What is a Business Plan? A Strategic version of your company - a written summary of what you hope to accomplish by being business and how you intend to organize your resources to meet your goals. A road map- for operating your business and measuring your progress along the way. It will give you and your employees goals and direction: a roadmap to follow in guiding your business through good and bad times. It clearly identifies the target customers, market area, pricing strategy and the competitive conditions under which you must operate to succeed. Why is a business plan important? A message sender (communicates your company's ideas and message to employees, outside directors, and potential investors outside the company, in an organized credible manner) A motivation tool (the development of your business plan is one of the best ways for you to communicate how well you understand your business) Provides critical focus and discipline necessary for effective planning Acts as a reality check A performance tool A management development tool (writing your business plan will help you to develop as a manager, because it gives you practice in thinking and figuring out problems about competitive conditions) Importance of a good business plan to Al Tomooh It informs the Evaluating person about the business opportunity itself It gives us enormous insight into the experience and sophistication of the applicant and the potential for development The process enables Tomooh to begin to identify the needs of the emerging business - human as well as financial To be ready for Tomooh interview, what shall I focus on? Focus on your experience and background and the decisions that led you to start this particular enterprise What is the most important point that led to business success? The important point that led to business success is to have full information about the problems your target market faces and how your expertise will help provide solutions How to make a positive interview? You should know how to convince the interviewer that there is a need for your service or product and about its uniqueness and superiority to competitive products If I will prepare the Feasibility study by myself, what is the most important information that Tomooh will need to be included at the business plan which help in the evaluation process? Company Description & Location Service of product line Organization, Management and Personnel The market and competitor analysis Description of the primary target market Key characteristics of your secondary markets Strategies for reaching your target market Pricing and gross margin targets Opportunities/Barriers Size of primary target market Financials in case it is exist business (the statement of cash flow is the most important for your business plan since it will be the one which is most scrutinized) What is the Cash Flow? Cash flow is the actual movement of cash into and out of your business Before I prepare the feasibility study, what are the main elements I have to know for starting a new business? You have to know the following, before preparing your feasibility study: your strengths and weaknesses your personal goals your financial resources Identify the financial risks Determine the start-up costs Decide on your business location Do market research Identify your customers Identify your competition Develop a marketing plan I currently have a government job; do I have to leave it before I start the Business? No Do I have to run the business by myself? Yes, but you can recruit a full team to assist you in running your business. Is expatriate partner acceptable to Al Tomooh? No, but in a very limited situations when the business needs a specialist or technical expertise, you can have either expatriate business manager or you can have an expatriate expertise as a partner (49% ) , but the trade license must be 100% National owner . (This case will be subject to Al Tomooh Supreme Committee approval) I financed a project from Al Tomooh and settled the whole financed amount, Can I apply for second project finance? No, Every UAE national is eligible for project finance once in life, to give the opportunity to other UAE nationals to obtain project finance. Does AL Tomooh prepare feasibility study to its applicants? No, but we have authorized auditing companies, where you can obtain discount also (please ask for the list from Al Tomooh Management) " Note: Al Tomooh doesn't guarantee any approval from the authorized companies unless the project is profitable & the study proof its success and the project obtains approval from Al Tomooh Credit Management Does Al Tomooh have any training program on business management to its applicants? No, but you can join training programs that Mohammed Bin Rashid Establishment for Young Leaders organizes specially for those who seek Small Business Finance (Diploma in How to Start a Small Business – How to prepare a feasibility study) What is the approval duration? If the applicant submits all the required documents, the evaluation and the approval will take from 45 days to 2 months from the submission date of the application.   Top