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Business Development Guide November 2016

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Business Development Guide November 2016 Business Development Guide November 2016 The purpose of this guide is to provide business proponents, and those who work with them, with a tool to assist in the business development process. The guide briefly outlines this process and, more importantly, highlights many of the considerable business development and operating resources available to individuals and businesses. The guide is divided into five main areas: • Exploring the Idea; • Evaluating the Idea – Feasibility; • Developing the Business Plan; • Implementing Your Business Plan; and • Ongoing Business Management. There are several sub-sections within each of these broad areas, which identify additional sources of information to assist in the development process. This guide is not intended to be a complete list of all available resources. Rather, the guide outlines a process and highlights some key resources that may be helpful. It is not intended that a business proponent utilize all resources in this model. Depending on the phase the proponent is currently in, only some of the resources identified in this document will apply. Key resources, which are particular to a business development project, can be identified and used according to the type and nature of the business idea. Saskatchewan Agriculture assumes no responsibility for the accuracy or completeness of information contained in this document. The website addresses provided and the material contained therein, are subject to change on a continuing basis. All reasonable efforts are made to keep this resource guide current. Saskatchewan Agriculture would like to thank those who have prepared and maintained the various websites referred to in this document. Phase 1: Exploring the Idea Decision Point Phase 2: Evaluating the Idea Decision Point Phase 3: Developing the Business Plan Decision Point Phase 4: Implementing the Business Plan Decision Point Phase 5: Ongoing Business Management Ongoing TABLE OF CONTENTS Phase 1 - Exploring the Idea – Pre-Feasibility 1.1 Are You Ready? - Points to Consider When Starting Your Own Business • Checklist for Going Into Business • Getting Started in Small Business • Starting and Growing a Business: Entrepreneurial Spirit • Points to Consider When Starting a Business • What is Entrepreneurship? 1.2 Evaluating the Opportunity - Pre-Feasibility • Guide to Market Research and Analysis • Profitability – Will it Make Money? 1.3 General Resources • Business Start-Up Assistant • Small Business Administration's Checklist for Going Into Business Phase 2 - Evaluating the Idea – Feasibility 2.1 Assessing the Market Opportunity • Preparing for Value-Added Business Initiatives • Is My New Venture Idea Profitable? • Feasibility Checklist for Starting a Small Business 2.2 Business Structures and Board Governance • Choosing the Right Structure for Your Agri–Business • Establishing a Business in Saskatchewan • Forming a Corporation Under The Business Corporations Act • Choosing a Business Name 2.3 Understanding Financial Institutions • ABCs of Borrowing • Demystify Your Banker • Sources of Financing • 18 Ways to Raise Capital for Your Business 2.4 Understanding Industry Regulations • Establishing a Business in Saskatchewan • Canadian Copyright Information (Act, Regulations and Registration Information) • Canadian Trademarks Information • Canadian Patent Office Information • U.S. Patent and Trademarks Office • Financial and Consumer Affairs Authority – Securities Information 2.5 Preliminary Site Selection and Key Production Inputs • Selecting a Store Location for Your Business • Guidelines for Livestock Development 2.6 Identify Partners • Selecting Professional Resources 2.7 Getting Professional Advice • Guidelines for Selecting a Consultant Phase 3 – Developing the Business Plan 3.1 Developing Business Objectives • Preparing a Business Plan 3.2 Industry and Market Analysis • Starting and Growing a Business 3.3 The Marketing Plan • Guide to Market Research and Analysis • Marketing Plan – Outline 3.4 The Operations Plan (Production) • Writing an Operations Plan • Venture Checklist 3.5 The Management and Human Resources Plan • Top Management and Key Personnel Positions in a Value-Added Business • Employment and Social Development Canada – Resources and Labour Market Information 3.6 The Financial Plan • Looking at Cash Flow • Agricultural Business Analyzer – Downloadable Spreadsheet 3.7 The Environmental Plan • Saskatchewan Environmental Farm Plans • Lending and the Environment 3.8 The Risk Management and Contingency Plan • Risk Management Modules Phase 4 - Implementing Your Business Plan 4.1 General Resources • Saskatchewan Community Futures Phase 5 – On Going Business Management 5.1 Strategic Planning • Strategic Planning (in non-profit or for-profit organizations) • Strategic Business Planning for Commercial Producers 5.2 Marketing Management • International Business Tools • How Do I Initially Assess the Opportunity for a New Product or Service Idea? • The Essentials of Pricing 5.3 Operations Management • Food Safety Enhancement Program • An Abridged Guide to Lean Manufacturing 5.4 Financial Management • The Canadian Entrepreneurs Guide to Securing Risk Capital • Basic Bookkeeping • Federal/Provincial Taxation Guide • Financial Ratio Analysis Calculators • Financial Performance Data • Credit and Collections • Preventing Theft and Fraud 5.5 Human Resource Management • Labour Laws at a Glance • Managing People • Hiring • Checklist for Developing a Training Program • Measuring Sales Force Performance 5.6 Other Issues • Expanding Your Business – Critical Assessment Factors for New Products • Expansion Strategies 5.7 General Resources Operations: • Business Owner's Idea Café – Resources for Businesses • Identifying and Selecting Suppliers Marketing: • Annual Survey of Manufacturers THE BUSINESS DEVELOPMENT GUIDE Phase 1 - Exploring the Idea – Pre-Feasibility Introduction: All business ventures start with an idea. When you have an idea that you believe could be the basis for a good business, there are several things you will want to consider and explore before proceeding. These will include not only doing a quick assessment on the merits of the business idea, but also whether operating a business is something you really want to do. This important first stage is critical and will lay the foundation of the business development process that will follow. Taking an idea and developing a business around it takes considerable resources and time. This first step is important as it determines whether you are prepared for the journey ahead. This first step will also assist in deciding whether the idea truly has potential and what will be required to make it successful. The failure rate of new business is high. Completing a pre-feasibility assessment is the first step in determining whether you should proceed with your business idea. It can save you considerable time and money. 1.1 Are You Ready? – Points to Consider When Starting Your Own Business Going into business is a major decision which will not only affect your working life but all aspects of your life. Considerable commitment is required, not only professionally, but personally and financially. It is essential to fully understand what will be required and whether the commitment required is desirable at this time. Checklist for Going into Business • Here are some questions and worksheets to help you think through what you need to know and do. • Canadian Business Service Centre – www.canadabusiness.ca/eng/checklist/5479/ Getting Started in Small Business • You will find essential business start-up information from the perspective of Canadian banks. • Canadian Bankers Association – www.cba.ca/index.php?option=com_content&view=category&id=45&Itemid=55&lang=en Starting and Growing a Business: Entrepreneurial Spirit • Business success or failure depends on you. Evaluate yourself critically to see if you have what it takes to be a successful entrepreneur. This page is a compilation of resources which includes links to a variety of sites. • Government of Alberta - www1.agric.gov.ab.ca/$department/deptdocs.nsf/all/bdv11347 Points to Consider When Starting a Business • Typically, you will begin by analyzing yourself as a future entrepreneur. What kind of person are you? What technical or special knowledge do you have? Self-confidence and drive, innovative thinking, goal-orientation, and business and technical knowledge are necessary to succeed. • Canadian Business Service Centre - www.canadabusiness.ca/eng/125/106/ What is Entrepreneurship? • We usually think of an entrepreneur as someone who is highly responsive to change, who sees opportunities that others may not see, and who mobilizes resources to make new things happen. Although some people feel that entrepreneurs are born, not made, experience has shown us that entrepreneurship can be taught. • Western Economic Diversification Canada - wd.gc.ca/eng/100.asp 1.2 Evaluating the Opportunity – Pre-Feasibility A pre-feasibility study is a “quick” review of the industry you are entering. In this process you will do a quick assessment of the technology required, market opportunities, competition, materials/inputs and resources required, financing and assessment of the strengths and weaknesses of the project. This process can take three days to three weeks to complete. Information for completing the pre-feasibility study can be obtained from many sources, such as industry experts, individuals from similar businesses, and the Internet. When evaluating a new business idea or product, it is essential that it be done
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