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• Necessity of external
know-how transfer
• Lack of skills/motivation/
time
Start-up business plans to be tailored to new venture needs
Source: McKinsey
McKinsey&Company – Copyright 2002
Marketing and sales
Business system
Implementation
plan
Financing
Opportunities and risks
Source: McKinsey
McKinsey&Company – Copyright 2002
CONTENT OF EXECUTIVE SUMMARY
McKinsey&Company – Copyright 2002
CHAPTERS OF COMPLETE BUSINESS PLAN
020607MVA1_ZXK_265_V5
Executive summary
Product/ service
Management team
Market and competition
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?
Impressing by clarity
Convincing by facts
Understandable even for non-experts
Consistent and concise
Not the quantity of analyses, but the clarity and preciseness of the pack are important
Step 2: Rough business plan
Step 1: Idea description
• Marketing and sales • Business system • Opportu• Market and competition
McKinsey&Company – Copyright 2002
TYPES OF NEW BUSINESSES
Product/ service
New
New product
• Palm • Smart • Sony Playstation • Rollerblades
New industry
• Direct satellite TV • Netscape • Mobile telephony
Existing industries and businesses
Existing Existing
New business system
• Dell • Fotolabo • Charles Schwab • FedEx
New
Business system
Source: Planen, gründen, wachsen (McKinsey) McKinsey&Company – Copyright 2002
New decision on further proceeding when next milestone is
reached
Time
Source: McKinsey
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
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?
STEP 2
Rough business plan
• How high do you estimate your financing needs? • What are the sales, cost, and profit situations? • What are the most important milestones along
fulfill the criterion of uniqueness?
• Who are your target customers? • What is the value for those customers? • What market volume and growth rates do you
Product/ service
Management team
Market and competition
Marketing and sales
Business system
Implementation plan
Financing
Opportunities and risks
Source: McKinsey
– External financing
Complications for New Venture projects
• High insecurity concerning
technology, timing, and cash need
• Difficult data situation due
to newness of innovative products
– Search for management team members
– Communication with partners, suppliers, …
• Established, developed
businesses for investment decisions
– In-house budget allocations
No hype, but factual statements. Enthusiasm will be generated by the investor realizing the opportunity on his own
Those who allocate investment resources rarely are technical experts for the technology used in the proposal
020607MVA1_ZXK_265_V5
EXAMPLES
New high-growth ventures
USE OF BUSINESS PLANS
020607MVA1_ZXK_265_V5
Standard use
• Start-up companies:
– Application for venture capital
Source: McKinsey
McKinsey&Company – Copyright 2002
DEVELOPMENT STEPS FOR BUSINESS PLANS
020607MVA1_ZXK_265_V5
Milestones
Level of maturity of business idea
Most important questions an investor asks!*
* In addition to key questions answered by idea description (step 1)
Source: McKinsey
McKinsey&Company – Copyright 2002
Most important questions an investor asks!
Source: McKinsey
McKinsey&Company – Copyright 2002
EXECUTIVE SUMMARY – ADDITIONAL QUESTIONS*
020607MVA1_ZXK_265_V5
• Raises interest of decision
makers
• Is not more than 5 - 10
minutes to read
Quality of summary decides if rest of business plan is read
Executive summary
The storyline and all the facts presented must fit together and generate a well rounded impression
Optically compelling
A clear, precise structure is a courtesy to those investing their time in reading the proposal
020607MVA1_ZXK_265_V5
• Gives a brief overview of the
concept's most important aspects
• Describes idea as clearly,
compellingly, and concisely as possible
GENERIC REQUIREMENTS
020607MVA1_ZXK_265_V5
Constantly adapting
Explanation
Business planning is an iterative and adaptive process that requires constant update and adjustment work
Completion of financing
Step 3: VC-tailored business plan
• External
evaluation (due
diligence)
• Deal structuring
• Management team • Implementation plan • Financing
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
020607MVA1_ZXK_265_V5
Business plan preparation
Training program for Entrepreneurs
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
McKinsey&Company – Copyright 2002
EXECUTIVE SUMMARY – KEY QUESTIONS
020607MVA1_ZXK_265_V5
STEP 1
Idea description
• What is your business idea? In what way does it
know-how transfer
• Lack of skills/motivation/
time
Start-up business plans to be tailored to new venture needs
Source: McKinsey
McKinsey&Company – Copyright 2002
Marketing and sales
Business system
Implementation
plan
Financing
Opportunities and risks
Source: McKinsey
McKinsey&Company – Copyright 2002
CONTENT OF EXECUTIVE SUMMARY
McKinsey&Company – Copyright 2002
CHAPTERS OF COMPLETE BUSINESS PLAN
020607MVA1_ZXK_265_V5
Executive summary
Product/ service
Management team
Market and competition
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?
Impressing by clarity
Convincing by facts
Understandable even for non-experts
Consistent and concise
Not the quantity of analyses, but the clarity and preciseness of the pack are important
Step 2: Rough business plan
Step 1: Idea description
• Marketing and sales • Business system • Opportu• Market and competition
McKinsey&Company – Copyright 2002
TYPES OF NEW BUSINESSES
Product/ service
New
New product
• Palm • Smart • Sony Playstation • Rollerblades
New industry
• Direct satellite TV • Netscape • Mobile telephony
Existing industries and businesses
Existing Existing
New business system
• Dell • Fotolabo • Charles Schwab • FedEx
New
Business system
Source: Planen, gründen, wachsen (McKinsey) McKinsey&Company – Copyright 2002
New decision on further proceeding when next milestone is
reached
Time
Source: McKinsey
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
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?
STEP 2
Rough business plan
• How high do you estimate your financing needs? • What are the sales, cost, and profit situations? • What are the most important milestones along
fulfill the criterion of uniqueness?
• Who are your target customers? • What is the value for those customers? • What market volume and growth rates do you
Product/ service
Management team
Market and competition
Marketing and sales
Business system
Implementation plan
Financing
Opportunities and risks
Source: McKinsey
– External financing
Complications for New Venture projects
• High insecurity concerning
technology, timing, and cash need
• Difficult data situation due
to newness of innovative products
– Search for management team members
– Communication with partners, suppliers, …
• Established, developed
businesses for investment decisions
– In-house budget allocations
No hype, but factual statements. Enthusiasm will be generated by the investor realizing the opportunity on his own
Those who allocate investment resources rarely are technical experts for the technology used in the proposal
020607MVA1_ZXK_265_V5
EXAMPLES
New high-growth ventures
USE OF BUSINESS PLANS
020607MVA1_ZXK_265_V5
Standard use
• Start-up companies:
– Application for venture capital
Source: McKinsey
McKinsey&Company – Copyright 2002
DEVELOPMENT STEPS FOR BUSINESS PLANS
020607MVA1_ZXK_265_V5
Milestones
Level of maturity of business idea
Most important questions an investor asks!*
* In addition to key questions answered by idea description (step 1)
Source: McKinsey
McKinsey&Company – Copyright 2002
Most important questions an investor asks!
Source: McKinsey
McKinsey&Company – Copyright 2002
EXECUTIVE SUMMARY – ADDITIONAL QUESTIONS*
020607MVA1_ZXK_265_V5
• Raises interest of decision
makers
• Is not more than 5 - 10
minutes to read
Quality of summary decides if rest of business plan is read
Executive summary
The storyline and all the facts presented must fit together and generate a well rounded impression
Optically compelling
A clear, precise structure is a courtesy to those investing their time in reading the proposal
020607MVA1_ZXK_265_V5
• Gives a brief overview of the
concept's most important aspects
• Describes idea as clearly,
compellingly, and concisely as possible
GENERIC REQUIREMENTS
020607MVA1_ZXK_265_V5
Constantly adapting
Explanation
Business planning is an iterative and adaptive process that requires constant update and adjustment work
Completion of financing
Step 3: VC-tailored business plan
• External
evaluation (due
diligence)
• Deal structuring
• Management team • Implementation plan • Financing
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
020607MVA1_ZXK_265_V5
Business plan preparation
Training program for Entrepreneurs
McKinsey&Company – Copyright 2002
AGENDA
020607MVA1_ZXK_265_V5
• Short introduction to the use of business plans • Preparation guidelines for business plans • Wrap-up
McKinsey&Company – Copyright 2002
EXECUTIVE SUMMARY – KEY QUESTIONS
020607MVA1_ZXK_265_V5
STEP 1
Idea description
• What is your business idea? In what way does it