BUSINESS PLAN
With the first BizBits issue, we also welcome WebsiteNaples.com, created with the purpose of helping Naples and surrounding areas get online.
This week, we will discuss the importance of a good Business Plan.
Wikipedia defines a Business Plan as “a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals”.
The main concepts to delineate on the plan are:
1- The Idea : What your business/product/service/website is all about.
2- Your Goals: What you plan to achieve in the near and not-so-near future.
3- The Market: Who is your potential buyer/user/visitor? What does he want? How will you reach him/her? How will you entice him/her to become your client/customer/user/visitor?
4- Your Competition: Who is offering the same product/service? Who offers one that is similar? Who offers ones that are in the same category as yours? What are they doing to meet the needs of your potential clients/customers/users/visitors? How can you do it better?
5- Sales Strategy: What extra value or uniqueness can you add to what you have to offer? How will you entice the potential client/customer/user/visitor to close the deal?
6- Product Cost and Price: How much will you charge and how will it be paid? How does your price compare to your competitors’?
7- Sales Quotas: What do you need to sale to make a reasonable profit? How will you meet that quota?
8- Service or Warranties: What happens after the sale? Do you have refund policies? Do you have warranty on items or services?
9- Operation Plans: Where will you be located? What licenses or permits do you need? What supplies? What materials?
10- Partners and/or Employees: Will anyone assist you manufacture/perform your product/service/tasks? What is their title? What are their responsibilities? Do you need an organizational chart?
11- Time Schedule: When will you be open for business? What times will you operate? When will tasks be performed? What deadlines are there to be met?
12- Financing: Where are the funds coming from? How much is there available? How will it be spent? Do you have a budget or balance sheet?
13- The Financial Plan: What projections can you include? What are these based on? How will they be met? Can you express them graphically?
Answering these questions will generate the content you need for your own plan. There is no set length or amount of pages. Customize your plan as you please by deleting irrelevant information, adding special elements or attachments that are appropriate and giving it your personal touch.
Make sure it is well presented, spell-checked and accurate. Add your Corporate Name, Slogan, Logo, an Executive Summary and a Conclusion and you are done.
The benefits of a well-defined Business Plan are countless and it is easy enough to do yourself. If you need assistance, contact me and I will gladly answer any questions you may have.
Have a Powerful day!
Elayna Fernandez
President/Creative Director
Designed 2 Impress, Inc.