business plan assessment criteria

Judging Criteria and Business Plan Requirements: New York StartUP! 2024 Business Plan Competition

Round 1: technical review.

In this round, your plan is reviewed and scored for format rather than content. 

The following business plan template is adapted from Rhonda Abrams'  Successful Business Plan   and should be used as the format for your Business Plan:

• One-page Overview (PDF)
• One-page Overview (Word)
• Business Plan Template (PDF)
• Business Plan Template (Word)

Business Plan Requirements

• Your Business Plan, including the financials, must be uploaded as one (1) file in PDF format.
• It should be no longer than 20 (one-sided) pages, excluding financial statements, the cover page, and the table of contents.
• Use Arial font, no less than 10pt, with one-inch margins.

Your Business Plan must contain the following:

• A one-page overview in the required format
• Team entries must include the names of all team members, and the street address, telephone number, and email address of one designated entrant
• A table of contents
• One-page executive summary
• Page numbers throughout the business plan
• Elements of a Business Plan template provided on this website
• Financial projections should include a 3-year summary balance sheet, an income statement, and statements of cash flow. Additionally, the statements should include monthly income statements for years one and two, and a quarterly income statement for year three. The financials should also include a description of sources and uses of funds, break-even analysis, and notes to financials inclusive of financial assumptions.

Please note:

• Points will be deducted from your score if your plan exceeds 20 pages.  
• NYPL will not reimburse entrants for any expenses related to the compilation or assembly of your Business Plan.
• Working models or prototypes will not be accepted.
• The Business Plans will be destroyed shortly after the competition has ended.

Round 2: Judges' Review

The judges will evaluate each Business Plan based on the following:

• Content of the plan, including the thoroughness and quality of the analysis
• Effective use and impact of the prize money
• Effective use of business information and research
• Clear communication
• The probability of a successful launch
• Community impact and job creation potential
• Quality and effectiveness of the final presentation (in the event the applicant becomes a finalist and is invited to present)

The Business Center will publicize the names and associations of all judges who participate in the New York StartUP! 2024 Business Plan Competition. Judges will be asked to remove themselves from judging a plan if they have a conflict of interest, such as a pre-existing family or business relationship with an entrant.

Round 3: Finalist Presentations

In November 2024, finalists will be notified and required to present their plans to the panel of judges and respond to their questions. The exact date, time, and location of these meetings will be provided to the finalists.

Review Process

• In addition to completing the online orientation, entrants are required to have at least one consultation with a business librarian, meet at least once with a business advisor, and attend the four (4) virtual training workshops. Failure to do so will result in disqualification of your application.
• September 18, 2024 |  Business Plans must be uploaded to the competition site no  later than 11:59 PM. 
• September: Round 1, Technical Review
• October :  Round 2, Judges Review  | The panel of judges will review submitted business plans.
• November |  Finalists will be notified and required to present their plans to the panel of judges and respond to their questions. The exact date, time, and location of these meetings will be provided to the finalists
• December |  Winners will be announced at the StartUp! Awards Ceremony

Published on 1 Jan 2021

How to use an assessment report to create an effective business plan

• Written April 14, 2022
• by Dave Lavinsky

An assessment report is a document that both summarizes and provides a deeper analysis of a particular topic or issue. To effectively  create a business plan , an organization needs to have an informed understanding of the market. The findings from the assessment report help provide this understanding by offering data about the current market as well as potential future developments that will impact it.

Below you will learn more about assessment reports and how to use them to create effective business plans.

What to include in an assessment report

The Industry Analysis section defines how big your market is and key market trends. It’s used to ensure the market is large enough to support your company’s growth and to ensure you have the best strategy to capture market share.

The following questions should be answered in the industry analysis section of your business plan:

• How big is the industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?

Each of these questions should have already been answered in your assessment report, although you might need to re-organize the information to better fit within your plan.

4. Customer analysis

In this section of your plan, you’ll describe who your typical customer is, what they want, and why they will choose your company over the competition. You will also detail how many potential customers exist and any trends affecting them.

Use census data , interviews, surveys, etc. to back up any claims you make in this section. The good news is that you will have already conducted this research when developing your assessment report.

5. Competitive analysis

Your competitive analysis identifies the competitors your business faces. 

For each competitor, you should provide an overview of their business and document their strengths and weaknesses. Answer questions such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

Next, document how you will achieve competitive advantage. For example:

• Will you provide different or better products or services?
• Will you provide superior customer service?
• Will you offer better pricing?

Once again, you should have answered all of these questions in your assessment report and can then copy that information into your business plan.

6. Marketing plan

While the core marketing plan components will not have been developed when creating your assessment report, in doing the assessment report, you will have strategized your marketing and growth plan so you won’t be starting from scratch.

Be sure to includes the following in your marketing plan section:

• Product or Service: describe the products and services your company offers.
• Price: Document the prices you offer and how they compare to competitor pricing.
• Promotions: Detail how you will attract new customers using methods such as: ○  Pay per click advertising ○  Television advertising ○  Flyers ○  Public Relations ○  Etc.

7. Operations plan

Your operations plan includes two key sections. It starts by describing the daily processes you perform to run your business such as serving customers, procuring inventory, etc.

Next, you will document your long-term goals along with the dates you hope to achieve them. These are the milestones you strategized when creating your assessment report.

8. Management team

The Management Team section of your business plan describes the key members of your management team, their experience and education and what makes them qualified to grow your company.

When conducting the SWOT (strengths, weaknesses, opportunities and threats) analysis during your assessment report, you will answer many questions about the worthiness of your current team that you can document in your plan. You will also identify management team gaps that you must fill; these gaps should be included in your business plan too.

9. Financial Management team

Your financial plan includes projections for future revenues, gross profit , operating expenses, and earnings for the next 5 years.

Your projections must be tied to the research conducted in your assessment report. For example, your company can’t grow to a size that exceeds the industry size you determined. Likewise, by conducting research while doing the assessment report, you will have identified reasonable assumptions like growth rates, employee salaries, etc., that will help you put together well-reasoned and defendable financial forecasts.

In addition, if applicable, your financial plan will document if your company needs funding to achieve its growth plan and detail the key uses of such funds.

As you can see, your assessment report and business plan go hand in hand. Your assessment report forces you to conduct market research and determine the optimal strategies to grow your business. Your business plan expands upon that research and strategy to more clearly define your growth roadmap. Also, if you need funding to grow, it bolsters your need for funding and gives investors and lenders confidence that they will get a solid return on their investment.

Create your own assessment for free!

About the author:.

Dave Lavinsky

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Business Plan Evaluation

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What is Business Plan Evaluation?

A business plan evaluation is a critical process that involves the assessment of a business plan to determine its feasibility, viability, and potential for success. This process is crucial for entrepreneurs, investors, and other stakeholders as it helps them make informed decisions about the business. The evaluation process involves analyzing various aspects of the business plan, including the business model, market analysis, financial projections, and management team.

The purpose of a business plan evaluation is to identify strengths and weaknesses in the plan, assess the feasibility of the business idea, evaluate the potential for profitability, and determine the likelihood of achieving the business objectives. The evaluation process also helps identify areas where improvements can be made to enhance the chances of success. This process is particularly important for solopreneurs who are solely responsible for the success or failure of their business.

Importance of Business Plan Evaluation

The evaluation of a business plan is an essential step in the business planning process. It provides an opportunity for the entrepreneur to critically examine their business idea and identify potential challenges and opportunities . The evaluation process also provides valuable insights that can help improve the business plan and increase the chances of success.

For investors, a business plan evaluation is a crucial tool for risk assessment. It allows them to assess the viability of the business idea, the competence of the management team, and the potential for return on investment. This information is vital in making investment decisions.

For Solopreneurs

For solopreneurs, the evaluation of a business plan is particularly important. As they are solely responsible for the success or failure of their business, it is crucial that they thoroughly evaluate their business plan to ensure that it is feasible, viable, and has the potential to be profitable.

The evaluation process can help solopreneurs identify potential challenges and opportunities, assess the feasibility of their business idea, and determine the likelihood of achieving their business objectives. This information can be invaluable in helping them make informed decisions about their business.

For Investors

Investors use the evaluation process to determine whether or not to invest in a business. They look at various aspects of the business plan, including the business model, market analysis, financial projections, and management team, to assess the potential for success. If the evaluation reveals that the business plan is solid and has a high potential for success, the investor may decide to invest in the business.

Components of a Business Plan Evaluation

A business plan evaluation involves the analysis of various components of the business plan. These components include the executive summary, business description, market analysis, organization and management, product line or service, marketing and sales, and financial projections.

Each of these components plays a crucial role in the overall success of the business, and therefore, they must be thoroughly evaluated to ensure that they are realistic, achievable, and aligned with the business objectives.

Executive Summary

The executive summary is the first section of a business plan and provides a brief overview of the business. It includes information about the business concept, the business model, the target market, the competitive advantage, and the financial projections. The executive summary is often the first thing that investors read, and therefore, it must be compelling and persuasive.

In the evaluation process, the executive summary is assessed to determine whether it clearly and concisely presents the business idea and the plan for achieving the business objectives. The evaluator also assesses whether the executive summary is compelling and persuasive enough to attract the attention of investors.

Business Description

The business description provides detailed information about the business. It includes information about the nature of the business, the industry, the business model, the products or services, and the target market. The business description also provides information about the business's competitive advantage and how it plans to achieve its objectives.

In the evaluation process, the business description is assessed to determine whether it provides a clear and comprehensive description of the business. The evaluator also assesses whether the business description clearly outlines the business's competitive advantage and how it plans to achieve its objectives.

Methods of Business Plan Evaluation

There are several methods that can be used to evaluate a business plan. These methods include the SWOT analysis, the feasibility analysis, the competitive analysis, and the financial analysis. Each of these methods provides a different perspective on the business plan and can provide valuable insights into the potential for success.

It's important to note that no single method can provide a complete evaluation of a business plan. Therefore, it's recommended to use a combination of these methods to get a comprehensive understanding of the business plan.

SWOT Analysis

SWOT analysis is a strategic planning tool that is used to identify the strengths, weaknesses, opportunities, and threats related to a business. This method involves examining the internal and external factors that can affect the success of the business.

In the evaluation process, a SWOT analysis can provide valuable insights into the potential for success of the business. It can help identify the strengths and weaknesses of the business plan, as well as the opportunities and threats in the market.

Feasibility Analysis

A feasibility analysis is a process that is used to determine whether a business idea is viable. This method involves assessing the practicality of the business idea and whether it can be successfully implemented.

In the evaluation process, a feasibility analysis can provide valuable insights into the feasibility of the business plan. It can help determine whether the business idea is practical and whether it can be successfully implemented.

In conclusion, a business plan evaluation is a critical process that involves the assessment of a business plan to determine its feasibility, viability, and potential for success. This process is crucial for entrepreneurs, investors, and other stakeholders as it helps them make informed decisions about the business.

The evaluation process involves analyzing various aspects of the business plan, including the business model, market analysis, financial projections, and management team. The purpose of a business plan evaluation is to identify strengths and weaknesses in the plan, assess the feasibility of the business idea, evaluate the potential for profitability, and determine the likelihood of achieving the business objectives.

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Six Criteria for Assessing New Business Opportunities

• Small Business
• Business Planning & Strategy
• Planning a New Business
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Concept of SWOT

Measurability characteristics of a market segment, three important financial ratios for competitors.

• What Do Cash Flow Statements Have to Do With Liquidity?
• How to Fill Out a SWOT

Entrepreneurs often begin with innovative ideas, but succeeding in a new business also requires objective assessment procedures. If your gut tells you a product, service or existing business is a risk you want to take, use objective measurements to better determine its likelihood of success. The bottom line is profitability. By using a number of business assessment tools, you can reduce your risk of buying or starting an enterprise that fails.

Assess the company's financial performance or potential financial performance. Evaluate historical sales revenues, profit margins of products and services, recent sales trends and cash flow. Examining cash flow lets you determine when you will get your money in and how much credit you might need to obtain. For example, your business might have excellent sales, but if the customers don’t pay for 60 days, you might have to delay your salary, operate using your savings while you wait for your bills to be paid, or take out a loan to buy materials. If you are launching a new business, look for trade association data that shows financial trends for similar companies and expected trends for the coming year.

A thorough sales assessment will give you insight into how sales have taken place and where you might improve them. Spot trends by analyzing where products are selling and to what types of customers. For example, if a business is selling exclusively through independent retailers, you might have a chance to grow market share by entering mass retailers. Items with high profit margins might be producing most of the company’s profits, but causing it to lose sales. Adding low-margin items might help it expand. Certain geographic territories with low sales may not be underperforming, but are simply underserved, offering opportunities to grow the business.

Market Data

Researching the marketplace will help determine if it is being underserved or possibly saturated. Detailed demographic data can show that even if the marketplace contains significant competition, you have an opportunity to successfully introduce a new business or improve the performance of an existing one. Demographics such as gender, age, race and marital status will help you better understand who your potential customers are. Analyzing the price points of your competitors will also give you insight into why people might be buying a particular product or service. Look at market trends, such as sales during the last three years, and look for advances in technology that might affect the marketplace. For example, a shift from PCs to mobile devices causes a decrease in demand for traditional hardware and software and more demand for smartphone apps.

Assets and Liabilities

Look at the assets of an existing business to determine how it depends on them. The business might depend on a recipe, trademark, copyright or patent for its unique selling proposition. A company’s location, specific manufacturing process, grandfathered agreements or no-compete agreements with a supplier might be giving the business an edge, without which it would struggle to compete. A franchise might be thriving because of a restricted territory it owns or specific benefit it has been receiving from the owner’s status as a minority. Check the assets of any business you plan to purchase to determine what would happen if you lose them. Look for liabilities, such as debts, lawsuits and expiring contracts and assets.

Relationships

Key factors in a small business’s success often include personnel, endorsements and relationships. Key personnel, such as a well-known chef, IT whiz or top sales performer can make or break a business. Having a professional sports league or a celebrity endorse a business might be key to driving its sales. Having official sponsor, supplier or partner status of a trade association or other organization can also boost sales. Assess the impact of losing a key relationship on sales and revenue, and look at contracts before you buy a business that relies on any.

Opportunity Costs

Look at what entering a new business will cost you, in terms of lost revenue, personal time or sales connected to other business or opportunities you have. For example, using your cash to buy a business reduces your ability to pay down debt, lower interest payments, improve or upgrade current facilities, increase advertising and make other investments with that cash. You will need to devote your personal time to the new business. Accurately assess the number of hours you will need to spend on a new business venture and calculate the revenue your time would generate spent on another opportunity.

• Entrepreneur: Idea Evaluation Checklist
• U.S. Department of Small Business Administration: Do Your Market Research

Sam Ashe-Edmunds has been writing and lecturing for decades. He has worked in the corporate and nonprofit arenas as a C-Suite executive, serving on several nonprofit boards. He is an internationally traveled sport science writer and lecturer. He has been published in print publications such as Entrepreneur, Tennis, SI for Kids, Chicago Tribune, Sacramento Bee, and on websites such Smart-Healthy-Living.net, SmartyCents and Youthletic. Edmunds has a bachelor's degree in journalism.

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Judging Criteria QUALIFYING ROUND: - Written business plan (100%)

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