Business Analysis
At this stage, you will have successfully gathered all the technical information and market data required to assess the potential of the business and it is now time to prepare a Business Plan and investigate the Financial Aspects of the business as well as implications for Human Resources.
Business Plan
Preparing a business plan is fundamental to the success of your business. Putting your ideas and research results down on paper is a crucial step to converting your ideas into commercial reality. It is the key to making things happen. The business plan will allow you to assess the feasibility of your project in a logical manner. It is also a marketing tool that can be used to attract investors, help in securing bank loans and to apply for financial support from relevant agencies.
A business plan should be a realistic view of the expectations and long-term objectives of the project. It should provide a framework within which the project must operate, which is fundamental to its success or failure. WESTBIC have extensive experience in assisting entrepreneurs in the development of business plans across all industry sectors specific to the regions serviced.
Financial Aspects
An essential element of a good business plan is the financial planning for the project. Good financial planning and modelling are critically important issues for any new venture. It brings together all the other aspects of the business plan including operations, marketing and human resources. The quality of the financial plans will reflect the reliability of research and market information gathered.
WESTBIC has a multi-skilled talent pool of experts who can facilitate the development of a detailed financial plan for your business with a focus on the following key areas:
- Capital Costs and Sources of Finance
- Grant Support
- Seed Capital Funds
- Cashflow & Profitability Forecasts
Capital Costs and Sources of Finance
It is necessary to accurately assess the overall capital costs involved in establishing a new business and to source the necessary finance to find this investment. Along with the promoter's own equity and term loan finance, WESTBIC can assist new entrepreneurs to source start-up finance through grant aid and seed capital finance for eligible projects.
Grant Support
Government Agencies such as County Enterprise Boards, Enterprise Ireland, Údaras Na Gaeltachta and LEADER companies can provide grant aid towards eligible business proposals in the form of capital grants, employment grants, feasibility study grants and other assistance. WESTBIC can introduce you to the relevant agencies and help you with the preparation and submission of grant applications.
Seed Capital Funds
WESTBIC can assist you in accessing established seed capital funds suitable for your business.
These funds generally provide start-up and early stage Seed Capital to companies that:
- Are innovative and technology led, with good business development and growth potential
- Are financially and economically viable with prospects for good return on investment
- Are able to demonstrate strong job creation potential
- Require investment of €12,500 to €125,000
- Are owned or managed by motivated and experienced managers/promoters
WESTBIC is also involved with the Irish BIC's Seed Capital Fund which was established by the Association of EC-BIC's in Ireland to provide early stage seed capital to small and medium sized businesses. The fund serves as an active partner to its investee companies through the local knowledge, experience and hands-on support provided by the BIC in the region.
For Galway Enquiries, Contact:
Gert O'Rourke
WESTBIC
Galway Technology Centre
Mervue
Galway
Fax: 091 730853
E-mail:
Cashflow & Profitability Forecasts
An essential part of financial planning is operational cashflow projections and profitability forecasting. With a tried and tested approach to this crucial aspect of the business analysis, WESTBIC assists clients in undertaking a financial modelling exercise including detailed cashflow and profitability projections for three years based on realistic market assumptions.
Human Resources
Every full-time enterprise requires a human resource input, beginning of course with the promoter/manager. We assist in evaluating the promoter's ability and potential, current skills, gaps and training required depending on the nature of the business.
We also look at the overall human resource requirements of the business both at start-up stage for new projects and throughout its expansion and development; and make recommendations to assist the promoter in this regard. Personnel training is also a key area which is addressed.