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Venture Checklists
Last Verified:
2005-10-07
Summary
The following checklists are meant to assist you in assessing each point against your business plan.
Marketing
Nature of the Market
- number of potential buyers, by region;
- number of existing buyers, by region;
- profile of buyers . . . by age, income, occupation, education, sex, family size, etc. by region;
- profile of users (if buyers and users are different) by region;
- where buyers and users live . . . by region, city size, urban, suburban, rural;
- where buyers buy . . . urban, suburban, rural, trading centre, local, type of store;
- size of purchases;
- when buyers buy . . . time of day, week, month, year, and frequency of purchase;
- how buyers buy . . . name brand specifications or not, impulse, planned, comparison, personal inspection, cash/credit;
- why buyers buy . . . attitudes, motivation, trends, styles;
- who influences buying decisions . . . by type of product and brand, uses of product;
- unfavourable attitudes of buyers and brand;
- indications of changes in buying habits.
Structure of Your Market
- number of competitors;
- number of brands . . . national, regional, local;
- share of market by brands . . . total, regional, city size, type of store;
- characteristics of leading brands;
- differentiation of own brand from leading brands . . . strength, weakness, opportunity, threat analysis;
- policies, presentation, methods and tools of principal competitors.
Product Profile
Product
- quality . . . materials, design, durability, safety, method of manufacture and workmanship;
- models, sizes, colours, flavours, etc.;
- luxury, standard, essential;
- convenience of shopping.
Package
- protection . . . shipping, handling, theft, tampering, spoilage, etc.;
- utility . . . measures, closure, reseal, disposable, reusable, etc.;
- identification . . . universal product code, visual exposure, colour, label;
- display . . . versatility for stacking, hanging, filing, etc.
Name Brand
- legal . . . logo, trademark, copyright, industrial design, song;
- image . . . memory value, goodwill value, recognition, suggestiveness, pleasingness, generic original.
Service
- installation . . . who, when, cost, delivery;
- maintenance . . . who, when, cost, convenience;
- repair . . . who, when, cost;
- warranty . . . who, when, how long;
- accessories . . . aftermarket, compatible.
Place in the Market
Distribution Channels
- number of retailers . . . each type by region;
- number of wholesalers . . . each type by region;
- per cent of retailers . . . each type, handling brand by region;
- aggressiveness of retailers, co-operation by region, store type and city size;
- indications of shift in relative importance of channels.
Promotion
Personal Selling
- recruiting and selection . . . methods, qualifications, standards;
- training . . . methods, skill development, motivation;
- supervision . . . performance reviews, development;
- compensation . . . commission, bonus, benefit plans.
Advertising
- effectiveness . . . comparison of spaces purchased, timing, appeals and themes, black and white vs. colour;
- cost effectiveness . . . various media, style, background, placement;
- product effectiveness . . . feature products, merchandising.
Sales Promotion
- co-operative advertising;
- deals, premiums, coupons, discounts, bonus gifts, displays.
Publicity
- announcements, press releases, mentions.
Price
- from factory . . . volume capacity vs. demand;
- to wholesalers . . . by type, size and region;
- to retailers . . . by type, size and region;
- discounts . . . functional, volume, cash, other;
- allowance and deals;
- service charges;
- price stability . . . commodity influences such as energy, labour, weather, technology.
Strategy
- selection of a target market;
- development of a marketing mix (product, price, place, promotion);
- implementation and monitoring strategies.
Operation
Location |
Facilities |
Operating Systems |
Operating Assistance |
traffic patterns |
lease/purchase |
production |
lawyer |
parking |
utilities |
inventory |
accountant |
zoning |
storage |
record keeping |
management consultant |
local development trends |
expansion potential |
job procedure |
engineering services |
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fixtures and equipment |
maintenance |
financial services |
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installation |
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manpower services |
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layout |
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leasehold improvements |
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Finances
Capital Structure |
Operating Forecast |
Financial Services |
equity (25 percent) |
sales |
bank/credit union |
current assets |
cost of sales |
mortgage lender |
current liabilities |
gross margin |
insurance coverage |
fixed assets |
general operating expenses |
bonding |
long term debt |
net profit/loss |
trade credit |
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income tax payable |
venture capitalists |
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cash flow analysis |
background equity |
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contingency analysis |
government programs |
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risk analysis |
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inflation impact analysis |
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interest rate impact analysis |
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Organization
Legal Structure |
Registrations |
General Arrangements |
proprietorship |
trade names/copyrights |
contracts |
partnership |
trademark/logos |
business forms |
private corporation |
business license |
personal will |
public corporation |
permits |
buy/sell agreement |
cooperative |
Provincial Sales Tax |
cross insurance |
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Excise Tax |
key man insurance |
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Goods and Services Tax (GST) |
occupational health and safety |
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professional or trade licenses |
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memberships |
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Staff
- skilled;
- unskilled;
- professional;
- supervisory;
- qualification standards;
- job descriptions;
- wages and salaries;
- performance standards;
- staff benefits;
- staff training;
- employee evaluation and appraisal standards.
Management
- Can management prepare and implement a sound business plan?
- Does management have adequate authority and control to fulfill its responsibility?
- Do training programs encourage personal skill development towards increased responsibility?
- Can management change be introduced as required to benefit the business? Even if the changes require a new manager?
- Does the manager have the qualities of time, character, stamina, planning, control, development, leadership, decision-making, confidence, practical realism? And commitment?
Preparation and Commitment
- Have you obtained independent legal advice on all contracts?
- Are all financial commitments finalized? In writing?
- Does the business plan have time in its favour?
- Are you prepared to lose your business investment?
- Are you prepared to succeed?
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