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BUSINESS PLAN Essential Preparation

RESULT The outcomes under two scenarios: A plan for an established business A start-up business

The

Only thing we know about the future is that it will be different

NEED
A business plan for a start-up A business plan for raising equity finance A business plan for raising debt finance A business plan for board approval A business plan for a joint venture partner A business plan for the sale of the business A business plan versus a project plan .Business planning as a managerial tool

Peter Drucker RESULT An established business A start up business NEED PREPARATION Research Organisation

PREPARATION Research Organisation

BUSINESS PLAN RESULT

An Established business
The Business has a track record, both operational and financial, achieved within a historical, recorded context of market demand, industry competition, strategic positioning and resource deployment. Forecasts will be based as much on fact as on judgement. A good business plan : 1. Clear and concise 2. It is coherent and consistent 3. It tackles risk.

A Start-up business
The structure of the plan remains the same Market reception is largely unknown. It can be researched, assessed and estimated in advance.

BUSINESS PLAN NEED

A business plan for a start-up business seeking growth finance. Special additional questions (e.g. On the identification of prospective customers, the crafting of a distinctive value proposition etc.) will be tailored according to whether you are seeking equity or debt finance. A business plan for raising equity finance Your backer is an investor. They will be looking for a return on their investment Exploring upsides creatively but realistically A business plan for raising debt finance Your backer is a banker. They will be looking to earn fees on the transaction and interest on the loan extended. They will want some form of guarantee, some security, that they will get their money back, all in one piece, at the end of the loan period. They only want to know what could go wrong, with what likelihood and what you will be able to do to mitigate the damage onffe things have gone wrong. Be prepared and well armed with the counter-argument. A business plan for board approval The board is effectively an investor, albeit of internal cash resources. For purposes of the business plan, the board director should be treated as no different from the investor.
The chapter headings will be the same as a business plan for an established

BUSINESS PLAN NEED (contd)

A business plan for a joint venture partner These will be written as if for an investor, for in effect your partner is investing in your business and you are investing in theirs. A business plan for the sale of the business
The business plan should be written to address both upside for the investor and

downside for the banker. It needs to be cleverly balanced.

A business plan versus a project plan A project plan makes the business case for a specific investment project. It isolates revenue streams and costs directly attributable to the project and recommends go or no-go accordingly. A business plan considers the future of the whole business. That business may be a division or subsidiary of a much larger company company, but it has its own profit and loss account and it will be forecast in full. Business planning as a managerial tool The truth is that business planning, while often a most useful discipline in large, multi-divisional, multi-country organisations, is largely waste of time for SMEs. To review last years three year plan and prepare this years plan

BUSINESS PLAN Essential Tip

CREDIBLE

CLEAR

COHERENT

CRISP

Business Plan The 7 Cs

CONVINCING

CONCISE

CONSISTENT

BUSINESS PLAN Preparation

RESEARCH
Data on market demand, size, drivers and growth trends Data on competitors A customer survey find out what customers expect from your business, both now and in the future Essential Tip : You had better have credible answers rooted in research or you will have no backer.

BUSINESS PLAN Preparation (Cont)

ORGANISATION
There are various organisational items that are best sorted out the advance, specifically : The Planning team In a small company or a start-up, one hand is typically all that will be involved in the business plan yours will write the whole thing. A somewhat larger business, the team leader may need two or three complementary team members, depending on the complexity of the business. The timetable A robust busines plan takes a month to prepare. The tools There is software avaialble these days like Business Plan Pro. The only tools you need to write your essential business plan are off the-shelf word processing and spreadsheet applications, such as word and excel or power point. The contents The contents should be tailored to the needs of the backer. And the backer wants risks and opportunities to be assessed in an orderly and predicatble way, as follows: Market demand, competition, your strategy, your resources , your financial forecasts and risk and sensitivity. The appendices All the detail needed to justify the conclusions of the main report can be gathered here product descriptions and photographs, data on market size and growth by segment. The length The main document should be 25-30 pages of A4, 35 pages maximum. The drafting process Beware the perils of team drafting. A naming system helps to avoid drafting mix-ups that can be hairtearingly infuriating as the deadline looms.

2 THE BUSINESS

THE BUSINESS
Contain a brief on the bare essentials of the business
What it does, for whom, why, where, with whom, with what, and how it got to where it is

Background Business mix by segment Segmentation in a start-up

Established Business

Start-up Business

..where the backer is introduced to the business, where you set out clearly and concisely what makes the business tick

The Opener

BACKGROUND

Goals and Objectives Strategy Resources Basic Financials

THE OPENER

Just in one paragraph Consist of all the essential bits of information Established business should be essence of your business Start-up should be your business proposition

Who you are The name (or code name) of your company What products or services it focuses on Its main customer groups Where it based, where else it has operations, and where it sells to With what success and by which year

GOALS AND OBJECTIVES

Goal is something your business aim to be, as described in words

Goals are directional Objectives are specific Best objectives are SMART

Objective is a target that helps to measure whether that goal has been achieved, and is typically set out in numbers

Specific Measurable Attainable Relevant Time-limited

STRATEGY
.... is where you set out your companys competitive advantage and what strategy you deploy to sustain and enhance it Establised Business Set out how the company has maintained its competitiveness over time, including response to any circumtances

Start-up Business What is your strategy for creating a sustainable competitive advantage in the marketplace you are targeting

RESOURCES
How have the resources deployed developed over time

Establised Business A Timeline Chart

Location and Scale of main business infrastructure

Start-up Business
Where will it based What space will you require What physical assets How many employees What systems Who will manage

Notable landmarks

Acquisitions

The Management Team

BASIC FINANCIALS
Establised Business
Summarise recent financial history Showing financial impact of key developments at the company or market Contain aggregate numbers (profit and loss)

Start-up Business
Set out incurred costs (initial costs) Self-financed, include how much time you invested

Business Mix by Segment

Focus on the segments most relevant to the backing decision, the ones that make the greatest contribution to your operating profit forecasts over plan period

Segmentation in A Start-up

Your product must be couched in terms of its benefits to the customers

Business Proposition

MARKET DEMAND
Who the buyers are How much they are buying How much they are paying Why they are buying What has been influencing them How those influences may change How much they are likely to buy in the future

MARKET SIZE

How the market size has changed over the last years

Example:
A sold $ 30 million of equipment in 2010. B sold 1/3 higher than A and C 10% below A. D sold much smaller, only 40% A. There were two ot three much smaller players (E). Total market size: = 30 A + 40 B + 27 C + 12 D + 10 E = $ 119 million Estimated market size A = 30/119 x 100% = 25,21%

Make an estimate

Compare to your competitors

Make sure you identify the relevant market size

MARKET GROWTH
The web of information
www.bbc.co.uk www.economist.com www.timesonline.co.uk

Is demand on your business segment going to grow? Will it be bigger, smaller, or stable in a few years time?

Assess past growth

Assess past drivers of growth

Identify what has Check how market been driving that demand has grown in growth in the past the past 4 Stage for Demand Forecasting

Assess changes in drivers

Assess whether there will be any change in influence of these and other drivers in the future

Forecast future growth

Forecast market demand growth based on the influence of future drivers

MARKET DEMAND FOR A START-UP

Do test marketing (Market Research) Analyze Draw firm conclusions

MARKET DEMAND RISK AND OPPORTUNITIES

RISK
The likelihood of occurrences The impact

OPPORTUNITIES

Your Competitors

Variation by segment

Indirect competition

Competitive Intensity

how intense competition in your business segments, whether and why it is going to intensify

Porters Five Forces Model

PORTERS FIVE FORCES MODEL

COMPETITION IN A START-UP

Direct Competition

Three Aspects of Competition in A Start-up

Indirect Competition

Competitive Response

BUSINESS PLAN

Strategy we shall either find a way or make one -Hannibal-

BUSINESS PLAN

Competitive position
Identify, and weight customer purchasing criteria (CPCs) Identify, and weight key success factors (KSFs) Asses your competitive position

BUSINESS PLAN

Customer purchasing criteria..

For business to business (B2B)

For business to consumer (B2C)

BUSINESS PLAN

Customer purchasing criteria

Effectiveness of the product or service
The first need of any customer from any product or service is that the job gets done.

Efficiency of the service

The second main customer purchasing criterion is efficiency. The customer wants the job done on time.

Range products or services provided

Then there is the range of products or service provided. This is an area that customers can find important for some products or services, even most important and no importance at all for others.

BUSINESS PLAN

Relationship with the producer or service provider

Never underestimate the relationship component in providing a service.

Customer purchasing criteria contn..

Premises
This applies only to those business, typically services, where the buying decision may be influanced by the environtment.

Price
This is the big one. Set your prices sky high and you wont have many customers.

Finally, on customer purchasing criteria, you must find out how your customers needs are likely to change in the future. If they believe one purchasing criterion is to highly important now, will it be as important in few years time?

Key Success Factors

Key success factors (KSFs) as what producers or service providers need to do succeed in marketplace. They are what you firm needs to get right to satisfy the customer. Typical KSFs are product, quality, consistency, availabiility, range and product development. On the service side, KSFs can include distribution capability, sales and marketing effectiveness, customer service, and technical support.

BUSINESS PLAN
Convert Customer Purchasing Criteria (CPCs) into Key Success Factors (KSFs) Differentation related: This is fairly straightforward for those CPCs that related how competitors differentiate their product or service from other Ex: you go to the city tour bus in Athens, Barcelona, you expect to be able to understand clearly what the tour guide saying > Thats CPC So the customer need is clarify of communication > Thats a KSF The associated KSFs are profiency in the language of delivery and clear communication. Cost - related: Price is CPC, cost competitiveness is a KSF.

Key Success Factors

To identify which are the most important KSFs for each of your main business segments, you need to undertake the following steps:

BUSINESS PLAN
Asess two more KSFs
Management: You need to identify how important managment is in general in your industry, such as wellmanaged company, with superb sales and marketing team reinforced by an efficient operation teams. Market Share: Market share is an indicator of breadth and depth of your customer relationship and your business reputation. It is more difficult to gain new customer than to do repeat business with an existing customer, the provider with the larger market share typically has a competitive advantage.

Key Success Factors

Apply weight to the KSFs

Identify any must have KSFs

BUSINESS PLAN

Strategy

Strategy is how a company deploys it scarce to gain a suistanable advantage over the competition

BUSINESS PLAN
Generic strategies
In essence and in vast majority of cases, a company need to choose between two: Low-cost Ex: a succesfull low cost strategy, easyjet and Ryanair, offer seats at scarcely credible price, compared with those prevailing before they entered the market, and still produce profit Differentiation Ex: a classic of the differentiation strategy would be Aplle, never the cheapest, but always stylistically distinctive and feature-intensive.

Strengthening competitive position If your generic strategy is one of low cost

If your generic is one of differentiation

Boosting strategic position The degree of market attractiveness should be measured as a blend of four factors: -Market size -Market demand growth -Competitive intensity -Market risk The larger the market and the faster it is growing, the more attractive, other things being equal, the market is.

BUSINESS PLAN

Your competitive position is in future rather than the present tense

Strategy in a start up
There are number of ways you can try to sustain your competitive advantage: Patent protection of key products Sustained innovation Sustained process improvement Investment in branding Investment, for business to business venture, in customer relationship

It will be affected adversely from the outset by a low rating against all key success factors pertaining to experience

Your backer will want to know whether it is defensible once achieved

BUSINESS PLAN

Strategic risk opportunities

and

You have to set out your strategy for strengthening your position in each key segment, as well as your overall strategic position

BUSINESS PLAN
All resources must be competently deployed for your business plan to be successful.

Resources
Its not the size of the dog in the fight, its the size of the fight in the dog -Mark Twain-

Marketing
Dont make the mistake of confusing marketing with advertising. The latter is just one component of a component of the former. Marketing is much bigger than that. It is a mindset. It is about the orientation of a firm towards serving the customer.

Managment
They are looking for managers who can deliver against the plan, who can implement the strategy. They want managers who can not only identify where the firm needs to strengthen its performance against one or another Key Success Factor (KSF), but also execute that performance improvement.

BUSINESS PLAN Supplies

Research and development

Systems and IT

Operations and Capital Expenditure

Purchasing

Distribution, storage and logistics

.

Quality and financial control

Manufacture or service provision

Customer Service and Technical Support

Regulatory complience

BUSINESS PLAN FINANCIAL FORECAST Content HISTORIC FINANCIAL MARKET-DRIVEN SALES FORECAST COMPETITION-DRIVEN MARGIN FORECAST FUNDING PLAN FULL FINANCIAL FORECAST FORECAST IN A START-UP FINANCIAL RISKS AND OPPORTUNITIES

BUSINESS PLAN FINANCIAL FORECAST

Data Information Using last 3 years actual financials & the current years budget Exceptional Operating in a highly clyclical industry : 4-5 years of historics Start-up : no historics, just forecast
HISTORIC FINANCIAL

Set out 4 major financial statement (for each year) Sales & profit margin by main business segment Profil & loss (P&L) account Cash flow statement Balance sheet

BUSINESS PLAN Financial Analysis

Anything that didnt perform to trend & cloudnt easily have been predicted and explain why

Which business segment contribute most to sales

Major component of expense in the P&L

Which business segment contribute most to profit

Describe The highlights that support these financial in 1-2 pages of narrative

The change of operating profit from previous year and the expected ones from this years budget

The change of sales from previous year and the expected ones from this years budget

Major influences in the cash flow and the balance sheet

BUSINESS PLAN FINANCIAL FORECAST Market-Driven Sales Forecast

GOAL

THE SECRET Lay out sales forecast in a market context. It will give a market-derived prespective on its achievability Top-down approach Bottom-up approach

1. 2.

3.

Make a sales forecast to be credible and convincing Show the degree of consistency of our revenues forecast to the market demand prospect and firms competitive position Show the degree of dependence of our revenues forecast to the new initiative in sales and marketing for ourachievement

1. 2.

THE PROCESS FLOW 1. 2. 3. 4. Business segment Revenues (the business part) Market demand prospects (market demand part) Competitive position (strategiy part) Likely revenue growth Top-down revenues Bottom-up revenues Total revenues

COLUMN 5TH likely revenue growth, must be consistent with : 1. Market demand forecast (market demand part) 2. Our firms competitive position (strategy part) 3. Our firmss track record over the last few years

5. 6. 7. 8.

Table 7.1 Drawing up a market-based sales forecast

Business Revenues segment ($) Market Demand Growth (%/year) Next 3 years 3 Chapter 3 Market Demand Company competitiv e position (0-5) Next 3 years 4 Chapter 5 Strategy Likely revenue growth (%/year) Next 3 year 5 Topdown revenu es ($) In 3 years 6 Bottomup revenues ($) Total revenues ($)

Lastest year 1 Source 2 Chapter 2 The Business A B C Others Total

In 3 years In 3 years 7 8

Here in chapter 7 Financial & Forecast

Lets do some test Table 7.2 A test : how consistent are RandomCos sales forecast? Extra impressive tips Add a couple of extra columns before column 2, setting out revenues for each of the previous years Add a column after column 2 for the average annual growth rate per segment over the last three years Split column 3 into two, showing average annual market demand growth in the last 3 years and the next 3 years ESSENTIAL TIPS
What your backer looking for? Consistency, coherence, and credibility of the Seven Cs Coherent sales forecast will be consistent with market demand forecast, firms competitive position, and bottom-up sales initiatives Coherent margin forecast will be consistent with trends in industry competitive intensity and bottom-up profit imporovement initiatives Then it will be credible

BUSINESS PLAN FINANCIAL PLAN : Competition Driven Margin Forecast

Business segment

Revenues this year

Profit Margin this year (%)

Profit this year (%)

Recent competitive intensity

Future competiitve intensity

Planned profit margin

Forecast profit

Planned profit improvement measures

Table 7.3 Drawing up a competition-based margin forecast

Busines s segmen t Revenu es ($) Profit ($) Profit Margin (%) Lastest year 4 Competitive Planned Forecast Planned profit intensity profit profit improvement (low-medmargin ($) measures high) (%) Laste In 3 st years year 5 6 Chapter 4 In 3 years 7 In 3 years 8 9 Chapter 5 & 6 Strategy & Resource

Lastest year 1 Source 2

Lastest year 3 Chapter 2 The Business

Here in chapter 7

Competition Financial&Forecast

A B C Others Total

How credible your margin forecast in column 7 are? Use these 3 main factor : Pricing pressure from competitive forces int he marketplace (top-down) Initiatives to improve the cost effectiveness of your business (bottom-up) Any initiatives may have to invest i strengthening an existing line of business or in launching another (investment)

ESSENTIAL TIPS What your backer looking for? Consistency in the profit margin forecast

BUSINESS PLAN FINANCIAL FORECAST : FUNDING PLAN

Equity 1. 2. No commitment to pay out anything to shareholders unless the company can afford to do so (ex. Dividen) Expensive. An equity backer expects a rate of return that in line with the perceived risk of the venture. (establised 30-40% per annum, start-up 60-80% per annum) Debt 1. Demands a fixed return which is not in line with the performance of the business Cheaper but less flexible

2.

Funding Plan
Try equty cushion an equity ratchet or early shareholding negotiation Additional assumption assume all the fund come from debt finance. To see how sensitive the cash flow and debt capital structure are, and how much equity cushion will be needed

BUSINESS PLAN FINANCIAL FORECAST - Full Financial Forecast

P&L Account 1. 2. Do a sense check Table 7.4 Forecasting the profit & loss account Cash flow 1. 2. Being focus of the equity investor The purpose of financial forecasting it helps to see how the cash surplus accumulates on the cash flow statement and how the cash reserves build up on the balance sheet Table 7.5 Forecasting the cash flow statement Balance Sheet 1. 2. Being focus of the banker Table 7.6 Forecasting the balance sheet Set out the current years budget numbers plus 3 year forecast for 3 different, interlinked sets of accounts : Profit&Loss Account (P&L) Cash flow, inc. Capital expenditure Balance sheet

1. 2. 3.

1.

3.

2. 3.

Advice make sure to specify clearly and throughly out the bases for each of your forecast assumption. It dependent on judgement Draw on evidence where possible Make additional assumption : upside case and downside case

BUSINESS PLAN FINANCIAL FORECAST : Start-Up Forecast

There is no past, not present, only future

Make assumption as your business is an existing market, then answer this 1. What is the size of this market? 2. What share of this market are you likely to capture after 3 years? 3. What revenues does that translate into? The process for drawing up P&L and cashflow forecast will be the same the only differences in the first balance sheet forecast will be that your start-year asset and liabilities are zero Cash surplus 1st year in b/s = cash surplus for the year in c/f P&L equity in b/s = net profit for the year in P&L account

Table 7.7 Drawing up a market-based sales forecast for a start-up

Business Market segment Share Market Forecast demand market growth size ($) (%/year) Next 3 years 3 Chapter 3 Market Demand A B C Others Total In 3 years Company competitive position (05) Next 3 years 4 Chapter 5 Strategy Likely Likely revenue marke ($) t share (%) In 3 years 5 In 3 years 6 Here in chapter 7 Financial & Forecast

Lastest year 1 Source : 2

BUSINESS PLAN FINANCIAL FORECAST Financial Risk & Opportunity

Financial issues
Interest rates exchange rates tax rates

Essential case study Essential check list

BUSINESS PLAN FINANCIAL FORECAST

A forecast P&L account A forecast cash flow statement A forecast balance sheet
ESSENTIAL CHECKLIST ON FINANCIAL AND FORECAST

Irrelevant financial detail 1. Do not burden your backer with spurious accuracy in your forecast 2. Do not lay out monthly financial forecast unless your business is a start-up

BUSINESS PLAN RISK, OPPORTUNITY AND SENSITIVITY

Definition of Big Risk / Opportunity 1. 2. The likehood of occurrence is medium/high and impact is high The likehood of occurence is high and impact is medium/high

BUSINESS PLAN RISK, OPPORTUNITY AND SENSITIVITY

GOAL Shows, diagrammatically, whether the oppurtinities (the suns) outshine the risks (the cloud) or vice versa = in one chart, it tells you whether your plan is backable or not The chart forces you to view each risk and opprtunities from 2 prespective 1. How likely it is to happen 2. How big an impact it would have if it did

MEET THE SUNS & CLOUDS CHART

Essential Tip The last Seven Cs that make for a good business plan is to be convincing, it is in your analysis of risk and opportunity that you need to be just that

1. The more likely a risk / opportunity is to happen, the further to the right you should place it along horizontal axis 2. The bigger impact a risk/opportunity would have if it were happen, the higher you should place it up the vertical axis

BUSINESS PLAN - RISK, OPPORTUNITY AND SENSITIVITY

Extraordinary risk Look for a showstopper risk which is make your plan will be unbackable The closer a cloud gets to that thundercloud (showstopper risk), the worse news it is Risks that hover around the diagonal can be handled, as long as they are balanced by opportunities The balance A backer will look at the pattern of suns in this area of the parabola and compare it with the pattern of clouds The ways to assess a suns and clouds chart is to look first at the general area above the diagonal and the direction of the thundercloud One of the best feature of the suns and clouds chart is that it can be made dynamic For every risk, there are mitigating factors

WHAT THE SUNS AND CLOUDS TELL YOU ? Whether there are any extraordinary risks/opportunities and whether the overall balance of risk and opportuniy is favourable

Bankers and investors see different skies Bankers will focus on the clouds Investors will focus on the suns Bankers like low risk for which they are prepared to accept relatively low return Investor seek a higher return, for which the are prepared to accept higher risk

BUSINESS PLAN RISK, OPPORTUNITY AND SENSITIVITY

Upside case Downside case Put together two, three, or more risk and examine their cumulative impact

SENSITIVITY TESTING

Essential tips stay realistic in your sensitivity testing Essential check list Set out and weigh up the big risks and oppurtinities by considering Their likehood of occurrence Their impact on cash flow if they do occur Assure your backer of two fundamentals on the nature of their risk There is no showstopper risk in your plan On balance, opportunities to beat your plan surpass the risks faced

BUSINESS PLAN CONCLUSION

CONCLUSION

EXECUTIVE SUMMARY INVESTMENT HIGHLIGHT

CONCLUSION

BUSINESS PLAN CONCLUSION CONCLUSION

Essential tips Make your cloncusion punchy

The overall conclusion on why your business is worthy of backing 1. Market demand prospect 2. Competition 3. Strategy 4. Resources 5. Financial and forecast 6. Risk, opportunity, and sensitivity Each bullet point should be no more than one sentences Take your headline conclusion from each of thise chapters and weave them into a coherent storyline

BUSINESS PLAN CONCLUSION

EXECUTIVE SUMMARY
1. The executive summary, to become chapter 1 of your business plan, is an extended version of the conclusion, no more, no less 2. It should be the same overall conclusion, perhaps even the same one sentence, but instead of one sentence per bullet, it should have a couple of paragraph for each 3. Spend time on it, nurture it, hone it and edit it remorselessly, even give it to a profesional to edit. It may be the best invesment you make

BUSINESS PLAN CONCLUSION

INVESTMENT HIGHLIGHTS 1. Often found in a Confidential Information Memorandum (CIM) 2. A document typically put together in an auction situation by the corporate finance adviser to the vendor of part or all of a companys equity Tips in make investment highlight section Dont reproduce the executive summary These bullets should highlight the key reasons why a backer would choose to inject scarce resources into your company rather tahn somewhere else Dont have a separate chapter Dont mislead

BUSINESS PLAN Monitoring And Evaluating

MONITORING YOUR PLAN

To monitor performance against the plan to keep your backer informed of progress. After a year or so, this monitoring will to a large extent be usurped by the budget process. By the third year, the business plan will be regarded as a historical curiosity. Monitoring will be a superfluous exercise, but evaluation will not.

Essential Tip Evaluations work, Lessons are better learnt late than never. Try to get it right next time.

BUSINESS PLAN Monitoring And Evaluating EVALUATING YOUR PLAN

The evaluation should be carried out by someone independent of the initial business planning exercise. It should focus on examining the outturn of key parameters forecast in the plan. The important points in the evaluation process : Key parameters You might choose to analyse the costs of rental of premises compared with forecast, but you wont compare the costs of paperclips. Reasons If things turned out significantly differently, why? External forces, or areas where you went right/wrong? Lessons Next time round, what should you do differently in the plan process? How can your forecast be made more accurate? What extra research or analysis would be beneficial?

BUSINESS PLAN Monitoring And Evaluating BEWARE THESE CHARACTERS

The Dreamer The person who lays out a set of sales forecasts that bear no relation to what market demand is forecast to do and/or how the firm is positioned in the market. The Loner The person business plan has a sentence, not even a paragraph, let alone a chapter, on competition. The Magician The person is the clever guy who has forecast sales reasonably, consistent with both market deamand and his firms competitive position, but has forecast his cost base to grow at a fraction of his sales growth rate. The Macho This person is the turnaround guy extraordinaire. No matter that profits took a bit of a dive last year. The Deluded This person has completed a reigorous, thoroughly researched and analysed assessment of the market opportunity.

Essential Tip
Evaluations work, Lessons are better learnt late than never. Try to get it right next time.

THANK YOU