Starting your own business needs a strategic plan for the future including personnel, resources and financing. If you ask for a loan you are expected to present a detailed business plan for the next three years.
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Food for Thought
Think about the following planning aspects:
- When do you plan to hire employees?
- How many do you plan to hire?
- What qualifications do they need to have?
- What wages do you expect to pay?
- Also, give consideration to fringe benefits.
Specify when and how you plan to acquire buildings, machinery, vehicles, office equipment and supplies, etc.
What financing options are you going to use at any given point in time? Choose the optimal capital structure from the variety of possibilities.
Summarize all expected cash flows. If cash outflows are greater than cash inflows during a given period, you need to add outside capital to the budget. Also, be sure to allow for unexpected expenses.
Now specify your results for your team meeting. What are your recommendations for
- year 1
- year 2
- year 3 ?
Now go on and start your meeting!
What does your 3-year plan look like in detail?
After having gathered all the necessary information your team has to decide on the strategic plan for the next 3 years for your future start-up business.
- First of all choose the chair-person.
- Discuss all aspects.
- Sum up your results in the minutes (resources) of the 2nd session.
- Send your results and your decision to your tutor.
How to hold a meeting
Here you will find all the important documents and worksheets.