOptically compellingExplanationBusiness planning is an iterative and adaptive process that requires constant update and adjustment workNot the quantity of analyses, but the clarity and

6、 preciseness of the pack are importantNo hype, but factual statements. Enthusiasm will be generated by the investor realizing the opportunity on his ownThose who allocate investment resources rarely are technical experts for the technology used in the proposalThe storyline and all the facts presente

7、d must fit together and generate a well rounded impressionA clear, precise structure is a courtesy to those investing their time in reading the proposal.Source:McKinseyMilestonesCompletion of financingStep 3:VC-tailored business planStep 2:Rough business planStep 1:Idea descriptionExternal evaluatio

8、n (due diligence)Deal structuringManagement teamImplementation planFinancingMarketing and salesBusiness systemOpportunities and risksNew decision on further proceeding when next milestone is reachedLevel of maturity of business ideaTimeProduct/serviceMarket and competitionDEVELOPMENT STEPS FOR BUSIN

9、ESS PLANS.AGENDAShort introduction to the use of business plansPreparation guidelines for business plansWrap-up.CHAPTERS OF COMPLETE BUSINESS PLANSource:McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImple-mentationplanFinanc-ingOppo

10、rtunities andrisks.CONTENT OF EXECUTIVE SUMMARYSource:McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingGives a brief overview of the concepts most important aspectsDescribes idea as c

11、learly, compellingly, and concisely as possibleRaises interest of decision makersIs not more than 5 - 10 minutes to readQuality of summary decides if rest of business plan is read.EXECUTIVE SUMMARY KEY QUESTIONSSource: McKinseyIdea descriptionWhat is your business idea? In what way does it fulfill t

12、he criterion of uniqueness?Who are your target customers?What is the value for those customers?What market volume and growth rates do you forecast?What competitive environment do you face?What additional stages of development are needed?How much investment is necessary (estimated)?What long-term goa

13、ls have you set?Most important questions an investor asks!STEP 1.EXECUTIVE SUMMARY ADDITIONAL QUESTIONS*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow high do you estimate your financing needs?What are the sales, cost, and profit situations?

14、What are the most important milestones along the way to your goal?What test customers have you approached/ could you approach?What distribution channels will you use?What partnerships would you like to enter into?What opportunities and risks do you face?What is the picture on patents?Most important

15、questions an investor asks!*STEP 2.RUSMAR EXECUTIVE SUMMARY*See following blank form sheetsSource:Inc. MagazineProduct/servicePotential foam plus applicator to replace expensive and space consuming earth that must be spread over garbage dumps every daySpace savings of 30% for dump operatorsCosts of

16、coverage reduced by 50% for dump operatorsMarket and competitionCustomers: household garbage dump operatorMarket: 300 to 500 dumps in Eastern USA with capacity of 500 to 10,000 tons/dayMajor competitor: 3M/Sanifoam (application takes longer and is more complicated)Marketing and sales1997: Investment

17、s of USD 850,000 required1998: Sales of USD 2 million (break-even)2002: Sales of USD 15 million, profit of USD 1.5 millionBusiness systemSale of foam and applicators (product business)Opportunities and risksNecessary approval from authoritiesProof of systems operational efficiencyExercise 1: Trainin

18、g participants check quality of executive summary with key questions* CASE EXAMPLE.EXERCISE 1 EXECUTIVE SUMMARY (1/2)Source: McKinseyKey questions for idea descriptionWhat is your business idea? In what way does it fulfill the criterion of uniqueness?Who are your target customers?What is the value f

19、or those customers?What market volume and growth rates do you forecast?What competitive environment do you face?What additional stages of development are needed?How much investment is necessary (estimated)?What long-term goals have you set?Evaluation of Rusmar summary Answered questionsMissing eleme

20、ntSee appendix for proposed solutions EXERCISE.EXERCISE 1 EXECUTIVE SUMMARY (2/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyAdditional questions* for rough business planHow high do you estimate your financing needs?What are the sales, cost, and profit situati

21、ons?What are the most important milestones along the way to your goal?What test customers have you approached/ could you approach?What distribution channels will you use?What partnerships would you like to enter into?What opportunities and risks do you face?What is the picture on patents?Evaluation

22、of Rusmar summary Answered questionsMissing elementSee appendix for proposed solutions EXERCISE.CONTENT OF PRODUCT/SERVICE SECTIONSource:McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-

23、ingDescribes the function the product/service fulfills and the benefits the customer will gain from itProduct/service descriptionCustomer valueExplains status and next steps of product/service developmentAddresses patents/IP protection issuesProduct/service section has to prove that entrepreneur can

24、 integrate the customers perspective.PRODUCT/SERVICE KEY QUESTIONSSource: McKinseyIdea descriptionWhat end customers will you address?What are the customers needs?What customer value does your product/service provide?What is the nature of your innovation? Why is it unique?What partnerships are neces

25、sary to achieve full customer value?What competitor products already exist or are under development?What stage of development has your product or service reached?Do you have patents or licenses?What further development steps do you plan to take? What milestones must be reached?STEP 1.PRODUCT/SERVICE

26、 ADDITIONAL QUESTIONS*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planWhich versions of your products/services are designed for which customer groups and applications?What patents/licenses do the competitors have?What kind of service/maintenance

27、will you offer?What product or service guarantees will you grant?Compare the strengths and weaknesses of comparable products/services with yours in an overview!STEP 2.DESCRIPTION OF THE PRODUCT/SERVICESource:The American Heritage Dictionary,DudenA device that converts incident electromagnetic radiat

28、ion of mixed frequencies to one or more discrete frequencies of highly amplified and coherent ultraviolet, visible, or infrared radiationHigh-performance device for the creationof a narrowly bundled beam of lightBetter:Technical description of lasers:EXEMPLARY.SUCCESSFUL PRODUCT POSITIONINGSource:Mc

29、KinseyIdentify relevant customer needs and problemsAddress subjective perception of customersDefine uniqueness and position offering vis-vis competitionDefine clear, sufficiently large customer segments.EXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE*See Appendix for proposed solutionSource:McKinseyCustome

30、r needs of dump operatorsDegree of fulfillment by Rusmar foamFulfilledNot fulfilledExercise 2:Training participants describe needs of Rusmars customers*CASE EXAMPLE.CONTENT OF MANAGEMENT TEAM SECTIONSource:McKinsey Outlines educational background and professional experience of foundersDescribes how

31、existing skill gaps can be closed in the futureConvinces potential investors that both managerial and technological expertise is present to run the ventureVenture capitalist will invest only if the venture is managed by an excellent teamExecutive summaryProduct/serviceManage-ment teamMarket and com-

32、petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ing.MANAGEMENT TEAM KEY QUESTIONSSource:McKinseyComplete business planWho are the members of your management team and what distinguishes them: education, professional experience, success, standing in the busin

33、ess world?What experience or abilities does the team possess that will be useful for implementing your concept and setting up your company?What experience or abilities are lacking? How will the gaps be closed? By whom?What targets do the team members pursue by starting up the business? How high is t

34、he motivation of the individual team members?.REASONS FOR BUSINESS PLAN REJECTION BIOTECHNOLOGY VENTURES*Percent*Weak management teamNot market-drivenLong time frameMoney commitment too largeNot patentableInadequate technical expertiseOtherIf you find good people, they can always change the product.

35、 Nearly every mistake I have made has been picking the wrong people, not the wrong idea Arthur RockArthur Rock & Co.*Reasons for rejecting business plans by firms experienced in biotechnology venture capital*Multiple responses givenSource:Coopers and Lybrand, McKinsey.TEAM RAMP-UP EXAMPLESCEOTechnol

36、ogySalesFinanceMarketingIdea and team devel-opmentVenturebeginsProof of economic viabilityExplosive revenue growthTechnol-ogy & mkt. validationSustained earnings growthXXXXXXSource:McKinsey analysis, external interviewsEXEMPLARY.PERCENTAGE OF FOUNDERS OF FAST GROWING COMPANIES* Unemployedor recent g

37、raduate *4-year growth rate of 573% or higher, 1984 - 1990, 456 companiesSource:McKinseyNot from businessRunning other businessesSmall established companiesMidsize to large companies (including Fortune 1000)Start-upsExamples includeIntelMicrosoftLotusSun MicrosystemsMattelCompuServeAdvanced Micro De

38、vicesRaytheonFairchild SemiconductorTRWCondeNastNews Corp.Traditional corporate experience does not fit new venture needs Skills aligned to achieving near term earnings and sustained revenue growthProcesses based on internal milestonesStaff support allows extensive delegation (e.g., HR, finance, mar

39、keting)Decision making enabled by significant capital resourcesCatherine Hapka, CEO Rhythms NetConnectionsFormer EVP of US WestResponsible for business and telecommunications units with USD 7.5 billion in revenuesStarted and built US Wests INTERPRISE Networking Services Unit to USD 400 million in re

40、venueEstablished partnerships with 15 leading hardware and software providersRichard Thompson, CEO AradigmFormer President of Johnson & Johnson subsidiary, LifescanBuilt Lifescan from the ground upLed within Johnson & Johnson expansion into Europe and JapanBusiness building roles, e.g.,Led expansion

41、 into new geographic marketsBuilt new product line or divisionProvided marketing leadership to develop a new brandRelevant industry sector experienceSource: Executive search firm and VC interviews but corporate experience is valuable when it includes NECESSARY EXPERIENCE FOR VENTURE MANAGEMENT.SKILL

42、 SET OF TEAM MEMBERSHigh skill levelMedium skill levelTeam membersTechnologyFinanceProject managementContactsMarketing/salesProductionHuman resourcesSocial competenceInitiativeCommunicationSales/negotiation skillsHard factorsSoft factorsObvious skill gaps to be filled with additional team membersEXA

43、MPLEJ. ChapuisS. FischerM. TscharnerSource: Planen, grnden, wachsen (McKinsey)Skill gaps.CONTENT OF MARKET AND COMPETITION SECTIONSource:McKinsey Provides thorough understanding of markets and competitors:Market size and growthMarket segmentationCompetitionPositioning of product vis-vis the competit

44、ionThe market and competition section has to outline the full economic potential of the ventureExecutive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ing.MARKET AND COMPETITION KEY QUESTIONSSource: McK

45、inseyIdea descriptionHow is the industry developing?What role do innovation and technological advances play?How will you segment the market?What market volumes do the individual market segments have, now and in the future (rough estimates)?Who are your target customer groups?What major competitors o

46、ffer similar products/services?How sustainable will your competitive edge be?STEP 1.MARKET AND COMPETITION ADDITIONAL QUESTIONS (1/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planWhat market volume (value and amount) do you estimate for your i

47、ndividual market segments over the next five years?What will influence growth in the market segments?What is your estimate of current and future profitability of the individual market segments?What market shares do you hold in each market segment?What segments are you targeting?Who are your referenc

48、e customers? How do you plan to get reference customers?What are the key buying factors for customers?STEP 2.Most vertical specialty market-places expected to consolidateAttractiveMARKET CHARACTERISTICSMarket size and growthMarket competitivenessMarket growthpercentPotential market sizeUSD millionsT

49、otal revenues of B2B marketplaces estimated to grow at over 100% per year revenue potential USD 50 bnin 2004Number of B2B marketplaces19992021 100 - 200 1.000 - 2.0001005001010010001UnattractiveSource:McKinsey EXAMPLEROUGHESTIMATES.RUSMAR, INC. TARGET CUSTOMERS*Basic data on following pageSource:Inc

50、. MagazineTarget customers: OperatorsOperators of one or more larger dumps for household garbageEastern USA (approx. 300 to 500), beginning 2002, whole USAThroughput of 500 to 10,000 tons per dayFee of USD 65 per tonTarget customers: AgenciesEnvironmental Protection Agency (federal regulatory body)D

51、epartment of Natural Resources (state regulatory body)Local licensors Consent required of three additional agenciesExercise 3:Training participants estimate market volume for Rusmars foam*CASE EXAMPLE.Potential market volume for Rusmar foam?*Assumption*See appendix for proposed solutionSource:Inc.-M

52、agazineEXERCISE 3 MARKET VOLUMENumber of dumps: 300 to 500 (eastern USA)Daily capacity of garbage dump: 500 to 10,000 tons per dayCapacity per truck: roughly 5 - 10 tons*Average distance between cover layers: 5 m* Used area per day?Price of foam: 54 US cents per m2Price of garbage transportation: US

53、D 150 per household per yearPrice of applicators: USD 150,000 per applicatorCASE EXAMPLE.MARKET AND COMPETITION ADDITIONAL QUESTIONS (2/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow does the competition operate? What strategies are pursu

54、ed?What are the barriers to market entry and how can they be overcome?What market share does your competition have in the various market segments?How profitable are your competitors?What are your competitors marketing strategies?What distribution channels do your competitors use?How will competitors

55、 react to your market launch? How will you respond to this reaction?Profile the strengths and weaknesses of your major competitors with your own in the form of an overview!STEP 2.COMPETITIVE ADVANTAGERevolutionary improve-ment in performanceSteep drop in priceCreation of unusuallyemotional bond with

56、customerNumber of hypergrowth companies*with unique competitive advantageSource:McKinsey Uniquecompetitiveadvantage.RUSMAR, INC. ANALYSIS OF THE COMPETITION Source:Inc. MagazineFulfilledNot fulfilled Rusmar 30 min./3M 60 min.3M two componentsRusmar 6 cents per sq. ft.,3M 13 cents Rusmar 1.5 days/3M

57、3 days3M USD 12 billion companyRusmar 0.5 h/3M 4hCustomer requirementsCovering layers with low volumeShort application times (longer dumping time)Simple applicationCost advantage per applicationEqual performance as layer of earth regardingOdor absorptionErosion from weatherProtection from pestsConst

58、ant availability of foamApplicator licence available quickly, at low cost, and without concern (without reassessment of the dump by regulators)Rapid and high-quality maintenanceDegree of fulfillmentRusmar3M/SanifoamReasonRusmar leading3M leading.CONTENT OF MARKETING AND SALES SECTIONSource:McKinsey

59、Outlines planned marketing and sales activities (four Ps framework):ProductPricePlacePromotionMarketing and sales section has to explain how market is developedExecutive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties a

60、ndrisksFinanc-ing.MARKETING AND SALES KEY QUESTIONSSource: McKinseyIdea descriptionWhat final sales price do you want to charge (estimated)? What criteria did you use to arrive at this final sale price? How high is the profit margin (estimated)?What sales volumes and sales revenues are you aiming fo