This Document Contains Chapters 9 to 11 Chapter 9 Operations Plan and Product (or Service) Development Plan Key Words Operations plan section—outlines how your business will be run and how your product or service will be produced Operations flow diagram—shows the key steps in the production of a product or the delivery of a service OEM (original equipment manufacturer)—a company that sells parts to larger companies that use the parts in products they sell Prototype—the first physical depiction of a new product Virtual prototype—computer-generated 3D image of an idea Usability testing—a form of product/service feasibility analysis that measures a product’s ease of use and the user’s perception of the experience Intellectual property—any product of human intellect that is intangible but has value in the marketplace Trade secret—any formula, pattern, physical device, idea, process, or other information that provides the owners of the information with a competitive advantage in the marketplace Economic espionage act—federal law passed in 1996 that criminalizes the theft of trade secrets Provisional patent application—this provision of the law allows a start-up to stake a claim to a particular invention for up to a year while it’s deciding whether to move forward with a complete patent application Chapter Overview This chapter is divided into two parts. The first part of the chapter describes the operations section of a business plan, which focuses on how you will produce your product or service and run your business. The second half of the chapter focuses on the status of the development of a product or service. Chapter Summary 1. This chapter is divided into two parts. The first part of the chapter describes the operations section of a business plan, which focuses on how you will produce your product or service and run your business. This is an important chapter that should appear in every business plan. The section half of the chapter focuses on a topic that is signaled out in some business plans and not in others—the status of the development of a product or service. 2. The most important rule of thumb for writing the operations and the product design and development sections of your business plan is to focus on the aspects of each of these areas that are either essential to the success of your business or sets you apart from your competitors. Routine topics should be dealt with lightly and quickly. 3. The operations plan section of the business plan outlines how your business will be run and how your product or service will be produced. The topics that are generally incorporated include operating model and procedures, business location, facilities and equipment, and operations strategy and plans. Other topics may be included depending on the nature of the business. 4. A useful way to illustrate how a product or service will be produced is to include an operations flow diagram in your business plan. An operations flow diagram shows the key steps in the production of a product or the delivery of a service. 5. Although the operations flow diagram explains how a product or service is produced, there are other issues that are relevant for this section. These issues include an explanation of how your inventory will be stored and how frequently it will be turned over, a description of the length and nature of your product’s or service’s production cycle, an explanation of where bottlenecks are likely to occur in your manufacturing process or service delivery and how these will be handled, an explanation of how seasonal production loads will be handled without service disruption, an explanation of how your quality control will be managed, and an explanation of how your after-sale service, if applicable, will be handled. 6. This product design and development section of your business plan has four parts: development status and tasks, difficulties and risks, costs, and intellectual property. Many seemingly promising start-ups never get off the ground because their product development efforts stall or the actual development of a product or service turned out to be more difficult than anticipated. 7. Most products follow a logical path of development that includes product conception, prototyping, initial production, and full production. Depending on the sophistication of your product or service development process, products and services typically pass tests that probe their performance and technical merits as they pass from one step in the development process to the next. You should explain the process you followed to move your product from one stage to the next. 8. If you are a very early stage firm and have only an idea, you should carefully explain how a prototype of your product will be made. A prototype is the first physical depiction of a new product. 9. One sticky point in business plans is to decide how much to reveal about a company’s potential intellectual property, knowing that the plan will be read by people who ultimately won’t be involved with the venture. While a company wants the readers of its business plan to fully grasp its potential, the fear is that by revealing too much, a start-up risks losing the confidential nature of its plans, particularly as it relates to products that may be patented and trade names that will eventually be legally protected. There is no good answer to this conundrum. It is simply a judgment call. The vast majority of business ideas are not unique enough that this issue becomes a problem, but that isn’t always the case. Chapter Outline I. Introduction II. Operations Plan a. Operations Model and Procedure b. Business Location c. Facilities and Equipment d. Operations Strategy and Plans III. Product (or Service) Development Plan a. Development Status and Tasks b. Challenges and Risks c. Costs d. Intellectual Property Chapter Notes I. Introduction • If you are developing a non-existent product, you’ll need to include a section that describes the design and development of the product • If you’re opening a more traditional business, then you don’t normally need a section on product design and development; simply product-relevant information in the operations section • Your readers want an overall sense of how the business will be developed but generally are not looking for detailed explanations • The most important rule of thumb is to focus on the aspects that are either essential to the success of your business or that set you apart from competitors II. Operations Plan • The operations plan section of the business plan outlines how your business will be run and how your product or service will be produced • The topics that are generally included are operating model and procedures, business location, facilities and equipment, and operations strategy and plans a. Operations Model and Procedure ○ The primary objective of this section is to show that you have a firm grasp on the operational details of launching and running your business ○ In many instances, the operations section will not be carefully dissected, but in some instances, the information that’s included represents make-or-break issues for a firm ○ You can frame your operations discussion in terms of “back stage,” or behind the scenes activities, and “front stage,” or what the customer sees and experiences ○ Some business plans frame the discussion of their operations in the context of a “day in the life of a business” ○ Another useful way to illustrate how a product or service is produced is to include an operations flow diagram ○ An operations flow diagram shows the key steps in the production of a product or the delivery of a service ○ Some issues need to be singled out and discussed in more detail in this section: • An explanation of how your inventory will be stored and how frequently it will be turned over • A description of the length and nature of your product’s production cycle • An explanation of where bottlenecks are likely to occur and how you will handle them • An explanation of how you will handle seasonal production loads • An explanation of how your quality control will be managed • An explanation of how your after-sale service, if applicable, will be handled b. Business Location ○ This section describes the geographic location of the business ○ There are several specific instances in which a business’s location is a critical factoring its capability to operate efficiently and effectively: • Proximity to qualified labor • Closeness to suppliers • Access to transportation, such as a major airport or an interstate highway • Access to international shipping alternatives • Proximity to customers with a profile conducive to a firm’s business • Access to favorable state and local tax rates • Access to economic incentives for locating in a certain area • Proximity to high-quality community in terms of public education, recreational opportunities, health care, and the arts to attract a high-quality workforce ○ You should describe the rationale for your location in this portion of your business plan c. Facilities and Equipment ○ You should list your most important facilities and equipment and briefly describe how they will be (or have been) acquired ○ If you will be producing your own product, you should describe the production facility that you have or are looking for ○ This is particularly important for a business-to-business start-up, especially if you are an OEM (original equipment manufacturer) ○ You may also want to comment on the degree to which you will hold foreign partners accountable for the working conditions in their factories and for their environmental standards ○ If your business is projecting fairly rapid growth, you should comment on how you’ll be able to grow within your existing facilities or how you plan to transition from your existing facility to a larger one d. Operations Strategy and Plans ○ This section deals with strategic and longer term issues pertaining to your operations strategy ○ An important issue that is normally covered is the portion of your production process that you’ll perform in house as opposed to the activities that will be done by others ○ Although it sounds simple, the task of actually finding reliable partners and managing the operations flow can be complex ○ It may be helpful to include a sentence or two in this part of your plan that clearly makes the link between your business strategy and your operations strategy III. Product (or Service) Development Plan • Many seemingly promising start-ups never get off the ground because their product development efforts stall or the actual development of a product or service turns out to be more difficult than anticipated • A start-up must have a credible plan for ramping up the production of a product to satisfy the sales estimates in its financial projections a. Development Status and Tasks ○ Most products follow a logical path of development that includes product competition, prototyping, initial production, and full production ○ Depending on the sophistication of your product- or service-development process, products are assessed for their performance and technical merits as they pass from one step in the development process to the next ○ You should describe the point that your product or service is at and provide a timeline that describes the remaining steps ○ If you have involved prospective customers in testing early versions of your product and services, you should briefly comment on the process you’ve used and the results to date ○ If you are in the very early stages and have only an idea, you should explain how a prototype will be made ○ In some instances, a computer-generated, virtual prototype, which is less expensive than a physical prototype, is sufficient ○ There is typically a direct correlation between how far you are from having an actual product or service that can be sold in quantity to how risky your business is perceived to be ○ One nice touch that dresses up a business plan is to provide a picture of your product if it exists or an artist’s rendition of what the product (or service setting) will look like after it’s developed b. Challenges and Risks ○ You should be very candid and transparent in identifying any major anticipated design and development challenges (and risks) for two reasons: • Your reader will anticipate that challenges and risks exist and will want to know what they are • Your reader will want to see evidence that you are aware of the risks and challenges that exist ○ You should discuss the possible impact of challenges on the development of your product, the costs involved, and the timeline for bringing your product or service to market c. Costs ○ This section should provide a budget for the remaining design and development work that needs to be done to bring your product or service to market ○ The budget should include the costs of labor, material, consulting fees, prototyping, usability testing, and so on ○ In most cases, exceeding your design and development budget will be one of the risks disclosed in the challenges and risks section d. Intellectual Property ○ This section should describe any patents, trademarks, copyrights, or trade secrets that you have secured or plan to secure ○ If you have not taken action on intellectual property issues yet, you should get legal advice so you can discuss your plans in this area ○ Intellectual property is any product of human intellect that is intangible but has value in the marketplace ○ A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owners of the information with a competitive advantage ○ The federal Economic Espionage Act criminalizes the theft of trade secrets ○ The primary rule of thumb for deciding if intellectual property should be protected is to determine whether it’s related to a firm’s competitive advantage ○ Although trademarks and copyrights can be obtained fairly inexpensively, patents are expensive to obtain, which poses a challenge for many start-ups ○ A provisional patent application allows a start-up to stake a claim to a particular invention for up to a year while it’s deciding whether to move forward with a complete patent application ○ One sticky point in business plans is to decide how much to reveal about a company’s potential intellectual property Chapter 10 Financial Projections Key Words Source and use of funds statement—a document that lays out specifically how much money a firm needs (if the intention of the business plan is to raise money), where the money will come from, and what the money will be used for Assumptions sheet—an explanation of the most critical assumptions that your financial statements are based on Pro forma (or projected) financial statements—the heart of the financial section of a business plan; includes the income statement, balance sheet, and cash flow statements Pro forma income statement—reflects the projected results of the operations for a firm for a given period of time Net sales—total sales minus allowances for returned goods and discounts COGS (cost of goods sold)—all the direct costs associated with producing or delivering a product or service, including the material costs and direct labor Operating expenses—include marketing, utilities, and administrative costs not directly related to producing a product or service Constant ratio method—a type of forecasting that increases general expense items at the same rate as sales Pro forma balance sheet—a projection of a firm’s assets, liabilities, and owner’s equity at a specific point in time Current assets—includes cash plus items that are readily converted into cash; also includes items such as accounts receivable and inventory Fixed assets—assets used over a longer time frame, such as real estate, buildings, equipment, and furniture Current liabilities—includes obligations that are payable within a year Long-term liabilities—includes notes or loans that are repayable beyond one year Owners’ equity—the equity invested in the business by its owners plus the accumulated earnings reported by the business after paying dividends Working capital—current assets minus its current liabilities Current ratio—equals its projected current assets divided by its projected current liabilities Debt ratio—computed by dividing total debt by total assets Cash flow statements—provides an indication of whether a firm will be able to maintain a sufficient cash balance to get up and running successfully Operating activities—includes net income (or loss), depreciation, and changes in current assets and current liabilities other than cash Investing activities—includes the purchase of, sales of, or investment in fixed assets, such as real estate, equipment, and buildings Financing activities—includes cash raised during the period by borrowing money, making payments on loans, or paying dividends Ratio analysis—a practical way to interpret or make sense of a firm’s historical or pro forma financial statements; ratios are computed by taking numbers out of financial statements and forming ratios with them Profitability ratios—compare the amount of income earned against the resources used to generate it Liquidity ratios—measure the relationship between a company’s short-term assets and its short-term liabilities Overall financial stability ratios—measures the overall financial stability of a firm Chapter Overview This chapter covers the final section of a business plan; the pro forma (or projected) financial projections. The chapter consists of six parts that cover the information normally included in the financial section of a business plan: source and use of funds statement, assumptions sheet, income statements, balance sheets, cash flows, and ratio analysis. Chapter Summary 1. The final section of a business plan presents a firm’s pro forma financial projections. Having completed the previous sections of the plan, it’s easy to see why the financial projections come last. They take the plans you’ve developed and express them in financial terms. 2. The source and use of funds statement is a document that lays out specifically how much money a firm needs (if the intention of the business plan is to raise money) and what the money will be used for. 3. An assumptions sheet is an explanation of the most critical assumptions that your financial statements are based on. 4. The pro forma income statement reflects the projected results of the operations for a firm for a given period of time. It records all the projected sales and expenses for the given period and shows whether the firms will be making a profit or experiencing a loss. 5. Pro forma income statements are useful in envisioning a firm’s overall earnings potential and prospective changes from year to year. They don’t, however, provide an indication of a firm’s cash position. 6. Unlike the pro forma income statement, which covers a specific period of time, a pro forma balance sheet is a projection of a firm’s assets, liabilities, and owner’s equity at a specific point in time. 7. Many of the readers of your business plan will consider your pro forma cash flows to be the most valuable of your financial statements. The statements provide an indication of whether a firm will be able to maintain a sufficient cash balance to get up and running successfully. 8. To capture items in an organized manner, the cash flow statement is divided into three activities: operating activities, investing activities, and finance activities. 9. The most practical way to interpret or make sense of a firm’s historical or pro forma financial statements is through ratio analysis. In general, ratios are computed by taking numbers out of financial statements and forming ratios with them. Each ratio has a particular meaning in regard to the potential of a business. Chapter Outline I. Introduction II. Source and Use of Funds Statement III. Assumptions Sheet IV. Pro Forma Financial Statements a. Pro Forma Income Statement b. Pro Forma Balance Sheet c. Pro Forma Cash Flow V. Ratio Analysis Chapter Notes I. Introduction • The final section of a business plan presents a firm’s pro forma (or projected) financial projections • There are three things to be particularly mindful of as you approach this chapter: ○ Potential investors reading your plan will be primarily interested in the size of the returns and how quickly a company can grow, whereas bankers are more interested in the predictability and stability of a company’s financial results and how it will minimize risk ○ Your financial statements show whether your business can get up and running successfully; many businesses represent viable ongoing concerns, but the trick is getting them started and through the early period when most start-ups will lose money ○ Most students and entrepreneurs are not familiar with how to complete pro forma financial projections; get help if you need it II. Source and Use of Funds Statement • The source and use of funds statement is a document that lays out specifically how much money a firm needs (if the intention of the business plan is to raise money), where the money will come from, and what the money will be used for • The items from the source and use of funds statement normally become the initial assets and liabilities on a firm’s balance sheet • If any of the funds you will be receiving come from an unusual source, you should substantiate the source of funding III. Assumptions Sheet • An assumptions sheet is an explanation of the most critical assumptions that your financial statements are based on • In many instances, the assumption sheet references earlier portions of the business plan • Although the assumption sheet is only meant to comment on the most critical numbers used to prepare the financial statements, it’s impossible to overemphasize the importance of conveying that your statements are built on good data IV. Pro Forma Financial Statements • The pro forma financial statements are the heart of the financial section of a business plan • If your plan has been built in the manner described in this book, most of the hard work, such as projecting sales and creating a marketing budget, has already been done • A firm’s pro forma financial statements are similar to historical statements except they look forward rather than track the past • Most experts recommend three to five years of statements, with the first two years for the income statement and the cash flow statement completed on a monthly basis • If the company you’re writing your plan for already exists, include three years of historic financial statements a. Pro Forma Income Statement • The pro forma income statement reflects the projected results of the operations for a firm for a given period of time • It is often referred to as a “profit and loss” because the pro forma income statement records all projected sales and expenses for a given period and shows whether the firm will be making a profit or experiencing a loss • There are three numbers that receive the most attention when evaluating an income statement: net sales, cost of goods sold, and operating expenses • In demonstrating anticipated year-to-year increases in expenses, you can use the constant ratio method, where general expense items are expected to increase at the same rate as sales if the actual numbers are not known • One ratio of particular importance in evaluating a firm’s pro forma income statements is a firm’s projected profit margins, or return on sales (ROS), computed by dividing net income by net sales • Pro forma income statements don’t provide an indication of a firm’s cash position; a firm can show excellent sales numbers and still run out of cash despite glowing income statements b. Balance Sheet • A pro forma balance sheet is a projection of a firm’s assets, liabilities, and owner’s equity at a specific point in time • Assets are listed in order of their “liquidity,” or the length of time it takes to convert them to cash • Liabilities are listed in the order in which they must be paid • A balance sheet must always “balance,” meaning a firm’s assets must always equal its liabilities plus owner’s equity • The major categories of assets listed on a pro forma balance sheet include current assets, fixed assets, current liabilities, long-term liabilities, and owner’s equity • Balance sheets are somewhat deceiving in that firms spend money on many things that never show up on their balance sheets, intangible assets are not recognized on the balance sheet, and property must be valued at the purchase price instead of the current value • When evaluating a pro forma balance sheet, the two primary questions are whether a firm will have sufficient short-term assets to cover its short-term debts and whether it is financially sound overall • Overall financial soundness is assessed by computing a firm’s overall debt ratio • Debt ratio is computed by dividing total debt by total assets c. Cash Flow • Many readers of your business plan will consider your pro forma cash flows to be the most valuable of your financial statements • The cash flow statements provide an indication of whether a firm will be able to maintain a sufficient cash balance to get up and running successfully • To capture items in an organized manner, the cash flow statement is divided into three activities: operating activities, investing activities, and finance activities • It’s important that all of a firm’s pro forma financial statements be prepared as accurately and realistically as possible • Another financial instrument that is often used is the break-even analysis V. Ratio Analysis • The most practical way to interpret a firm’s historical or pro forma financial statements is through ratio analysis • Your readers will instantly recognize the general picture that a particular ratio conveys • A valuable use of a firm’s ratios is to compare them to industry norms • The three most common categories of financial ratios are profitability ratios, liquidity ratios, and overall financial stability ratios Chapter 11 Presenting the Plan with Confidence Key Words No Key Words for Chapter 11 Chapter Overview This chapter provides a primer on making an effective business plan presentation. This chapter contains two sections. The first section focuses on preparing for and making an effective presentation. The second section of the chapter focuses on the content of the presentation and includes a sample 12-slide PowerPoint presentation. Chapter Summary 1. If your business plan piques the interest of an investor or banker, or you enter it into a business plan competition, you’ll normally be asked to make a verbal presentation of the plan. On these occasions, you’ll want to be prepared to present the plan with confidence and poise. 2. Most of us do not routinely make verbal presentations, so careful planning and practice pay off. 3. The first set of issues to think about after you’ve been asked to make a verbal presentation of your business plan is how to prepare for the task and how to deliver an effective presentation. How you present yourself and the manner in which you interact with the people you will be presenting to, makes as much difference as the plan itself. 4. You should make sure to know how much time you have to make your presentation and plan accordingly. The number one rule in making a presentation is to follow the rules. 5. You should dress appropriately for a presentation. If you’re unsure of what to wear, call the receptionist at the firm at which you’ll be presenting and ask about attire. If that route isn’t practical, it is always better to dress up, by wearing formal business attire, than it is to dress down. 6. It’s important to practice your presentation. Many experienced entrepreneurs practice their presentations several times in front of colleagues and others to time the presentation and get feedback. It’s also a good idea to watch other people present to get a sense of what works and what doesn’t work. 7. A strong case can be made for involving as many of the members of your team as possible in a business plan presentation. 8. Your goal, during a business plan presentation, is to not only educate your audience about your idea, but also to fire them up (to inspire). 9. An important component of putting together an effective business plan presentation is to determine the content to present. Obviously, you can’t convey everything that’s in a 25- to 35-page business plan in a 20- to 30-minute presentation. As a result, you have to focus on the parts of the plan that are the most important to your audience. 10. The 12 slides in the mock business plan presentation in the chapter include: overview, the problem, the solution, opportunity and target market, technology, competition, marketing and sales, management team, financial projections, current status, financing sought, and summary. Chapter Outline I. Introduction II. Preparing for and Delivering an Effective Business Plan Presentation a. Preparing for the Presentation b. Delivering an Effective Presentation III. Preparing the Content of an Effective Business Plan Presentation IV. Sample Business Plan Presentation a. Company Name/Logo b. Slide 1—Overview c. Slide 2—The Problem d. Slide 3—The Solution e. Slide 4—Opportunity and Target Market f. Slide 5—Technology g. Slide 6—Competition h. Slide 7—Marketing and Sales i. Slide 8—Management Team j. Slide 9—Financial Projections k. Slide 10—Current Status l. Slide 11—Financing Sought m. Slide 12—Summary Chapter Notes I. Introduction • If your plan piques the interest of an investor, or you enter it into a business plan competition, you’ll be asked to make a verbal presentation of the plan II. Preparing for and Delivering an Effective Business Plan Presentation • As you present your plan, your audience will not only be judging your plan, but they will also be judging you (and your team) a. Preparing for the Presentation ○ The initial task is to find out as much as you can about the people you’ll be presenting to ○ If you can tie the business you’re proposing into other activities that the people you’re meeting are involved with, they may see more value in supporting your efforts ○ Any type of common ground you can find with your audience, such as having the same college or university affiliation or a similar hobby, helps break the ice and build rapport ○ As long as you come across as sincere, people normally consider it a compliment that you went to the trouble of learning about their backgrounds ○ Make sure you know how much time you have and plan accordingly ○ Dress appropriately; if you’re unsure, dress up rather than down ○ Have business cards ready to distribute ○ Practice your presentation ○ Firms that are planning to launch an IPO (initial public offering) are taken by their investment bank on a “road show,” a whirlwind tour that consists of meetings in key cities where the firm presents its business plan to groups of investors ○ Find out as much as you can about the venue you’ll be presenting in b. Delivering an Effective Presentation ○ The first thing to consider is who will do the presenting ○ If you’re part of a team, there is a strong case for involving as many team members as possible; it shows that your team members work well together ○ Considering the proper role of PowerPoint slides is a place where many presenters miss the mark ○ The slides should provide an overall context and punctuate your remarks ○ Your PowerPoint slides should be brief and contain only major themes and supporting points ○ Your audience should spend the majority of their time listening to you rather than reading your slides ○ Some experts recommend a 6-6-6 rule when drafting slides: 6 words per bullet, 6 bullets per page, and no more than 6 text slides in a row before a visual break (a slide that includes graphs, tables, or illustrations) ○ A maximum of 12 PowerPoint slides in a 20- to 30-minute presentation ○ Make your presentation interesting, upbeat, and heartfelt (to the degree appropriate and fitting): • Tell a personal story or anecdote • Use humor • Show passion through hand gestures and excitement in your voice • Involve the audience by asking for a show of hands on key points • Demonstrate a prototype of the product ○ It’s important to understand that your overarching goal is not only to educate your audience about your idea, but also to fire them up (to inspire) III. Preparing the Content of an Effective Business Plan Presentation • The presentation has little to no chance of succeeding if the content is poorly thought out or important elements are missing • The single biggest mistake that people make in putting together a business plan presentation is focusing on areas that excite them most, rather than the areas that will help their audience make a decision • You’ll need to anticipate what the “hot-button” issue is for your audience and structure your presentation accordingly • Many experts figure two minutes per slide (on average) so this number works well for a 20- to 30-minute presentation IV. Sample Business Plan Presentation a. Company Name/Logo ○ Slide should be sharp and uncluttered and include contact information for at least one of the founders b. Slide 1—Overview ○ An overview of your business and its potential ○ If one fact about your business is particularly compelling, tell it here c. Slide 2—The Problem ○ It’s best to talk first about the problem, and then present your company as the solution to the problem d. Slide 3—The Solution ○ Present your business as the solution to the problem ○ Talk about how much difference your business will make in the lives of your customers e. Slide 4—Opportunity and Target Market ○ Articulate your specific target market ○ Talk specifically about trends that are providing your market momentum f. Slide 5—Technology ○ This slide is optional ○ Talk about your technology or any unusual aspects of your product or service g. Slide 6—Competition ○ Lay out your competitive landscape ○ Display your competitive analysis grid h. Slide 7—Marketing and Sales ○ Describe your overall marketing strategy ○ Describe pricing strategy and whether you plan to feature cost-plus pricing or value-based pricing i. Slide 8—Management Team ○ Your audience will see your management team as a key element in the potential success of your new venture ○ Explain how the team came together and how their backgrounds are keys to the success of the firm j. Slide 9—Financial Projections ○ Show a summary of your income projections and cash flow projections for the first three to five years ○ If the font seems too small, use an additional slide ○ Know your numbers cold k. Slide 10—Current Status ○ Describe your firm in the context of the milestones you’ve achieved ○ Describe how much money the founders, management team, and any early investors have put into the firm l. Slide 11—Financing Sought ○ This slide lays out specifically how much financing you’re seeking ○ Be prepared to talk about how much of your firm you’re willing to give up if you’re presenting to equity investors m. Slide 12—Summary ○ Bring the presentation to a close ○ Summarize the strongest points (two to three maximum) ○ Discuss your exit strategy ○ Solicit feedback Instructor Manual for Preparing Effective Business Plans: An Entrepreneurial Approach Bruce R. Barringer 9780133506976, 9781292039916, 9780132318327
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