Business Guide 2016 Ft
Business school candidates whose core focus in selecting a full-time MBA program is landing a. The Financial Times rankings weight 2 percent to alumni opinions from a. The 2017 US rankings include 85 programs, down from 87 in 2016. Amazon.com: FT Guide to Strategy: How to create, pursue and deliver a winning strategy (4th Edition). To offer you a straightforward, authoritative guide to strategy at both the corporate and business unit levels. September 2, 2016.
Do you really need a business plan? It’s a common question, and one that often stirs intense debate. A well researched and written business plan can help you understand your market, set clear objectives and launch your business in the strongest and most informed position possible. It’s not the only way to achieve this though.
Other models exist such as the which can map a business in a more visual and dynamic way. Still, if you’re planning on seeking finance from an investor or lender a business plan is absolutely essential. Recently I had the chance to fire a few questions at Vaughan Evans, the author of the and an independent consultant, specialising in strategy and planning for business clients and strategic due diligence for private equity clients. Read on for Vaughan’s thoughts on how to set out your business plan, which section is the most important and the most common things entrepreneurs get wrong. Could you briefly explain what a business plan is and why it is needed? A business plan sets out how you are going to get from where your business is today to where you aim for it to be in three to five years’ time.
It is essential if you aim to secure backing for your business. What questions is a potential backer trying to answer when reading a business plan? If an equity investor: do the opportunities from investing in this business outshine the risks? If a banker: are the risks of lending to this business sufficiently low and/or containable for me to get my money back on time and with interest?
Is it just for new businesses? No, a business plan is needed for any business, small or large, when seeking finance, whether this is just go-ahead from the board of directors or external finance from an investor or lender. Why is there the misconception that to start a business you should start with a business plan?
Perhaps because the terms business concept and business plan are mistakenly interchanged. You need a concept to start a business, you don’t need a plan.
Or perhaps more likely is that any business needs finance to get off the ground, whether that comes from your own bank account, from friends or family or from financiers. If the latter, you need a plan. How useful is the business plan format for businesses not seeking finance? Good question. Some say that the discipline involved is essential for ensuring you pull together and aim your scarce resources in the right direction for your business to succeed. The truth is that for some people, like me, such a structured, left side of brain approach works, but that for others, maybe the more creative, right side types, it doesn’t.
The latter prefer to proceed in what their gut and feel tell them is the right direction, wing it a little, pilot new ideas and if they work follow them. More structured types like to plan the route in advance. I liken it to writing a book proposal. No publisher will sign a contract with an author without a proposal, which sets out the book concept, what it will be about, at whom it will be targeted, why people should buy it and how you intend to promote book sales – all done preferably before you write more than an outline and a table of contents. You can then hone the book in its writing to meet expected demand. As with a book, so too I believe with a business.
But it is horses for courses. Others launch a business with no plan. It is only when your business has grown to a certain size that a business plan becomes essential, to ensure that all members of your team, your managers, your company of employees, are pulling in the right direction.
Which is the most important area within the business plan? By far the most important section in a business plan is the analysis of market demand. Is market demand growing? It is better to have the wind at your back than in your face. Or is your proposition going to fill a previously unmet need, an undiscovered gap in the market?
In which case is there a market in the gap? You need a robust analysis of market demand and supply and how your business is placed, positively one hopes, within that market. Almost as important, and so often overlooked, is the chapter on competition. There is always competition. Yet many business plans dismiss the competition with a couple of throwaway paragraphs in the section on the business’s product/service. A financier will toss away a plan that does not have a realistic assessment of the competitive challenge the business faces.
What format would you recommend using for the business plan? Follow the format in my book , exactly as set out. Every chapter, every page, every word is geared towards you addressing the questions your backer needs answering to give you the backing you need for your business to succeed. What is the most common mistake entrepreneurs make with their business plans? Where do I start?! Ok, by far the most common mistake is entrepreneurs writing what they want to write, what they are proud of having done or thought. That is all flannel.
Write only what your backer needs to know. How else can a business increase its chances of raising finance? You need two things to raise finance: a watertight business plan, addressing all the backer’s concerns, and a convincing pitch. Too many entrepreneurs do not take the trouble to learn how to pitch, to present, to speak in public.
They let themselves down at the pitch through frankly inept speaking skills, of which they may well be unaware. If in doubt, see my other book. Finally, what advice would you give to someone thinking about starting up? About Vaughan Evans Vaughan Evans has worked on both sides of the table. He has been advising financiers on whether they should back businesses for thirty years and has written many successful business plans tailored to meeting the concerns of backers. An independent strategy consultant, specialising in strategy and planning for business clients and strategic due diligence for private equity, he has written many business books, including the companion to this book, The FT Essential Guide to Developing a Business Strategy, the top selling strategy book, Key Strategy Tools, and a unique guide to strategic due diligence, Let the Sun Shine!. to post comments.
‘Vaughan Evans provides a thorough yet practical guide to writing a business plan. I particularly like his emphasis on market demand and competitive analysis because often we entrepreneurs tend to go with our gut feel rather than proper analysis. Miscalculate these two critical areas and you will probably enter the wrong business. I have been there before and no matter how good your team or execution is, it will be an uphill battle to convince investors if those two areas aren’t compelling. Evan ‘Vaughan Evans provides a thorough yet practical guide to writing a business plan. I particularly like his emphasis on market demand and competitive analysis because often we entrepreneurs tend to go with our gut feel rather than proper analysis.
Miscalculate these two critical areas and you will probably enter the wrong business. I have been there before and no matter how good your team or execution is, it will be an uphill battle to convince investors if those two areas aren’t compelling. Evans gets the priorities behind business planning right.’ Anthony Karibian, co-founder, Euroffice Ltd and XLN Telecom Ltd (both sold September 2010) and latest start-up, B.
Online ‘Raising capital is rarely straightforward. Evans’ excellent book shines a light on what suppliers of capital expect in a business plan and why. It is an invaluable resource for all managers and budding entrepreneurs.’ Hugh Lenon, Managing Partner, Phoenix Equity Partners, and Chairman of the British Venture Capital Association, 2010 ‘Evans has nailed it!
Clear, readable, no-nonsense thinking about the fundamentals every business plan must address. If writing a business plan is your next step, this book’s for you.’ John W. Mullins, Associate Professor of Management and Chair in Entrepreneurship, London Business School, and author of The New Business Road Test and Getting to Plan B ‘This guide cuts to the heart of what needs to go into a business plan – in any number of different scenarios. It is admirably clear and cleverly illustrated by real-life examples. It ought to be required reading for anyone contemplating any form of investment, even if they think they know it all already.’ James Brocklebank, Managing Director, Advent International ‘At last! A book that explains how to write the kind of business plan that investors and lenders actually want to read. A clear and concise book – I haven’t seen one that approaches the subject so straightforwardly.
Evans uses his vast experience in advising real companies and financiers to make this guide authoritative and authentic, yet also practical and easy to follow.’ James Courtenay, Global Head, Project and Export Finance, Standard Chartered Bank ‘Where was this book when I was producing business plans? With his extensive experience and unique style Vaughan Evans has produced a comprehensive, clear guide which unravels the mystique of business planning. Peppered with good examples it is an essential reference for those contemplating a start-up as well as existing businesses moving to their next phase of growth.’ Grahame Hughes, co-founder, Haven Power Ltd (exited 2010) ‘Many investors say they back people, not businesses.
People matter, of course. But so too do the markets the company addresses, the nature of the competition that’s waiting around the corner, the value proposition the company brings to market. That is what a business plan should focus on and that is what is set out so lucidly in this book. It is written for managers and entrepreneurs to present to investors by someone who knows only too well what investors need to know.’ David Williamson, Managing Director, Nova Capital Management ‘Vaughan Evans’s considerable experience in creating business plans and evaluating them on behalf of investors is very much in evidence in this eminently readable book. From my private equity perspective, a plan submitted along these guidelines will stand out from the rest. It will speak the language of potential investors.’ James Pitt, Partner, Lexington Partners ‘The fact that most new businesses fail is well known. The distinctive feature of Writing a Business Plan is the recognition that most businesses fail even before they are launched – they fail to attract financial backing.
Vaughan Evans’s emphasis on rigorous strategy analysis as the foundation for any business plan is based in practicality. His emphasis on understanding customers, recognising competition and appraising resources is relevant to all the critical phases of new enterprise creation: attracting backers, launching the business and developing it into a self-sustaining enterprise. This book offers a robust, realistic and readable framework for successful business planning.’ Robert M. Grant, Eni Professor of Strategic Management, Bocconi Univeristy, Milan and author of Contemporary Strategy Analysis ‘We engage advisers like Vaughan Evans to forensically examine the business proposition of a potential investee company.
Evans himself has been doing this for years and focuses in his book on analysing those issues which are most critical to driving enterprise value – market growth, competition and a robust, distinctive strategy. Follow his advice, tackle those issues head on in your business plan and you’ll be taking your first step towards getting funding.’ Ken Lawrence, Partner, Gresham Private Equity ‘A good business plan does not get you the backing, it gives you an opportunity.
It raises the right issues, which later you need to address with your backer. With a bad business plan, you are dead on arrival. Follow Evans’s book and you’ll get a good one.’ Jose Maria Maldonado, Partner, Bridgepoint Capital (Spain) ‘Vaughan Evans knows the way an investor’s mind works – the deliberations of risk and return over major issues – and here he introduces the reader to this mindset. The result will be a business plan that will have pre-empted all the key questions likely to be demanded by investors. Now they are in print. This is an invaluable guide for a private equity backed growth company such as ours.’ Stephen Lawrence, Chief Executive, Protocol Education Ltd ‘Whether a start-up, early stage or mature business, this book provides essential and in-depth guidance on how to prepare a compelling business plan. With an emphasis on achieving credibility with the various readers of the plan, the guide offers more than just a template for producing a business plan.
It brings together valuable real life examples as well as some priceless advice on strategic and operational issues. It should prove an invaluable tool for any company, large or small, that needs to produce a credible business plan.’ Vince O’Brien, Director, Montagu Private Equity and Chairman of the British Venture Capital Association, 2005 ‘“You can get it if you really want”, but only if you have a good plan to get you there. Writing a business plan is one of the most important jobs anyone in business has to do at some point in their working lives. And yet in almost twenty years of reading business plans as an investor I only rarely come across a good one. In this well written book Vaughan Evans has produced an insightful and practical guide to writing a business plan, born from a wealth of experience.
Follow it and you stand a much better chance of getting “what you really, really want”.’ Andrew Ferguson, Managing Director, Baird Capital Partners Europe Limited ‘Business planning in large organisations is sometimes done by rote, an extension of the budgeting process. Evans is right. It should be done properly or not at all. Properly means in-depth analysis of markets and the business proposition. This succinct, punchy book shows managers how to do it properly.’ Christine Harvey, former Director of Business Analysis and Planning, GlaxoSmithKline R&D ‘We receive dozens of business plans a year from SMEs. If entrepreneurs invest the time to read this book, it will make our life simpler and their chances of obtaining finance so much higher.’ Peter Wright, Investment Director, Finance Wales ‘This book provides an essential toolkit for anyone needing to assemble a business plan, with their ideas presented in a concise, no-nonsense way. Lively, contemporary case studies and essential tips, coupled with easy to follow writing, make it a perfect read for all levels of experience.’ Bill Priestley, Managing Director, LGV Capital Limited ‘The first question I always ask when looking at a business concept is “do they have a well thought out plan?”.
If not, then it’s normally “decision made”. Getting backing for your business is about selling a well thought through concept and ensuring you provide the reader with the information and analysis needed in a clear and convincing manner. This book is written from the viewpoint of the potential backer, targeting his/her key questions. It provides a no-nonsense, easy-to-follow guide that will ensure you deliver a persuasive plan.’ Robert Samuelson, Executive Director Group Strategy, Virgin Media ‘As a private equity investor we see many business plans that fail to meet the “Seven C’s” outlined in Vaughan Evans’ excellent book. If you are seeking financial backing, this step-by-step guide is the place to start.’ Paul Gough, Partner, STAR Capital Partners Limited.
‘Over the years there have been many guides to what you should put in a business plan. The crucial difference with Evans’ book is that it tells you why and how as well. It does so in crystal clear, jargon-free language, from an author whose experience in sifting the strategic wheat from the chaff on behalf of top investors is second-to-none.
Not only will putting his advice into practice enhance your funding prospects – it will help you think more incisively about your business as well.’ Richard Kemp, Managing Partner, Sephton Capital ‘Let’s get real: the majority of so-called business plans we see are built of straw. They can be toppled over by an investor’s puff. Build a business plan with bricks, one that can withstand the hurricane of investor analysis, and you may get funding.
Evans shows you how to build.’ Jonathan Derry-Evans, Partner, Manfield Partners ‘I have not met many entrepreneurs who actually enjoy taking out the time needed to put a proper business plan in place. Volkswagen golf 4 service manual gti. After all, we could use that time to make some sales calls, think up some new ideas.
And the list goes on. However, Vaughan Evans has shown in this excellent book that business planning is not only essential for success but it can also be a whole lot of fun – especially when you succeed in raising the capital you need to start or grow your business. This book will prove useful for both new and experienced entrepreneurs.
Loxley McKenzie, Managing Director, Colordarcy Investment Limited ‘Well, we've seen them on TV - those aspiring entrepreneurs, long on passion but short on next year's forecast sales and profit figures. Sometimes even last year's performance is rendered vague and unquantified. But, as Vaughan Evans points out in this excellent guide to creating a business plan, backers need evidence as well as passion before they sign up to an investment. That's the strength of this book – it is slanted towards the initial market for the business plan – the backer – and once that perspective is established, the criteria and priorities follow.
The book will help transform what can be an intimidating challenge into a well-informed, skillful task that might just make the difference in attracting a backer.’ Greg Spiro, Managing Director, SpiroNicholson ‘Just as when you sell your product or service, you have to differentiate yourself AND your business in the minds of investors to raise finance. Simply having a great product or service is not sufficient. This insightful book – rare in its genre – walks you through how to do just this.
This is a book that's well worth reading and having on your shelf even if your business idea is an early dream at this stage.’ Mike Price, Managing Director, Better Strategy Limited ‘Evans provides detailed and hugely practical techniques, templates and focussed case studies to enable entrepreneurs and developers to prepare materials and documentation that for many would otherwise be sourced from high-priced hired hands. Written in a cheery and non-patronising style that generates enthusiasm for the task. Evans' light touch mitigates the drudgery of accounting and forecasting methodologies without any sacrifice to rigor and focus. His approach to demand forecasting is succinct and masterly. No less so his differentiation between advertising and marketing. The guide’s positive spirit should feed through to the business plan itself and thus to the ultimate objective of raising support from internal and external backers.’ Stephen Uhlig, Managing Director, Colinette Partners ‘I enjoyed this book immensely.
As someone who has written business plans, indeed advised others on how to do so, this book provides new perspectives on the challenge. It's full of practical tips and detailed guidance. For those more financially challenged, the chapter on Financials and Forecasts provides the most straightforward explanation of the critical terms, their meaning and how to calculate them that I have seen.’ Andy Tomkins, Managing Director, Atomki ‘Over the years I have written a few business plans for my own start-up businesses, however a year ago I needed to write one for a successful company which was poised for expansion and decided I needed some external, low cost assistance. I scoured the (on-line) shelves and bought a market leading book as a guide.
I ended up with a reasonable plan, but it was a struggle. The book was long-winded and complex, as concerned with the minutiae and financials as the business rationale. Business planners today have it easy. This book is exceptional. Short and sharp, it goes straight to the meat – what we need to get right to meet the demands of the investor. It is lively to read, full of insightful guidance – based on Evans’s years of experience of what works and what doesn't. It is dotted with great examples, from Levi Roots to LoveFilm, and deals with the financials succinctly and sufficiently.
This book is a must and will save SME owners, both those starting up and those wishing to inject some strategic direction into their businesses, not just their hair but tens of thousands of pounds in consulting fees. It should result in what we all want – a great business model, saleable to investors!’ Amanda Hills, CEO, Hills Balfour Limited ‘This book is very useful and well written. Comprehensive yet concise and written in a chatty yet credible style. Very enjoyable as well as instructive.
Excellent.’ Ian Lang, CEO, Higher Level Systems Limited. VAUGHAN EVANS is an independent strategy consultant and has specialised in strategy and business planning for business clients and strategic due diligence for private equity over four decades. He is also a prolific writer and dynamic speaker - see for further info.
Ftth Business Guide 2016
He is the author of the best-selling THE FT ESSENTIAL GUIDE TO WRITING A BUSINESS PLAN: HOW TO WIN BACK VAUGHAN EVANS is an independent strategy consultant and has specialised in strategy and business planning for business clients and strategic due diligence for private equity over four decades. He is also a prolific writer and dynamic speaker - see for further info. He is the author of the best-selling THE FT ESSENTIAL GUIDE TO WRITING A BUSINESS PLAN: HOW TO WIN BACKING TO START UP OR GROW YOUR BUSINESS (2nd edition, 2015), a book that views business planning distinctively from the perspective of the backer. It guides the entrepreneur or manager on how to address each of the key concerns of the backer, whether banker, investor or board member.
Its North American version, THE STANDOUT BUSINESS PLAN: MAKE IT IRRESISTIBLE - AND GET THE FUNDS YOU NEED FOR YOUR STARTUP OR GROWING BUSINESS (2014), was co-authored with success guru Brian Tracy. THE FT ESSENTIAL GUIDE TO DEVELOPING A BUSINESS STRATEGY: HOW TO USE STRATEGIC PLANNING TO START UP OR GROW YOUR BUSINESS (2013) is a companion to the guide on business planning. It has been exceptionally well reviewed by peers, who view it as a succinct, practical and highly readable guide to drawing up a business strategy - ideal for busy managers and entrepreneurs, intent on lifting their business to the next level. KISSTRATEGY: A KEEP-IT-SIMPLE GUIDE ON HOW TO BUILD A WINNING STRATEGY FOR YOUR STARTUP OR SMALL BUSINESS (2016), Vaughan's latest book, does what it says on the tin. It keeps business strategy simple. It is concise (100 pages or so), jargon-free and purpose-built for small businesspeople to read on a one hour journey. KEY STRATEGY TOOLS: THE 80+ TOOLS FOR EVERY MANAGER TO BUILD A WINNING STRATEGY was one of the top three selling business books in the UK in the first quarter of 2013.
The selection of tools, rated as either useful or essential and slotted uniquely into a no-nonsense strategy development process, is innovative, instructive and practically applicable. A more succinct version of this book, 25 NEED-TO-KNOW STRATEGY TOOLS (2014), pulls out the most important tools and adds an insightful case study to each. LET THE SUN SHINE! HOW STRATEGIC DUE DILIGENCE IS KEY TO ACQUISITION SUCCESS (2015) could well have been Vaughan's first book - he has been highly active in this field since LBOs first wafted across the Atlantic in the mid-1980s. This book 'pours sunlight onto the complex challenges of getting strategic due diligence right'. He also writes on career development, on how thinking of yourself as a one person business can advance or transform your career. He deploys the very tools he has developed in business strategy for the analysis of an individual's career prospects.
Cfpb Small Business Guide 2016
Hence his BACKING YOU! Range of books , regarded by peers as innovative, insightful and win-win. Vaughan Evans is a charismatic, humorous and inspirational speaker (see ). His lively keynote speech KISSTRATEGY urges the audience to keep business strategy simple, focusing on its three key components of Market, Advantage and Risk. He is also the author of the instructive yet entertaining STAND, SPEAK, DELIVER! HOW TO SURVIVE - AND THRIVE- IN PUBLIC SPEAKING AND PRESENTING (2015). An economics graduate of Cambridge University and an Alfred P.
Sloan fellow with distinction of London Business School, he worked for many years at management consultants Arthur D. Little and investment bankers Bankers Trust. A former resident of exotic lands such as the British Virgin Islands, Borneo, Fiji and Thailand, he hails from West Wales and lives alongside London's Richmond Park.