How to Prepare Business Plan- Mar 09

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    How to prepare aHow to prepare a

    Business Plan ????Business Plan ????

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    Your Offering

    Financial Plan (source, cost, availability,adequacy)

    Marketing Plan(size, Entry,Sustenance)

    Enterprise Idea

    Individual attributes

    Attitude, Tech. Skills, Knowledge pool/network

    individual/group)

    Operational Plan

    -TechnicalAttractiveness

    Strategy

    (Existing/new

    technology and

    products/services)

    -Ecosystemanalysis

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    THE BUSINESS PLANTHE BUSINESS PLAN

    The design of the business plan depends onThe design of the business plan depends onthe kind of venture envisaged and what thethe kind of venture envisaged and what the

    plan should accomplishplan should accomplish

    Impress with CLARITYImpress with CLARITY

    Convince with its OBJECTIVITYConvince with its OBJECTIVITY

    Create INTERESTCreate INTEREST

    SIMPLE and understandable by technical laymanSIMPLE and understandable by technical layman

    Written in one CONSISTENT styleWritten in one CONSISTENT style

    REALISTIC assumptionsREALISTIC assumptions

    Writing a business plan forces you into disciplined thinking. An idea

    may sound great, but when you put down all the details and numbers,it may fall apart --Eugene Kleiner, Venture Capitalist

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    Stake holderStake holder Concept creatorConcept creator

    Preparing a detailed business planPreparing a detailed business planhelpshelps Clarify the thoughts/ ideasClarify the thoughts/ ideas

    Synthesize a successful plan of actionSynthesize a successful plan of action

    Helps not to miss out anythingHelps not to miss out anything

    Provides a road map for achieving the goalProvides a road map for achieving the goal

    Helps in identifying gaps in resourcesHelps in identifying gaps in resources

    Helps in phasing/ scheduling implementationHelps in phasing/ scheduling implementation

    Put down a set of assumptions that can bePut down a set of assumptions that can be

    revisitedrevisited

    Helps to understand the risk profileHelps to understand the risk profile

    Communicates effectively and evoke interestCommunicates effectively and evoke interest

    in investorsin investors

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    Stake holderStake holder -- Venture Capitalist/investorsVenture Capitalist/investors

    They want to grow their money andThey want to grow their money and

    exitexitINNOVATIVE product or service rangeINNOVATIVE product or service range

    WellWell--defined (even quantifiable) CUSTOMERdefined (even quantifiable) CUSTOMER

    BENEFITBENEFIT

    Experience and competence of theExperience and competence of the

    MANAGEMENT TEAMMANAGEMENT TEAM

    Growing or Large market size/ potentialGrowing or Large market size/ potential

    Possibility to protect/ sustain the innovationPossibility to protect/ sustain the innovation

    Effective strategy for capturing the targetEffective strategy for capturing the target

    customercustomer

    Analysis of competitionAnalysis of competition

    Careful weighing of risks and opportunitiesCareful weighing of risks and opportunities

    Possible exit routesPossible exit routes

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    Stake holderStake holder -- Debt financierDebt financier

    They want secured returns (both of interestThey want secured returns (both of interest

    and principal) and look forand principal) and look for

    Experience and competence of the promotersExperience and competence of the promoters

    Market size/ potentialMarket size/ potential Effective strategy for capturing the targetEffective strategy for capturing the target

    customercustomer

    Analysis of factors of productionAnalysis of factors of production

    Weighing of risks and opportunitiesWeighing of risks and opportunities ProfitabilityProfitability

    CollateralCollateral

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    Elements of a Business PlanElements of a Business Plan

    1.1. Executive summaryExecutive summary

    2.2. Product or serviceProduct or service

    3.3. Management teamManagement team

    4.4. Operations and implementationOperations and implementationscheduleschedule

    Business system and organisationBusiness system and organisation

    5.5. Market and competitionMarket and competition

    6.6. Marketing and salesMarketing and sales

    7.7. Enterprise IdeaEnterprise Idea8.8. Financial planning and financingFinancial planning and financing

    9.9. Opportunities and risksOpportunities and risks

    10.10. Exit planExit plan

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    Common PitfallsCommon Pitfalls

    Only a summary of a project and its potentialOnly a summary of a project and its potential

    Wait for all analysis to be completedWait for all analysis to be completed

    Become a prisoner of the plans and the contentsBecome a prisoner of the plans and the contents

    therein, hence difficulty in deviating from the plantherein, hence difficulty in deviating from the plan

    Push with the plan, hiding weaknesses under thePush with the plan, hiding weaknesses under the

    carpetcarpet

    Making unrealistic assumptionsMaking unrealistic assumptions

    Quality of a strategy is as good as itsQuality of a strategy is as good as its

    implementationimplementation

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    Common pitfallsCommon pitfalls ProjectPer SeProjectPer Se

    Typical mental attitude of promotersTypical mental attitude of promoters I have a good product / service; others will buyI have a good product / service; others will buy

    Everybody is waiting to help meEverybody is waiting to help me

    Their priorities are same as mineTheir priorities are same as mine

    Others (all stakeholders) will stick to their promisesOthers (all stakeholders) will stick to their promises Customer will pay and give me feedback for me toCustomer will pay and give me feedback for me to

    improve the product / serviceimprove the product / service

    Environment / government policies will remain theEnvironment / government policies will remain the

    same (blinkers of an entrepreneur)same (blinkers of an entrepreneur) Lack of contingency plans for time and cost overrunLack of contingency plans for time and cost overrun

    Blind faith in consultantsBlind faith in consultants

    Failing to understand Regulatory environmentFailing to understand Regulatory environment

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    Elements of business planElements of business plan -- ExecutiveExecutive

    summarysummary -- Ch. 1Ch. 1

    Should contain the most important aspectsShould contain the most important aspects Value to the customer, market opportunity andValue to the customer, market opportunity and

    growth prospectsgrowth prospects

    Innovativeness, uniqueness of the offeringInnovativeness, uniqueness of the offering

    Management expertise/ competenceManagement expertise/ competence

    Financing requirements and ProfitabilityFinancing requirements and Profitability

    Readiness to launch the projectReadiness to launch the project Risk analysis and mitigation measuresRisk analysis and mitigation measures

    A good executive summary gives me a sense of why this is an interesting

    venture. I look for a very clear statement of long-term mission, anoverview of people, the technology and the fit to market

    Ann Winblad, Venture Capitalist

    It is not an abstract of your business plan but is an opportunity to presentyour case clearly, compellingly and concisely

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    Elements of Business PlanElements of Business Plan-- Product /Product /

    ServiceService Ch. 2Ch. 2

    The product/ service conceptThe product/ service concept

    What customer need is proposed to be fulfilledWhat customer need is proposed to be fulfilled

    How your product/ service differs from thoseHow your product/ service differs from those

    that are now or will be available in the marketthat are now or will be available in the market

    Ability to protect/ sustain the innovationAbility to protect/ sustain the innovation--

    IPR/Entry barriersIPR/Entry barriers

    Stage of development of the product/ servicesStage of development of the product/ services

    Quality specifications / regulatory requirementsQuality specifications / regulatory requirements

    Pitch on what customer will require and how you

    will continuously provide

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    Elements of Business PlanElements of Business Plan -- ManagementManagement

    teamteam Ch. 3Ch. 3

    Capability of the management team to runCapability of the management team to runa promising businessa promising business

    The core entrepreneur(s)The core entrepreneur(s)-- passion & zealpassion & zeal

    Professional experience and past successesProfessional experience and past successes

    Genesis of the project ideaGenesis of the project idea

    The company descriptionThe company description

    Legal name and form of ownershipLegal name and form of ownership

    Mission and objectivesMission and objectives

    Location and geographical informationLocation and geographical information

    I invest in management and not in their plans

    Eugene Kleiner, Venture Capitalist

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    Common pitfallsCommon pitfalls The teamThe team

    Not seeing life after the honeymoonNot seeing life after the honeymoon

    Not having rules relating to decision makingNot having rules relating to decision making

    Absence of the buck stops here authorityAbsence of the buck stops here authority

    Lack of role clarity among team, once projectLack of role clarity among team, once project

    growsgrows

    Lack of policy and understanding on the role andLack of policy and understanding on the role and

    importance of family membersimportance of family members

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    No opportunity mythsNo opportunity myths

    Already supply more than demandAlready supply more than demand

    Market is full of big playersMarket is full of big players

    Existing customers are totally satisfied andExisting customers are totally satisfied andloyal to available productsloyal to available products

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    Elements of Business PlanElements of Business Plan

    OperationsOperations Ch. 4Ch. 4

    The nittyThe nitty--gritty of the supply chain managementgritty of the supply chain management

    LocationLocation

    Sources with their reliabilty quotient (SWOT)Sources with their reliabilty quotient (SWOT)

    Complexity of technology, manufacturingComplexity of technology, manufacturing

    processprocess

    Plant, equipment, facilities, infrastructurePlant, equipment, facilities, infrastructure

    Recruitment, training and retaining personnelRecruitment, training and retaining personnel

    Input materialsInput materials -- sources, costssources, costs

    Production, capacity utilisationProduction, capacity utilisation

    Regulatory frameworkRegulatory framework

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    Wastages, pilferage.Wastages, pilferage.

    Assumptions on output rates, costsAssumptions on output rates, costs

    Order fulfillment, returns and customerOrder fulfillment, returns and customer

    serviceservice

    Quality controlQuality control

    Safety, health and environmentalSafety, health and environmental

    concernsconcerns Research and DevelopmentResearch and Development

    Management information systemsManagement information systems

    Elements of Business PlanElements of Business Plan --

    OperationsOperations Ch. 4Ch. 4

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    Common pitfallsCommon pitfalls -- TechnologyTechnology

    InIn--househouse Challenges of prototyping andChallenges of prototyping and

    commercialisingcommercialising

    Technology expertise with only one personTechnology expertise with only one person(partner or employee)(partner or employee)

    CollaborationCollaboration Proven technology: costly but reliableProven technology: costly but reliable

    Untested technology: cheapUntested technology: cheap

    Exclusivity, technical feasibility, economicExclusivity, technical feasibility, economicviabilityviability

    AbsorptionAbsorption (acquisition, assimilation, fine(acquisition, assimilation, finetuning, further development) and IP relatedtuning, further development) and IP related

    issuesissues

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    Services SectorServices Sector

    Perfecting the operations management,Perfecting the operations management,Setting up service parameters or serviceSetting up service parameters or service

    quality norms, QoS management,quality norms, QoS management,

    insufficient detailing of value linksinsufficient detailing of value links

    Common pitfallsCommon pitfalls -- TechnologyTechnology

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    Elements of Business PlanElements of Business Plan -- ImplementationImplementation

    scheduleschedule Ch. 4Ch. 4

    Prepare a realistic threePrepare a realistic three--toto--five year planfive year planto inspire credibilityto inspire credibility

    Identify major milestonesIdentify major milestones

    Plan for aggregating resourcesPlan for aggregating resources

    Ramp up plan (scale and scope)Ramp up plan (scale and scope)

    Human resources planningHuman resources planning

    Investment schedulingInvestment scheduling

    Strategic partnershipsStrategic partnerships

    Market launch, sales campaignsMarket launch, sales campaigns

    Prepare a Gantt chart for tracking the progressPrepare a Gantt chart for tracking the progress

    Business is like chess. To be successful, anticipate & plan several moves in

    advance

    anonymous

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    Common pitfallsCommon pitfalls Roll outPlanRoll outPlan

    Implications for implementing the marketingImplications for implementing the marketing

    strategystrategy

    LocationLocation -- poor homework on availability, suitability, costpoor homework on availability, suitability, cost

    and further development costand further development cost

    Availability of quality inputsAvailability of quality inputs workforce, power, water,workforce, power, water,transport, parking spacetransport, parking space

    EquipmentEquipment right equipment, scalability, installation & afterright equipment, scalability, installation & after

    sales support, consumablessales support, consumables

    PersonnelPersonnel Attracting (why should they join?), training,Attracting (why should they join?), training,

    and retainingand retaining

    Supply chainSupply chain identification, negotiation, managementidentification, negotiation, management

    Systems & procedures, handling exceptions from ruleSystems & procedures, handling exceptions from rule

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    Elements of Business PlanElements of Business Plan Business SystemBusiness System

    & Organisation& Organisation Ch. 4Ch. 4

    The business system model maps outThe business system model maps out

    activities required to deliver a final productactivities required to deliver a final product

    to a customerto a customer

    Improve the efficiency of operations through

    specialisation

    concentrating on core activities

    outsourcing business activities

    Organisation

    principal / key employees

    delegation of tasks and responsibilities

    Research &Development Production Services

    SalesMarketing

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    ElementsElements of Business Planof Business Plan -- TargetTargetmarketmarket Ch. 5Ch. 5

    Foundation of every successful business is clearFoundation of every successful business is clearunderstanding of customer and their needs.understanding of customer and their needs.Hence provide details ofHence provide details of

    Purchasing patterns/ requirementsPurchasing patterns/ requirements

    Demographic/ geographic profileDemographic/ geographic profile

    Buying sensitivities and behaviorBuying sensitivities and behavior

    Market segment(s) being targetedMarket segment(s) being targeted

    Potential revenues in each market segment *Potential revenues in each market segment *

    Special strategies required to reach out to the segmentSpecial strategies required to reach out to the segment

    Value ParametersValue Parameters

    If you dont know for whom you toil, how will you survive? anonymous

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    Elements of Business PlanElements of Business Plan -- MarketMarket

    analysisanalysis Ch. 5Ch. 5

    The company can achieve a dramaticThe company can achieve a dramaticincrease in value only if the market holdsincrease in value only if the market holdsgreat potential. Hence describe:great potential. Hence describe: Size and growth trends and forecastsSize and growth trends and forecasts

    Maturity of the industryMaturity of the industry Vulnerability to economic factorsVulnerability to economic factors

    Seasonality factorsSeasonality factors

    Technological factorsTechnological factors

    Regulatory issuesRegulatory issues

    Supply and distribution requirementsSupply and distribution requirements

    Influencing factors that will have an impact onInfluencing factors that will have an impact on

    your businessyour business

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    Elements of Business PlanElements of Business Plan --

    CompetitionCompetition Ch. 5Ch. 5

    Show how sustainable your competitiveShow how sustainable your competitive

    advantage isadvantage is

    Competing products/ servicesCompeting products/ services Competitive position, market share distributionCompetitive position, market share distribution

    Strengths and weaknesses of competitorsStrengths and weaknesses of competitors

    Barriers to entryBarriers to entry

    Possible future competitionPossible future competition

    Positioning visPositioning vis----vis the competitionvis the competition

    C

    apitalising on th

    e Need GapC

    apitalising on th

    e Need Gap

    If there is no competition, there is probably no market

    Brian Wood

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    Elements of Business PlanElements of Business Plan -- Marketing & SalesMarketing & Sales

    StrategyStrategy Ch. 6Ch. 6

    WellWell--planned marketing and salesplanned marketing and salesactivities are imperative for success of theactivities are imperative for success of theprojectproject Product features for different market segmentsProduct features for different market segments

    Pricing of products/ services (value pricing/Pricing of products/ services (value pricing/skimming strategy/ penetration strategy)skimming strategy/ penetration strategy)

    Distribution channel (Internet/ Franchising/Distribution channel (Internet/ Franchising/WholesalerWholesaler-- Retailer network/ Own sales staff/Retailer network/ Own sales staff/Direct marketing/ Own stores etc.)Direct marketing/ Own stores etc.)

    Promotion (Internet/ Direct mailing/Promotion (Internet/ Direct mailing/Advertisement/ Trade fairs etc.)Advertisement/ Trade fairs etc.)

    Strategic partnershipsStrategic partnerships

    Obtaining order before startingObtaining order before starting

    Sales targets and assumptionsSales targets and assumptions

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    Common pitfallsCommon pitfalls -- MarketMarket

    Everybody is waiting for my product / serviceEverybody is waiting for my product / service

    Lack of clarity on dimensions of dissatisfactionLack of clarity on dimensions of dissatisfactionand product or service positioning accordinglyand product or service positioning accordingly

    Insensitivity to potential competitionInsensitivity to potential competition --

    underestimating response or reaction fromunderestimating response or reaction from

    incumbent playersincumbent players No clear appreciation of the entry barriersNo clear appreciation of the entry barriers

    Inability or lack of planning in creating entryInability or lack of planning in creating entry

    barriersbarriers

    UnderUnder--rating bargaining power of distributionrating bargaining power of distributionchainchain

    Underestimating the implication of seasonality onUnderestimating the implication of seasonality on

    the supply chainthe supply chain

    What stage of product life cycle you are enteringWhat stage of product life cycle you are entering

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    How to get market knowledgeHow to get market knowledge

    Gut feel is not good enoughGut feel is not good enough

    Behaviour determinationBehaviour determination qualitativequalitative

    analysis (simple to complex tools)analysis (simple to complex tools)

    Data collectionData collection primary sources (direct,primary sources (direct,mail, phone), secondary sources (reports)mail, phone), secondary sources (reports)

    Volume determinationVolume determination quantitativequantitative

    analysis (simple to complex tools)analysis (simple to complex tools)

    Questionnaire design @ step 2Questionnaire design @ step 2

    Careful extrapolation after validationCareful extrapolation after validation

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    Review implications for the marketingReview implications for the marketing

    strategystrategy

    If the market is attractive, how toIf the market is attractive, how toimplement it by adapting roll outimplement it by adapting roll out

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    Enterprise IdeaEnterprise Idea -- Ch. 7Ch. 7

    What does your organisation stand for?What does your organisation stand for?

    What could you offer to meet customerWhat could you offer to meet customer

    expectations from what you stand for ?expectations from what you stand for ? Brand Extensions/ Line Extensions etc.Brand Extensions/ Line Extensions etc.

    Diversification thoughtsDiversification thoughts

    Feeder streams of revenueFeeder streams of revenue

    Creating Metaphors for your offeringCreating Metaphors for your offering

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    Financing the VentureFinancing the Venture Ch. 8Ch. 8

    How much will be needed forHow much will be needed fordevelopment of the product or service?development of the product or service?

    How much will be needed for setting upHow much will be needed for setting upoperations?operations?

    How much will be needed for workingHow much will be needed for workingcapital?capital?

    Where will the money come from? WhatWhere will the money come from? Whatif more is needed?if more is needed?

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    emen s o us ness anemen s o us ness an -- nanc ananc a

    PlanPlan Ch. 8Ch. 8 Is the business concept profitable and worthIs the business concept profitable and worth

    investing ininvesting in Plan for investment, sources of funds, cashPlan for investment, sources of funds, cash

    flow liquidity and steps for improvingflow liquidity and steps for improvingprofitabilityprofitability

    PreparePrepare

    Project Cost and Sources of fundsProject Cost and Sources of funds

    Projected Income & Expenditure statementsProjected Income & Expenditure statements

    BreakBreak-- even analysiseven analysis

    Projected cash flow statementsProjected cash flow statements Pro forma Balance SheetsPro forma Balance Sheets

    Return on investment, sales, equityReturn on investment, sales, equity

    Debt service coverageDebt service coverage

    Details of assumptions and sensitivity analysisDetails of assumptions and sensitivity analysis

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    Which assumptions in the financialWhich assumptions in the financialforecasts are most uncertain?forecasts are most uncertain?

    How do the returns (equity, investment)How do the returns (equity, investment)compare with the rest of the industry?compare with the rest of the industry?

    When and how will investors get theirWhen and how will investors get theirmoney back?money back?

    What will be needed from the bank, andWhat will be needed from the bank, andwhat is the banks response likely to be?what is the banks response likely to be?

    Elements of Business PlanElements of Business Plan --

    Financial PlanFinancial Plan Ch. 8Ch. 8

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    Common pitfallsCommon pitfalls -- FinanceFinance

    Optimistic assessment of project cost and fundingOptimistic assessment of project cost and funding

    Lack of budgeting of trial production & trialLack of budgeting of trial production & trialproduction expenses, incidental and invisibleproduction expenses, incidental and invisible

    expensesexpenses

    Not taking fully into account the cost implications ofNot taking fully into account the cost implications of

    the business activities and operating plansthe business activities and operating plans Not including cost implications of regulatoryNot including cost implications of regulatory

    compliancecompliance

    Improper assessment of components of workingImproper assessment of components of working

    capitalcapital The gap between sanction and disbursementThe gap between sanction and disbursement

    Lack of efforts in confidence building with investorsLack of efforts in confidence building with investors

    Lack of contingency plans for time and costLack of contingency plans for time and cost overrunsoverruns

    Sensitivity analysis limited to spreadsheetSensitivity analysis limited to spreadsheet

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    Opportunities and risksOpportunities and risks-- Ch. 9Ch. 9

    Scenario PlanningScenario Planning Identify and analyze major trends (tech., socioIdentify and analyze major trends (tech., socio--

    political, regulatory, economic..) in the externalpolitical, regulatory, economic..) in the external

    environmentenvironment

    Identify major competitive forces operating on theIdentify major competitive forces operating on the

    firmfirm

    Possible impact of the forces on the firmsPossible impact of the forces on the firms

    competitiveness in futurecompetitiveness in future

    Which are the most likely scenarios and what areWhich are the most likely scenarios and what are

    their implications to ustheir implications to us

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    Elements of Business PlanElements of Business Plan Ch. 9Ch. 9

    Risk evaluationRisk evaluation

    Prepare bestPrepare best--case and worstcase and worst--case scenarios with keycase scenarios with keyparameters of the business to help assessparameters of the business to help assess

    Market risksMarket risks

    Competition risksCompetition risks

    Technology risksTechnology risks

    Regulatory risksRegulatory risks

    Financial risksFinancial risks Management risksManagement risks

    Political risksPolitical risks

    What measures are proposed to counter these risksWhat measures are proposed to counter these risks

    Sensitivity analysis of key factors to simulate the impact ofSensitivity analysis of key factors to simulate the impact of

    changeschanges

    All sane people want to avoid risks

    anonymous

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    Elements of Business PlanElements of Business Plan -- ExitExit

    plansplans Ch. 10Ch. 10

    The investors look for returns.The investors look for returns.

    Provide details ofProvide details of

    Companys long term goalsCompanys long term goals

    Growth StrategiesGrowth Strategies

    Milestones in achievementsMilestones in achievements

    Exit plansExit plans