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Post Session Doc - Mr. Xerxes Dastur

Xerxes V. Dastur
Xerxes V. Dastur

Mr. Xerxes Dastur gave a presentation on how to create an effective business plan. He explained that a business plan outlines the objectives, strategies, and finances of a business. It is important to plan for the short, medium, and long term. The business plan should identify the product or service, target market, operating processes, organizational structure, and financing. It must also address statutory compliance, risk management, marketing, employees, and review processes. Creating a realistic plan with proper documentation is a long-term investment that integrates all business functions. The presentation provided an overview of developing an effective business plan and was followed by a Q&A session.

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S Mr. Xerxes Dastur started by giving insight on what a Business plan is. He explained the importance and objective of a business plan. Then he informed us about the various milestones that are reached in the process of making a business plan. Mr. Dastur continued with talking on various plans i.e. introduction plan, short term plan and long term plan. He also told the importance of having all of them prepared. While informing us about the components of business plan he stressed on the importance of statutory compliances. In a country like India it becomes very important to take various statutory organizations as partners from the beginning instead of waiting for last moment. With a tax rate of about 33% it becomes very important. Moving further, he informed us about the concept of product or service to be provided. The need to identify a human need was stressed upon. As long as the product satisfies a human need there will be a demand for the product. It is very important to identify the right market and your target customer. A product is the most important thing that will take your business forward. So now, it is important to plan the operating process and test check the product before jumping into the market. Organizational set up and resources are the next important thing. Here we were informed about the scale of production, investment in fixed assets, technical expertise required, expected investors and normal market practices. Also, money value of intellectual property, patents, copyright and goodwill were talked about. A company needs a strong financing and investing plan if it wants to prosper. He stated that Mr. Xerxes V Dastur Partner at V. S. Dastur & Co. Chartered Accountants. Vice Chairman - Mumbai Chapter at World Zarthusti Chamber of Commerce, Trustee and Chairman of the managing committee of the Ripon club. Honorary secretary of Sir Ness Wadia Memorial Pavilion and a mentor at the National Entrepreneurship Network (NEN). Highly experienced in strategic consulting, especially in business plans and sales strategy development Advises new businesses on formation of corporations and business structures, drafting privacy policies and structuring commercial transactions. He is also experienced in outsourced CFO services and administration of Family Offices. A PRODUCT OR A SERVICE IS THE LIFELINE OF AN ORGANIZATION. IT IS THE PRIMARY DETERMINANT OF AN ENTERPRISE'S GROWTH AND WELLBEING. How to make a Business Plan Mr. Xerxes V Dastur| Partner at V. S. Dastur & Co. Chartered Accountants
How to make a Business Plan | February 2015 Shailesh J Mehta School of Management | IIT Bombay, Powai 400 076 Page 2 the funds should not be left idle. Right amount of funds make you work properly. Extra funds may sometime lead to lethargy among young entrepreneurs. The plan must be created in such a way that it has a favorable debt to equity ratio. Great capital turns are favorable. Opportunity cost and time value of money should also be taken into account. Statutory compliance is very important as suggested by him. Compliance with labor laws, companys act, RBI requirements, SEBI requirements etc., to name some, are very important. A lot of amount is to be paid as tax; hence proper tax management system becomes very important. According to him risk is an inevitable part of any business. The ability to manage risk is the most important element of a plan. He suggested carrying out SWOT analysis to understand various parameters. Insurance against calamities like flood, fires etc. are also very important. It is also important to devise a backup plan. Marketing and development plan is also very important. It is necessary to identify appropriate positioning of product life cycle, detailed promotion and advertising strategy. It is also required to create an effective marketing budget. Research and Development expenses are gaining much popularity in this era. Employees are the most valuable resource for any company. It is very important to place right person at the right job. Staffing function planning and development of proper salary structures are very important. A detailed organizational chart should also be prepared. The talk came to an end with some suggestion from the speaker. He suggested keeping the plan simple. The plan should be realistic and requires proper documentation and dedicated review. He suggested that planning is a long term investment and synergy of all functions. The speaker then answered the questions that the audience had about the business plan. Student Feedback: It was a good introduction on how to make a B-Plan. It was simple enough for a person new to entrepreneurship and interesting as well. The next session can be more technical since the basics of B-plan is understood. The session gave us a chance to understand the significance of financial engineering in B-Plan. The Q&A session was very good. It would be better if the speaker could share examples for the same. Illustrations make a deep impact on the mind and help understand better. More workshop based session will be very much appreciated.

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Post Session Doc - Mr. Xerxes Dastur

  • 1. S Mr. Xerxes Dastur started by giving insight on what a Business plan is. He explained the importance and objective of a business plan. Then he informed us about the various milestones that are reached in the process of making a business plan. Mr. Dastur continued with talking on various plans i.e. introduction plan, short term plan and long term plan. He also told the importance of having all of them prepared. While informing us about the components of business plan he stressed on the importance of statutory compliances. In a country like India it becomes very important to take various statutory organizations as partners from the beginning instead of waiting for last moment. With a tax rate of about 33% it becomes very important. Moving further, he informed us about the concept of product or service to be provided. The need to identify a human need was stressed upon. As long as the product satisfies a human need there will be a demand for the product. It is very important to identify the right market and your target customer. A product is the most important thing that will take your business forward. So now, it is important to plan the operating process and test check the product before jumping into the market. Organizational set up and resources are the next important thing. Here we were informed about the scale of production, investment in fixed assets, technical expertise required, expected investors and normal market practices. Also, money value of intellectual property, patents, copyright and goodwill were talked about. A company needs a strong financing and investing plan if it wants to prosper. He stated that Mr. Xerxes V Dastur Partner at V. S. Dastur & Co. Chartered Accountants. Vice Chairman - Mumbai Chapter at World Zarthusti Chamber of Commerce, Trustee and Chairman of the managing committee of the Ripon club. Honorary secretary of Sir Ness Wadia Memorial Pavilion and a mentor at the National Entrepreneurship Network (NEN). Highly experienced in strategic consulting, especially in business plans and sales strategy development Advises new businesses on formation of corporations and business structures, drafting privacy policies and structuring commercial transactions. He is also experienced in outsourced CFO services and administration of Family Offices. A PRODUCT OR A SERVICE IS THE LIFELINE OF AN ORGANIZATION. IT IS THE PRIMARY DETERMINANT OF AN ENTERPRISE'S GROWTH AND WELLBEING. How to make a Business Plan Mr. Xerxes V Dastur| Partner at V. S. Dastur & Co. Chartered Accountants
  • 2. How to make a Business Plan | February 2015 Shailesh J Mehta School of Management | IIT Bombay, Powai 400 076 Page 2 the funds should not be left idle. Right amount of funds make you work properly. Extra funds may sometime lead to lethargy among young entrepreneurs. The plan must be created in such a way that it has a favorable debt to equity ratio. Great capital turns are favorable. Opportunity cost and time value of money should also be taken into account. Statutory compliance is very important as suggested by him. Compliance with labor laws, companys act, RBI requirements, SEBI requirements etc., to name some, are very important. A lot of amount is to be paid as tax; hence proper tax management system becomes very important. According to him risk is an inevitable part of any business. The ability to manage risk is the most important element of a plan. He suggested carrying out SWOT analysis to understand various parameters. Insurance against calamities like flood, fires etc. are also very important. It is also important to devise a backup plan. Marketing and development plan is also very important. It is necessary to identify appropriate positioning of product life cycle, detailed promotion and advertising strategy. It is also required to create an effective marketing budget. Research and Development expenses are gaining much popularity in this era. Employees are the most valuable resource for any company. It is very important to place right person at the right job. Staffing function planning and development of proper salary structures are very important. A detailed organizational chart should also be prepared. The talk came to an end with some suggestion from the speaker. He suggested keeping the plan simple. The plan should be realistic and requires proper documentation and dedicated review. He suggested that planning is a long term investment and synergy of all functions. The speaker then answered the questions that the audience had about the business plan. Student Feedback: It was a good introduction on how to make a B-Plan. It was simple enough for a person new to entrepreneurship and interesting as well. The next session can be more technical since the basics of B-plan is understood. The session gave us a chance to understand the significance of financial engineering in B-Plan. The Q&A session was very good. It would be better if the speaker could share examples for the same. Illustrations make a deep impact on the mind and help understand better. More workshop based session will be very much appreciated.