{"id":90878,"date":"2013-04-22T09:53:55","date_gmt":"2013-04-22T13:53:55","guid":{"rendered":"http:\/\/dominicanewsonline.com\/news\/?p=90878"},"modified":"2013-04-22T13:08:18","modified_gmt":"2013-04-22T17:08:18","slug":"business-and-life-doing-business-in-dominica-part-ii","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life\/business-and-life-doing-business-in-dominica-part-ii\/","title":{"rendered":"BUSINESS AND LIFE: Doing Business in Dominica: Part II"},"content":{"rendered":"<figure id=\"attachment_83298\" aria-describedby=\"caption-attachment-83298\" style=\"width: 160px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-83298\" alt=\"Dr. Valda Henry\" src=\"http:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg\" width=\"160\" height=\"240\" srcset=\"https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg 160w, https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry-100x150.jpg 100w\" sizes=\"auto, (max-width: 160px) 100vw, 160px\" \/><figcaption id=\"caption-attachment-83298\" class=\"wp-caption-text\">Dr. Valda Henry<\/figcaption><\/figure>\n<p>This week, before we begin our discussion on \u201cWriting a Business Plan\u201d, I want to express VF Inc.\u2019s and my condolences to the family, friends and to all of us Dominicans on the tragic loss of Messrs. Kurt Hector and Norran Jno. Hope.\u00a0 Our prayers are with Mr. Joslyn Prince for a speedy recovery.\u00a0 I felt this loss so deeply, though I do not know any of the players.\u00a0 I can only imagine their conversation on that early Friday morning, their excitement and the happiness of Norran on making his debut for Dominica.\u00a0 I am amazed at Joslyn\u2019s strength and courage to climb out of this ditch, and it must be God and his training that enabled him to get to the top.\u00a0 Some persons have said he was used as an angel by God to avert a bigger disaster.\u00a0 I concur.<\/p>\n<p>I wish to offer a clarification on last week\u2019s article.\u00a0 A sole proprietor trading in his name does not have to register however a sole proprietor trading in a business name has to register that business name.\u00a0 One can chose \u201cLimited\u201d or \u201cIncorporation\u201d when registering a company.<\/p>\n<p>This week, we focus on writing a business plan.\u00a0 A business plan is a formal statement of a set of business goals, the reasons they are believed to be attainable and the plan for reaching those goals (Wikipedia).\u00a0 A business plan is an essential road map for business success (US Small Business Administration). The business plan is the blueprint for the business.\u00a0 It provides information about the business, owners, the industry, the marketing strategy, financial needs and financial strategy.<\/p>\n<p>There are many different styles in the preparation of a Business Plan, and the one outlined below is my preferred choice. A Business Plan is made up of the following components:<\/p>\n<p><strong>1. Introduction<\/strong> \u2013 This section serves in essence as an Executive Summary.\u00a0 You provide brief information on the company, the types of business, the expected projections and sets out the structure of the business plan.<\/p>\n<p><strong>2. Mission, Vision and Core Values<\/strong> \u2013 In this section, you state the vision, mission and core values of the company.\u00a0 The vision is the long-term goal of the company.\u00a0 I often likened it to the question we were often asked as children: \u201cWhat would you like to be when you grow up?\u201d\u00a0 In essence what would you like your business to be fifty, sixty, hundred years from now?\u00a0 The mission is what has to be done to realise the vision of the company. The core values are the principles by which the business will be managed and led.<\/p>\n<p><strong>3. Corporate Structure, Ownership and Management<\/strong> \u2013 In this section, you state the form of business; sole proprietorship, partnership, public or private company and provide information on the sole proprietor, partners or directors, respectively.\u00a0 You provide information on the key positions and the managers or employees who will occupy those positions.\u00a0 It is important to provide comprehensive information on the owners and managers for this is the section that reveals the person or people behind the business, and when everything else is in order, this is maybe the most critical section which will determine whether a bank or other funding agency decides to provide the finance required.<\/p>\n<p><strong>4. The Business and Industry<\/strong> \u2013 Here you provide detailed information on the business:\u00a0 What type of business is it?\u00a0 How do you plan to differentiate the business from competitors?\u00a0 How well do you expect the business will perform? Here you prepare projected financial statements for at least 3 years: Cash Flow, Income Statement and Balance Sheet. The statements are often placed as appendices.\u00a0 You also provide information on the industry in which the business is located, the competitors and general economic review.<\/p>\n<p><strong>5. The Financing Requirement<\/strong> \u2013 Following your analysis in section 4, you identify, itemise and cost what you require to start the business and to operate for the first year.\u00a0 This includes raw materials, costs of inventory, office equipment, office supplies, renovation costs of building, operating expenses for the first year, marketing and promotional expenses.\u00a0 You should think deeply about what is needed, so you do not underestimate your costs.\u00a0 You will also need to provide pro forma invoices to support the costs.\u00a0 They are also usually placed as appendices.<\/p>\n<p><strong>6. Financing Strategy<\/strong> \u2013 After you have identified how much money is required to start the business, where is it coming from?\u00a0 You will indicate the source: self, family, directors, bank.\u00a0 Here you also indicate the lending assumptions embedded in the projected financial statements, example the interest rate, the duration of the loan.<\/p>\n<p><strong>7. The Marketing and Promotion Strategy<\/strong> \u2013 The strategies for promoting and marketing the business is provided here.\u00a0 This section is important as it identifies the strategy to ensure the public knows about the business and to generate sales.<\/p>\n<p><strong>8. SWOT Analysis<\/strong> &#8211; Information on the Strengths, Weaknesses, Opportunities and Threats of the business, as well as information on your strengths and weaknesses and those of the other directors, managers and key employees, as appropriate.<\/p>\n<p><strong>9. CONCLUSION<\/strong> \u2013 The summary is provided here, however, you want to focus on the viability of the business.<\/p>\n<p><strong>10. Appendices<\/strong> \u2013 The following are some of the information to be placed in this section: Projected Cash Flow Statement, Projected Income Statement, Projected Balance Sheet, Pro Forma Invoices, Statistical Information.<\/p>\n<p>Next week, we examine the challenges faced by the small business sector and strategies to overcome them.<\/p>\n<p>Until we meet again, may God continue to keep us in the palm of His hands.<\/p>\n<p><em><strong>Valda Frederica Henry, VF Inc.\u2019s CEO and Principal Trainer is a Chartered Financial Analyst (CFA), Certified Global Professional in Human Resources (GPHR), Certified Myers Briggs Type Indicator (MBTI) Practitioner, holds a PhD in Industrial Relations &amp; Business, a Masters in Business Administration and a BSc Management Studies.\u00a0<\/strong><\/em><em><strong>VF Inc. is a Human Resource &amp; Finance Consultancy firm with a Training and Recruitment arm, and the producer and host of a live TV program \u201cThe Cutting Edge of Business\u201d.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"This week, before we begin our discussion on \u201cWriting a Business Plan\u201d, I want to express VF Inc.\u2019s and my condolences to the family, friends and to all of us Dominicans on the tragic loss of Messrs. Kurt Hector and&#8230;","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[89],"tags":[],"class_list":["post-90878","post","type-post","status-publish","format-standard","hentry","category-business-life"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BUSINESS AND LIFE: Doing Business in Dominica: Part II - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life\/business-and-life-doing-business-in-dominica-part-ii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BUSINESS AND LIFE: Doing Business in Dominica: Part II - Dominica News Online\" \/>\n<meta property=\"og:description\" content=\"This week, before we begin our discussion on \u201cWriting a Business Plan\u201d, I want to express VF Inc.\u2019s and my condolences to the family, friends and to all of us Dominicans on the tragic loss of Messrs. 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