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For example, at Leonid, the company I founded, we keep a set of personas and problem scenarios on a Google Doc.
The items above with underlined text link to resources and templates on this site which I think you’ll find handy. If you’re looking for a program to walk through with a startup team (any team introducing a new product), check out Startup Sprints. A business plan, if done thoroughly and accurately, will become an important guide for setting up your business and for making strategic decisions later on. Remember that the person reading the plan may not understand your business and its products, services or processes as well as you do; so, try to avoid jargon. Although it appears at the beginning of your business plan, you should write your executive summary last. Your mission statement is what you want to happen and where you want to be some time in the future. We are business people working for other business people – providing, across all NWT communities, access to business financing, business support services and business development assistance.
We proactively bring stakeholders together to enhance business capacity, sustain self-sufficiency and increase community prosperity.
Sales – You will need to set a sales target as a first step in developing your business plan.
Profit or Growth – You may be getting into business to increase your income or you may be willing to sacrifice the amount of money taken out of the company to build a larger company. Social Objectives – As the owner of a small business, you have a social responsibility to your customers, employees, suppliers, the government and to the community. Diversification – By offering a variety of products or services, you can reduce the risks of changing market demand. The industry in which you operate may be experiencing changes quite independent from the broader economy. If your company will rely on one or two major customers, what are their long-term economic prospects and how strong is their industry? Will your company serve only the local market or are there opportunities to expand regionally, nationally or internationally? Information on economic trends is available from the NWT Bureau of Statistics, Canada Business NWT, industry trade journals, municipal governments and Statistics Canada. The NWT Bureau of Statistics is located on the 2nd Floor in the YK Centre at Franklin Avenue and 48th Street, Yellowknife, Northwest Territories. Now that you understand the marketplace, you must position your company so that you can achieve your sales and market share targets. A pricing strategy indicating how your product or service will be priced compared to your competition. When establishing a new business it is extremely important that you prepare a financial forecast for at least the first year of operation. Forecasting is simply projecting budgets to cover the first one to three years of your business operation. If you are taking over an existing company, your funding provider may want you to provide financial statements for the last three years. The income statement (also called the profit and loss statement) shows how much money (revenues) was earned and how much money (expenses) was spent over a given period of time. Revenues – Money received from sales, usually broken down by product category or service area. EXHIBIT 2 – SAMPLE INCOME STATEMENTOperating Forecast for ABC Plumbing and Heating Inc. These notes explain the accounting policies that were applied in developing the financial statements. Whether you are starting a new business or buying an existing one, you will need to project future operations.
The following projection is a basic example of the cash provided and used by normal operations in a six-month period.
Funders look at the relationships between different parts of the financial statements (ratios) when considering an application.


Debt Servicing – All funders require that your income be greater than what your debt payment would be. Return on Investment (ROI) – The percentage return is calculated by taking a business’ net income and dividing it by its owner’s investment.
Break-even Analysis – This is a calculation funders use to determine what level of sales need to be achieved for a company to reach profitability. EXHIBIT 5 – SAMPLE CAPITAL EQUIPMENT BUDGET Capital Equipment List for ABC Plumbing and Heating Inc.
Ideally, you fill that void with something better, which wouldn’t be hard to do in this case. First, I recommend separating out the individual items you need to run this business day to day from items you may need for presentation to various stakeholder audiences. I’m an engineer, not a manager and as a first-time entrepreneur I felt frequently overwelmed with business issues. Funders, suppliers and other important contacts may want the assurance of a business plan before doing business with you. If you wish to do your business plan on a computer, the Business Development Bank of Canada (BDC) has an easy to follow template which you can download. It’s a good idea to get someone who is not involved in the business to read your plan to make sure they can understand it. By writing it down, you will have a benchmark to see whether your objectives have been realized.
If you are in a manufacturing business, it may be the quality and variety of products available.
For example, your participation in the community and contribution to charitable causes is a way of thanking your customers for their loyalty and support.
This may be particularly important if you operate in a small market or your product experiences seasonal demand. Analysis of business trends shows a direct link between business failures and a general slow-down or recession in the economy.
Statistics are available on a wide range of industries to help you to identify break-even sales, gross margins and capital requirements. Include such items as hours of operation, credit arrangements, customer discounts, specials, etc. You should also list reasons why your customers would be willing to pay more or less for your product or service. The following forecasts will give you an overall financial picture of the business and provide a detailed analysis of your expenditures, revenues and profits.
The business should have provided you with independently prepared financial statements for each year it has been in business.
It shows what you own (assets) and what you owe (liabilities), as well as what you are worth (shareholders’ equity) at a given point in time. It specifies cash generated from operations and from loans or issuing shares and how that cash was used as working capital, to purchase fixed assets, to pay back loans or pay dividends.
They provide details related to valuation of assets, long-term obligations and equity (ownership). ROI measures how effectively a company uses its capital to generate profit; the higher the ROI, the better. It is calculated by dividing the amount of current assets (cash, accounts receivable and inventory) a company has by its current liabilities (accounts payable and debt due in one year).
If you are buying an existing business, the cost of assets will be the cost of the business.
Many would argue (and I’d be one of them) that these plans actually had a negative effect, creating the illusion that the business was cohering to a plan when in reality the relationship between the plan and the business was weak, particularly after light aging of the plan. The four strongest contenders changing the way we run businesses are design thinking, Lean Startup, customer development, and agile. When we need a pitch deck for something, we put that together, drawing heavily on source items from the Operations Stack.
I studied several approaches of business modelling like Lean Startup and BMG and when applying it, I got so much more value and clarity for myself than I believe I would have ever gotten from writing out a business plan.


It is important to them because they are putting other people’s money at risk with your idea. BDC business plan templates let you prepare a professional business plan – a necessity when seeking financing for your project. Think of it as a snapshot of what you envision your business to be and how you plan to get there.
For a service business it might be turn-around times, friendly service, the best price or attractive financing terms. It also provides an important message to your clients and your employees about your integrity and generosity.
Some industries, like real estate, recreation, luxury goods and high fashion, are very sensitive to cyclical trends in the economy.
How is this message to be delivered – point of purchase, seasonal sales promotions, radio or TV advertisements, sponsoring events, etc.?
If you will be completely dependent on income from the business or if it involves taking bank loans against income generated by the business, you must prepare more elaborate forecasts.
Financial planning is necessary to ensure the success of your business and to present your proposal to funders. If the information used to obtain the figures for the income statement is accurate, the statement will identify many of the problems that might occur in the early stages of the business. Next, you will need to estimate your direct expenses: expenses that vary with the volume of business you attain. It is obtained by subtracting inventories from current assets and then dividing by current liabilities. If you are starting from scratch, you will need to buy or lease the assets needed to get into business. They’re easy to understand and they really work, but the body of practice is small and the best practices still emerging.
The traditional methods are not suitable for technological & innovative startups as mine. It is important to you because you are putting far more at risk: your financial stability, your reputation and your status in the community.
You may want to emphasize growth to protect or strengthen your market share, reduce cost or increase competitiveness.
Most funders will not consider your business unless you have done your homework in this area.
Combined, they indicate whether a business has sufficient resources to meet current obligations (those due in less than one year). By preparing a financial plan beforehand, you can identify and address risks, such as insufficient cash flow, that may cause the business to fail. Quick ratio is viewed as a sign of company’s financial strength or weakness (higher number means stronger, lower number means weaker). In particular, there’s a lot of flux around how the activities map to traditional job roles (some of which are going the way of the business plan themselves). It is far easier and less costly to correct your mistakes on paper before you are in business. Capital assets are possessions, such as a machine, which can be used to make money and have a reasonably long life, lasting several years.
Since we subtracted current inventory, it means that for every dollar of current liabilities there are three dollars of easily convertible assets. In general, a quick ratio of 1 or more is accepted by most creditors; however, quick ratios vary greatly from industry to industry.



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