Business Plan - PEI Aquaculture Allianceaquaculturepei.com/pdf/DougGeldert.pdf · Your business...
Transcript of Business Plan - PEI Aquaculture Allianceaquaculturepei.com/pdf/DougGeldert.pdf · Your business...
Business Plan
Marketing Plan
Cash Flow Forecasts
Cash Flow Management
The Right Financing
Strong Support Team
Business/Personal Balance
Contents
Your business plan – not just for starters
A blueprint Which guides you And is continually updated
Address unexpected challenges Entertain new opportunities Ward off competitors
Your customers Your market Competitive landscape Potential opportunities and obstacles
A road map to success
Evaluate your progress Update your practices
Unique and distinctive Strengths Weaknesses
Competitive landscape New opportunities New threats
Your company
Your industry
A road map to success
Goals How to achieve them Risks
Realistic Aligned Optimized
Reduce costs Save time Maintain optimum inventory Suppliers Staff
Your business strategy
Your finances
Your management and operations
A plan to generate revenue
Emerging trends Assess your competition Leverage your network
Research your market
Define your brand
Understand your products and services
A plan to generate revenue
From your home Online or over the telephone Storefront Retailer Wholesaler Agent
Identify and target your customers Old/young Male/female Urban/rural www.statcan.gc.ca
Choose your distribution channel
A plan to generate revenue
Communication tactics
• Letters • Brochures • Flyers • Samples • Coupons
• Television • Radio • Print • Business directories • Sponsorship
Traditional advertising
Direct mail
A plan to generate revenue
Word-of-mouth
Communication tactics continued
• Banner ads • Email • Websites • Google/Paid Search • Social media
Set goals
Fine-tune
Online Advertising
Cash flow forecasting
Match customer and supplier terms
Ask for deposits on big sales
Make daily bank deposits
Keep an eye on inventory levels
Keep cash flow in mind when setting prices
Prevent cash flow crises
Cash flow forecasting
Prevent cash flow crises
Consider a line of credit or overdraft protection
Keep an eye on overdue accounts
Use faster, more secure payment options
Cash flow forecasting
Prevent cash flow crises
• Single sign-in access • Easy money movement • Payment tracking • One-stop recording, paying and reconciling • Download data into accounting programs • Protect yourself from fraud • Archive and view statements
Simple banking tools for effective cash flow management
Save time and effort with online banking
Cash flow forecasting
Prevent cash flow crises
Get more from your cards
Reduce service fees
Ready access to cash
Overdraft protection
Getting the right financing
Business overdraft protection Manage cash fluctuations Keeps payroll and payments on track Prevents missed payments
Short-term financing
Business line of credit Covers gaps Provides immediate access to funds
Getting the right financing
Canada Small Business Financing Loan For major purchases/expansion 85% government guaranteed
Long-term financing
Term loan/leasing For “big-ticket” items Terms of 1 to 5 years
Leasing Option to update at lease end Potential tax benefits
Build a strong support team
Accountant Lawyer Banker
Starting out
Industry professionals Suppliers Customers
Industry associations Networking events
Balancing business and personal
Incorporated business • Income is separate • Business earns revenue, incurs losses, pays corporate taxes
Business structure
Sole proprietorship/partnership • Personally responsible for debts and liabilities • Earnings taxed as personal income
Balancing business and personal
Diversify outside the corporation Don’t neglect personal investments
Personal taxes
RRSP contributions Dividend tax credits
Business taxes
Tax benefits Salary/dividend mix Retention of profits
Investment planning
Everyone’s situation is different
Disclosures:
The strategies, advice and technical content in this presentation are provided for the general guidance only and benefit of our clients. This presentation is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. Readers should consult their own professional advisor when planning to implement a strategy to ensure that individual circumstances have been considered properly and it is based on the latest available information.
Investment Advice is provided by Royal Mutual Funds Inc. Royal Mutual Funds Inc., RBC Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada, The Royal Trust Company and Phillips, Hager & North Investment Management Ltd. are separate corporate entities which are affiliated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.
® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
™ Trademark of Royal Bank of Canada.
Thank you