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,020607MVA1_ZXK_265_V5,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Unit of measure,*Footnote,Quelle:Source,Legend,Legend,Legend,Legend,Legend,Legend,Legend,Legend,Legend,Legend,Legend,1Footnote,2Footnote,3Footnote,4Footnote,5Footnote,Quelle:Source,McKinsey&Company Copyright 2002,Business plan preparation,Training program for Entrepreneurs,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plans,Preparation guidelines for business plans,Wrap-up,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plans,Preparation guidelines for business plans,Wrap-up,020607MVA1_ZXK_265_V5,Existing,New,Business system,Existing,New,Product/service,TYPES OF NEW BUSINESSES,Source: Planen, grnden, wachsen (McKinsey),New high-growthventures,EXAMPLES,New product,Palm,Smart,Sony Playstation,Rollerblades,New industry,Direct satellite TV,Netscape,Mobile telephony,Existing indus-tries and busi-nesses,New business system,Dell,Fotolabo,Charles Schwab,FedEx,020607MVA1_ZXK_265_V5,USE OF BUSINESS PLANS,Source:McKinsey,Start-up companies:,Application for venture capital,Search for management team members,Communication with partners, suppliers, ,Established, developed businesses for investment decisions,In-house budget allocations,External financing,High insecurity concerning technology, timing, and cash need,Difficult data situation due to newness of innovative products,Necessity of external know-how transfer,Lack of skills/motivation/time,Standard use,Complications forNew Venture projects,Start-up business plans to be tailored to new venture needs,020607MVA1_ZXK_265_V5,GENERIC REQUIREMENTS,Source:McKinsey,Constantly adapting,Impressing by clarity,Convincing by facts,Understandable even for non-experts,Consistent and concise,Optically compelling,Explanation,Business planning is an iterative and adaptive process that requires constant update and adjustment work,Not the quantity of analyses, but the clarity and preciseness of the pack are important,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,The storyline and all the facts presented must fit together and generate a well rounded impression,A clear, precise structure is a courtesy to those investing their time in reading the proposal,020607MVA1_ZXK_265_V5,Source:McKinsey,Milestones,Completion of financing,Step 3:,VC-tailored business plan,Step 2:,Rough business plan,Step 1:Idea description,External evaluation (due diligence),Deal structuring,Management team,Implementation plan,Financing,Marketing and sales,Business system,Opportunities and risks,New decision,on further proceeding when next milestone is reached,Level of maturity of business idea,Time,Product/service,Market and competition,DEVELOPMENT STEPS FOR BUSINESS PLANS,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plans,Preparation guidelines for business plans,Wrap-up,020607MVA1_ZXK_265_V5,CHAPTERS OF COMPLETE BUSINESS PLAN,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Imple-,mentation,plan,Financ-ing,Opportunities and,risks,020607MVA1_ZXK_265_V5,CONTENT OF EXECUTIVE SUMMARY,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tation,plan,Opportuni-ties and,risks,Financ-,ing,Gives a brief overview of the concepts most important aspects,Describes idea as clearly, compellingly, and concisely as possible,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,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY KEY QUESTIONS,Source: McKinsey,Idea description,What is your,business idea,? In what way does it 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 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?,Most important questions an investor asks!,STEP 1,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY ADDITIONAL QUESTIONS*,*In addition to key questions answered by idea description (step 1),Source: McKinsey,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 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 questions an investor asks!*,STEP 2,020607MVA1_ZXK_265_V5,RUSMAR EXECUTIVE SUMMARY,*See following blank form sheets,Source:Inc. Magazine,Product/service,Potential foam plus applicator to replace expensive and space consuming earth that must be spread over garbage dumps every day,Space savings of 30% for dump operators,Costs of coverage reduced by 50% for dump operators,Market and competition,Customers: household garbage dump operator,Market: 300 to 500 dumps in Eastern USA with capacity of 500 to 10,000 tons/day,Major competitor: 3M/Sanifoam (application takes longer and is more complicated),Marketing and sales,1997: Investments of USD 850,000 required,1998: Sales of USD 2 million (break-even),2002: Sales of USD 15 million, profit of USD 1.5 million,Business system,Sale of foam and applicators (product business),Opportunities and risks,Necessary approval from authorities,Proof of systems operational efficiency,Exercise 1: Training participants check quality of executive summary with key questions*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMARY (1/2),Source: McKinsey,Key questions for idea description,What is your,business idea,? In what way does it 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 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 questions,Missing element,See appendix for proposed solutions,EXERCISE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMARY (2/2),*In addition to key questions answered by idea description (step 1),Source: McKinsey,Additional questions* for 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 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 of Rusmar summary,Answered questions,Missing element,See appendix for proposed solutions,EXERCISE,020607MVA1_ZXK_265_V5,CONTENT OF PRODUCT/SERVICE SECTION,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tation,plan,Opportuni-ties and,risks,Financ-ing,Describes the function the product/service fulfills and the benefits the customer will gain from it,Product/service description,Customer value,Explains status and next steps of product/service development,Addresses patents/IP protection issues,Product/service section has to prove that entrepreneur can integrate the customers perspective,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE KEY QUESTIONS,Source: McKinsey,Idea description,What,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 necessary 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 1,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE ADDITIONAL QUESTIONS*,*In addition to key questions answered by idea description (step 1),Source: McKinsey,Rough business plan,Which,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,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 2,020607MVA1_ZXK_265_V5,DESCRIPTION OF THE PRODUCT/SERVICE,Source:The American Heritage Dictionary,Duden,A device that converts incident electromagnetic radiation of mixed frequencies to one or more discrete frequencies of highly amplified and coherent ultraviolet, visible, or infrared radiation,High-performance device for the creationof a narrowly bundled beam of light,Better:,Technical description of lasers:,EXEMPLARY,020607MVA1_ZXK_265_V5,SUCCESSFUL PRODUCT POSITIONING,Source:McKinsey,Identify relevant customer needs and problems,Address subjective perception of customers,Define uniqueness and position offering vis-vis competition,Define clear, sufficiently large customer segments,020607MVA1_ZXK_265_V5,EXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE,*See Appendix for proposed solution,Source:McKinsey,Customer needs of dump operators,Degree of fulfillment by Rusmar foam,Fulfilled,Not fulfilled,Exercise 2:,Training participants describe needs of Rusmars customers*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,CONTENT OF MANAGEMENT TEAM SECTION,Source:McKinsey,Outlines educational background and professional experience of founders,Describes how existing skill gaps can be closed in the future,Convinces potential investors that both managerial and technological expertise is present to run the venture,Venture capitalist will invest only if the venture is managed by an excellent team,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tation,plan,Opportuni-ties and,risks,Financ-ing,020607MVA1_ZXK_265_V5,MANAGEMENT TEAM KEY QUESTIONS,Source:McKinsey,Complete business plan,Who are the members of your,management team,and what distinguishes them: education, professional experience, success, standing in the business 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 the motivation of the individual team members?,020607MVA1_ZXK_265_V5,REASONS FOR BUSINESS PLAN REJECTION BIOTECHNOLOGY VENTURES*,Percent*,Weak management team,Not market-driven,Long time frame,Money commitment too large,Not patentable,Inadequate technical expertise,Other,If you find good people, they can always change the product. Nearly every mistake I have made has been picking the wrong people, not the wrong idea Arthur Rock,Arthur Rock & Co.,*Reasons for rejecting business plans by firms experienced in biotechnology venture capital,*Multiple responses given,Source:Coopers and Lybrand, McKinsey,020607MVA1_ZXK_265_V5,TEAM RAMP-UP EXAMPLES,CEO,Technology,Sales,Finance,Marketing,Idea and team devel-opment,Venture,begins,Proof of economic viability,Explosive revenue growth,Technol-ogy & mkt. validation,Sustained earnings growth,X,X,X,X,X,X,Source:McKinsey analysis, external interviews,EXEMPLARY,020607MVA1_ZXK_265_V5,PERCENTAGE OF FOUNDERS OF FAST GROWING COMPANIES*,Unemployed,or recent graduate,*4-year growth rate of 573% or higher, 1984 - 1990, 456 companies,Source:McKinsey,Not from business,Running other businesses,Small established companies,Midsize to large companies,(including Fortune 1000),Start-ups,Examples include,Intel,Microsoft,Lotus,Sun Microsystems,Mattel,CompuServe,Advanced Micro Devices,Raytheon,Fairchild Semiconductor,TRW,CondeNast,News Corp,020607MVA1_ZXK_265_V5,Traditional,corporate experience does not fit new venture needs ,Skills aligned to achieving near term earnings and sustained revenue growth,Processes based on internal milestones,Staff support allows extensive delegation (e.g., HR, finance, marketing),Decision making enabled by significant capital resources,Catherine Hapka,CEO,Rhythms NetConnections,Former EVP of US West,Responsible for business and telecommunications units with USD 7.5 billion in revenues,Started and built US Wests INTERPRISE Networking Services Unit to USD 400 million in revenue,Established partnerships with 15 leading hardware and software providers,Richard Thompson, CEO,Aradigm,Former President of Johnson & Johnson subsidiary, Lifescan,Built Lifescan from the ground up,Led within Johnson & Johnson expansion into Europe and Japan,Business building roles, e.g.,Led expansion into new geographic markets,Built new product line or division,Provided marketing leadership to develop a new brand,Relevant industry sector experience,Source: Executive search firm and VC interviews, but corporate experience,is,valuable when it includes,NECESSARY EXPERIENCE FOR VENTURE MANAGEMENT,020607MVA1_ZXK_265_V5,SKILL SET OF TEAM MEMBERS,High skill level,Medium skill level,Team members,Technology,Finance,Project management,Contacts,Marketing/sales,Production,Human resources,Social competence,Initiative,Communication,Sales/negotiation skills,Hard factors,Soft factors,Obvious skill gaps to be filled with additional team members,EXAMPLE,J. Chapuis,S. Fischer,M. Tscharner,Source: Planen, grnden, wachsen (McKinsey),Skill gaps,020607MVA1_ZXK_265_V5,CONTENT OF MARKET AND COMPETITION SECTION,Source:McKinsey,Provides thorough understanding of markets and competitors:,Market size and growth,Market segmentation,Competition,Positioning of product vis-vis the competition,The market and competition section has to outline the full economic potential of the venture,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tation,plan,Opportuni-ties and,risks,Financ-ing,020607MVA1_ZXK_265_V5,MARKET AND COMPETITION KEY QUESTIONS,Source: McKinsey,Idea description,How 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,offer similar products/services?,How sustainable will your,competitive edge,be?,STEP 1,020607MVA1_ZXK_265_V5,MARKET AND COMPETITION ADDITIONAL QUESTIONS (1/2)*,*In addition to key questions answered by idea description (step 1),Source: McKinsey,Rough business plan,What,market volume,(value and amount) do you estimate for your individual 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,reference customers,? How do you plan to get reference customers?,What are the,key buying factors,for customers?,STEP 2,020607MVA1_ZXK_265_V5,Most vertical specialty market-places expected to consolidate,Attractive,MARKET CHARACTERISTICS,Market size and growth,Market competitiveness,Market growth,percent,Potential market size,USD millions,Total revenues of B2B marketplaces estimated to grow at over 100% per year revenue potential USD 50 bnin 2004,Number of B2B marketplaces,1999,2009, 100 - 200, 1.000 - 2.000,100,50,0,10,100,1000,1,Unattractive,Source:McKinsey,EXAMPLE,ROUGHESTIMATES,020607MVA1_ZXK_265_V5,RUSMAR, INC. TARGET CUSTOMERS,*Basic data on following page,Source:Inc. Magazine,Target customers: Operators,Operators of one or more larger dumps for household garbage,Eastern USA (approx. 300 to 500), beginning 2002, whole USA,Throughput of 500 to 10,000 tons per day,Fee of USD 65 per ton,Target customers: Agencies,Environmental Protection Agency (federal regulatory body),Department of Natural Resources (state regulatory body),Local licensors,Consent required of three additional agencies,Exercise 3:,Training participants estimate market volume for Rusmars foam*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,Potential market volume for Rusmar foam?*,*Assumption,*See appendix for proposed solution,Source:Inc.-Magazine,EXERCISE 3 MARKET VOLUME,Number of dumps: 300 to 500 (eastern USA),Daily capacity of garbage dump: 500 to 10,000 tons per day,Capacity per truck: roughly 5 - 10 tons*,Average distance between cover layers: 5 m*,Used area per day?,Price of foam: 54 US cents per m,2,Price of garbage transportation: USD,150 per household per year,Price of applicators: USD 150,000 per applicator,CASE EXAMPLE,020607MVA1_ZXK_265_V5,MARKET AND COMPETITION ADDITIONAL QUESTIONS (2/2)*,*In addition to key questions answered by idea description (step 1),Source: McKinsey,Rough business plan,How does the,competition,operate? What strategies are pursued?,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,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 2,020607MVA1_ZXK_265_V5,COMPETITIVE ADVANTAGE,Revolutionary improve-ment in,performance,Steep drop in,price,Creation of unusually,emotional bond,withcustomer,Number of hypergrowth companies*,with unique competitive advantage,Source:McKinsey,Uniquecompetitiveadvantage,020607MVA1_ZXK_265_V5,RUSMAR, INC. ANALYSIS OF THE COMPETITION,Source:Inc. Magazine,Fulfilled,Not fulfilled,Rusmar 30 min./3M 60 min.,3M two components,Rusmar 6 cents per sq. ft.,3M 13 cents,Rusmar 1.5 days/3M 3 days,3M USD 12 billion company,Rusmar 0.5 h/3M 4h,Customer requirements,Covering layers with low volume,Short application times (longer dumping time),Simple application,Cost advantage per application,Equal performance as layer of earth regarding,Odor absorption,Erosion from weather,Protection from pests,Constant availability of foam,Applicator licence available quickly, at low cost, and without concern (without reassessment of the dump by regulators),Rapid and high-quality maintenance,Degree of fulfillment,Rusmar,3M/Sanifoam,Reason,Rusmar leading,3M,leading,020607MVA1_ZXK_265_V5,CONTENT OF MARKETING AND SALES SECTION,Source:McKinsey,Outlines planned marketing and sales activities (four Ps framework):,Product,Price,Place,Promotion,Marketing and sales section has to explai
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