Transcript Into.ppt
SUSTAINABLE BUSINESS PLANNING WORKSHOP Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING The goal: • To help you improve the management of your business through business planning. Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING A business plan is particularly important for: • New or expanding businesses • Creative, nontraditional alternative enterprises Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING We have learned that business planning: • Can be very time consuming • Alternatively it can be expensive • Or it can be both. Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING The value of a Business Plan should outweigh the time and cost required to develop. • Should facilitate change in a farm business • Should improve management of the business. Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING We have also learned that business planning: • Should be done by farm managers • It should not be done for them. Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING Business Plans • Frequently used to communicate the business externally – to lenders, investors, partners • Demonstrate the business has a plan and is well managed Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING Business Plans • Should be used by farm manager to improve the management of the business • Helps a manager think through: – Where the business is at – Where they want it to go Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING Helps Producers Develop a: • • • • • Strategic Plan Operations Plan Marketing Plan Personnel Plan Financial Plan Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING TOOLS Building a Sustainable Business guide and the FINPACK Business Plan: • Include the five planning components • Have considerable content to help with each planning component Copyright © 2003 Center for Farm Financial Management, University of Minnesota Copyright © 2003 Center for Farm Financial Management, University of Minnesota Building a Sustainable Business Guide Includes: • A comprehensive discussion of the components of a business plan • Worksheets to help think through your plan Copyright © 2003 Center for Farm Financial Management, University of Minnesota Includes: • A standard format to help develop and store your business plan. • Tips or questions to help you think through your plan. • Sample business plans Copyright © 2003 Center for Farm Financial Management, University of Minnesota BUSINESS PLANNING Even with good tools the challenges of time, motivation, and expense remain. To help address these challenges we are privileged to be able to hear Dave & Florence Minar discuss their business planning experiences in the following video. Copyright © 2003 Center for Farm Financial Management, University of Minnesota