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Frequently Asked Questions
1) When is the 6th Annual Business Plan Contest?
The 6th Annual Business Plan Contest is from September 2008-March 2009. Please note the following contest dates and activities:
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Contest Launch: September 16, 2008
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Contest Deadline: 12 noon on Tuesday, December 16, 2008
- Finalists Business Pitch Presentation: February 9-13, 2009
- Awards Ceremony: March 3, 2009
For submission rules and details click here.
2) Who is eligible to enter the Contest?
To be eligible for the contest, you must be a British Columbia-based small business. A small business is defined as a business with fewer than 50 employees or a business operated by a self-employed person with no paid help. In addition, the submitted business plan must be written by the owner and/or partner(s) of the business.
3) Who is eligible for the CGA-BC Business Start-Up Award?
To be eligible for the CGA-BC Business Start-Up Award, you may be thinking of starting a business or operating a business in BC for a maximum of 24 months or have not completed 2 fiscal years as of December 16th, 2008. This award will be given to the top three recipients, tiered ranking. Each of the award recipients will have demonstrated a viable and comprehensive business plan as well as succeeded in presenting a quick and concise Business Pitch to the judging panel.
4) Who is eligible for the Telus Business Growth Award?
To be eligible for the Telus Business Growth Award, you have been operating a business in BC for a minimum of 25 months or have completed more than 2 fiscal years as of December 16th, 2008. This award will be given to the top three recipients, tiered ranking. Each of the award recipients will have submitted a comprehensive business plan that illustrates they were successful in overcoming obstacles and ready to explore opportunities for expansion and growth as well as succeeded in presenting a quick and concise Business Pitch to the judging panel.
5) Who is eligible for the BONUS Awards?
All contest participants are eligible for either of the "bonus" awards: Community Leadership and Going Global Awards. The Community Leadership Award that will be presented to the participant that demonstrates the leadership in managing the risks and opportunities posed by climate change. The Going Global Award that will be presented to a Contest participant who demonstrates the most viable import/export business plan.
6) Is there a registration fee to enter this Contest?
No, this is a FREE competition!
7) What goes into a business plan?
The following checklist is intended to be a guide to help you develop your business plan, however every business situation is unique. A detailed business plan includes:
- Title Page and Table of Contents
- Executive Summary (summary of company, product/services, competitve advantage and proposed sources and use of funds)
- Products & Services Description
- Market Analysis
- Marketing Plan
- Management Plan
- Operational Plan
- Financial Plan
- Risk and Contingency Plan
- Appendices (supporting material that you may have referenced in your business plan)
For a detailed business plan checklist click here.
8) I have no experience developing a business plan. Do you provide any resources?
Certainly. You can begin by visiting our Small Business BC website. Also, we have workshops throughout the year and a Business Plan Review Team who can help you with the process.
9) Are there any formatting requirements for submitting my business plan?
Yes, we require all business plans adhere to the following format:
- Single space with Times New Roman font of letter size 12 on 8.5 x 11 paper (letter size);
- Maximum length of application shall not exceed 25 pages, EXCLUDING Title Page, Table of Contents, Financials, and any Appendices;
- Plans may be submitted in either official language (English or French).
10) How do I submit my business plan?
All business plan applications can be submitted online, by mail or in-person. You must only choose ONE submission method (online, mail or in-person). FAXES AND EMAILS WILL NOT BE ACCEPTED. There will be NO REPLACING DOCUMENTS OR PARTS THEREOF. All submissions are FINAL and will not be returned.
11) What are the Contest Prizes?
The Contest consists of several rounds of judging followed by the Finalists Business Pitch Presentation to the judging panel. The 1st place winners for the CGA-BC Business Start-up Award and the Telus Business Growth Award receives $5,000 each; 2nd place $2,000; 3rd place $1,000; and $1,000 each for the Community Leadership Award and the Going Global Award bonus categories. For more Awards & Prize details, click here.
12) When will be winners be announced?
Winners will be announced during the awards ceremony on March 3, 2009.
13) What are the Contest’s confidentiality and privacy measures?
Small Business BC agrees to maintain all business plans submitted in confidence and to not reproduce / distribute / communicate the information within, except to the members of the judging panel, without expressed written consent of the contest entrant. All business plans, references and credit checks will be treated as confidential, seen only by the Judging Panel, and kept in a locked and secure location during the judging process. All plans submitted will not be returned but shredded after two weeks of winners’ ceremony held on March 3, 2009.
14) May a business plan be submitted that has been submitted to another business plan competition?
Yes.
15) Can I learn about previous contest winners?
Yes, simply click here.
16) When is the Awards Ceremony?
The Awards Ceremony will be held in Vancouver on March 3, 2009. More details to come soon.
17) Who are judging the business plans?
A diverse group of business professionals will be invited to be in the contest’s judging panel.
18) Will I receive feedback on my business plan?
Yes, you can receive feedback on your business plan by first arranging an appointment with our Business Plan Review Team. To arrange an appointment, contact Rab Kooner at kooner.rab@smallbusinessbc.ca or Bel Mui at mui.bel@smallbusinessbc.ca.
19) Will you return my plan after the competition is over?
No, all plans submitted will not be returned but shredded two weeks after the Awards Ceremony held on March 3, 2009.
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