YOUR BUSINESS PLAN
Last week, I mentioned in the SMALL BUSINESS BOARD page that you have to create a business plan before doing anything else. You have to be very clear about the characteristics or attributes of your product, service, or idea – what its unique features are. Who will be your customers, your competitors? Formulate an appropriate marketing strategy – how to position your product, service, or idea in your customer’s mind. How you will present, price, promote, and deliver it to your customers. Study also how you will manage the business. How will it operate? You have to compute for your projected revenue, expenses, and profit (and even losses). Where will you get operating funds? Will you invite investors? It is also advisable to have an exit strategy.
Your business plan contains your goals – the reason and motivation – why you are going into business. The strategic pathways toward attaining these goals should be clear, doable, and you must have the capabilities to follow it through.
A DECISION-MAKING TOOL
Based on what the business plan says, you have to convince not only yourself but also other stakeholders – your clients, suppliers, investors, partners, your family – that your business is feasible and viable. It is the primary decision-making tool especially for a start-up business.
In my subsequent posts, I will discuss its basic structure which include the following:
- Business Description
- Industry Analysis
- Product/Service/Idea Write Up
- Marketing and Sales Strategies
- Development Plan
- Management Study
- Operations Plan
- Legal Aspects
- Financial Plan
- Executive Summary
- Supporting Attachments
HOW TO DO IT
The content, format, and structure of your business plan will depend on your purpose and your audience. One that is intended for inviting prospective investors would be quite different from one that is done for new product introduction or organizational restructuring.
You may CONTACT ME for any problem or concern about starting or improving your business. I will respond to you (free-of-charge, of course) the best way I can as a management consultant dedicated to helping small businesses.