Business Plan
A good business plan should clearly define the market you are in and the benefits of your product or service to your customers. It describes why people should buy from you.
Markets, customers, products, sales and service, and the people you have on your team are the only considerations to decide your business strategy and future success. Take a look at how the external environment can affect your business before you start your plan.
You need to demonstrate a clear understanding of where your organisation is heading, how it's going to get there,and how people will know when the destination has been reached.
Give your people the opportunity to discuss and agree what the important activities will be and how they will be undertaken.
Set measurable performance objectives that cover advertising, publicity, sales enquiries, lead convertion, social media and website marketing.
Although finance is a key aspect of your business, it’s only a means to an end and it cannot guide your growth strategy.
These are the areas we suggest you think about and discuss with your team:
1. What business are you in? - Positioning Statement. Click for Vision & Values template
2. Potential new services – how you will develop the company
3. Unique Features of your business
4. Background to sales situation – progress so far
5. Influencing factors outside the business (that affect the whole industry) Click here for a template.
6. Projected sales for the next 3 years – your best estimate
7. Evidence of demand – how do you know you can achieve your sales target?
*** Click Here to Download Template Business Plan Part 1 Mission & Objectives ***
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8. Market segmentation – at least four different customer / product groups
9. Market trends – what factors are affecting your industry
10. Opportunity for growth – both short-term and long-term.
*** Click Here to Download Template Business Plan Part 2 Market Position ***
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11. Turning Strategy into Action << Click Here >>
12. Competitor analysis – the best, the fastest growing, the local competition << Click Here for template >>
13. Strengths; Weaknesses; Opportunities & Threats – what this means to your business << download SWOT survey >>
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14. Target Markets – how will you sell your products to these customer groups?
15. Market Position – what is your brand? What does your company stand for? << Click Here for more >>
16. Marketing Strategy – promotion, lead generation and getting orders << Click Here for more >>
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17. Action Plan – key milestones and performance indicators << Click Here for Strategy Map >> << Click Here for Personal Action Plan >>
18. Management Team – who is helping you to achieve this plan? << Click Here for more >>
19. Resources – finance, people, premises, equipment, communication. << Click Here for Ideas >>
20. Financial overview – a basic profit and loss analysis over time. << Click Here for overview >>
See Also: 10 Characteristics of an Effective Business Plan
What is your interest in Business Planning? << Click Here >> to see if I can offer further help.
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