Summarize any market research you have conducted to prove the viability of your business. Business description The business description is the first major section of your business plan and should provide more details on the nature of your business.
Following are some of the main components of a business plan. Addressing these findings with a creative strategy can give your business a competitive edge.
Organizations such as the Service Corps of Retired Executives, known as SCORE, can provide you with unbiased advice regarding the reality of your assumptions so you have the opportunity to revise your description of your competitive edge, if needed.
Legal structure Business entities come in a wide variety of legal structures, ranging from sole proprietorships and partnerships to corporations. For example, if demand for your product or service is higher than expected, how will you manage the volume?
Self-deception destroys many businesses because it leads you to think you have enough money, time, product superiority, operational superiority and marketing savvy to blow your competition out of the water. If you are seeking money, this section should outline exactly how much you need and why. But in the end, it will be worth the effort.
The table of contents helps readers navigate through the document and identifies page numbers for each of the sections. Although there are no limits to the length, a business plan should respect the time of your readers while providing the information they need to make important decisions. Executive summary The executive summary is essentially your elevator pitch—an abridged version of the business plan that describes to readers why your business is worthy of their attention and possibly their money.
If your plan is primarily designed to educate key employees, it will provide the basic information they need to strategize and carry out your vision for growth. What is most important is that the information provided is accurate and well-supported with documentation.
Consider the following points: Market analysis and marketing strategy Perhaps the most influential section of your business plan, the market analysis and marketing strategy sections are where you convince readers that your business will be successful.
Sample Business Plans Competitive Edge Consulting with Masterplans will give your business plan a competitive edge over other business plans. What sorts of things can you find to do that will be better than your competition? Reality Check Always get an outside opinion before you deliver your description to an investor, bank or customer.
Who are the major competitors? Writing A discussion of your competitive edge can be part of the section of your business plan that deals with the description of your company, or it can be the introduction to your marketing plan.
Who are your current and potential customers, and why? A business plan is not only important, but it can also become a critical resource on your journey toward success.
Broadridge Investor Communication Solutions, Inc. A business plan can help you do just that: Offer products and services that the competition does not. Include relevant data and illustrations, if applicable.
The main purpose of this section is to educate readers about the use of resources—including any debt and equity financing you hope to get—proving to them that you and your leadership team can and will manage money effectively. Do not say that you will do something better that is obviously going to be a big money pit and not bring in more business in some other way.
Before you begin writing, consider contacting an attorney or business consultant with expertise in business plan writing. Business and industry description Who are your key advisors and managers, and how does their experience benefit your organization? List the names, addresses and distance from your proposed place of business in miles and minutes, and any other relevant measurement to your situation.
Worth the effort Most business owners would much rather focus on their daily objectives and challenges than take valuable time away from their business to write a business plan. For this reason, it is often easier to write this section last. Get started on your business plan now Begin charting your course with an award-winning team.
Almost every type of business has competition, but your company can find a way to creatively be better than all your competition.
Your research should also include the demographics and buying habits of your target customer so you can identify or create your competitive advantage. The business plan consultants at Masterplans know how to make the competition sound poor enough to virtually guarantee your success in the eyes of a banker.
One paragraph should outline the key elements of your business, and then subsequent paragraphs might expand on each. It should also include the date on which the document was finalized and published. How will it be provided?
Think of basic customer service policies, like return policy, and gift card rules.If, however, you plan to take market share away from established competitors in a mature industry, then competitive edge is all-important.
Without a convincing case for being very different and much better than the rest, your business plan will have a hard time swaying anybody. Everything you find here is designed to help you write a better business plan.
Take what you like, ignore what you do not. The most important thing to remember is that there is no single “right way” to write a. Competitive Edge Consulting with Masterplans will give your business plan a competitive edge over other business plans.
The business plan consultants at Masterplans are experts at writing business plans for all types of businesses. A discussion of your competitive edge can be part of the section of your business plan that deals with the description of your company, or it can be the introduction to your marketing plan.
It is also useful as a basis for your brochures, website copy and marketing presentations. well-written business plan can serve to sell people close to you on the benefits of proceeding with your concept.
Perhaps the most important reason to write a business plan is that it requires you to. The same applies in a business plan; it can contain the most well-argued proposals but if it does not focus on the issues contained in the guidelines it will be a waste of effort.
Better still, use the guidelines as headings to make sure that all points have been considered and dealt with.Download