Address any areas of deficiency, and your plans to cover this weakness. Explain your recruitment and training plan, including timescales and costs. Analyse the workforce in terms of total numbers and by department Compare the efficiency ratios with competitors, or with similar industries. Useful figures might be sales, average salaries, employee retention rates and measures of productivity. Be realistic about the commitment and motivation of the workforce Show how committed you and other members of the management team are. For example, how much you have invested in the business.
How to prepare
Through what resume channels do you reach your end user? Compare your current channels with the alternatives. Note the distribution channels used by your competitors. Look at the positive and negative trends in your chosen distribution channel. How do you do your selling? Look at the cost-efficiency of each of your selling methods. For example, telesales, a direct sales force, through an agent or over the internet. Include all the hidden costs of the direct sales force, such as management time. Explain how long it takes to make sales (and to get paid for them what the average sales value is and how likely customers are to give repeat orders. Management and personnel Set out the structure and key skills of the management team and the staff Clarify how you cover the key areas of production, sales, marketing, finance and administration.
Identify where you make your profits and where it may be possible to increase margins or sales. Set your pricing accordingly. How do you promote your product or service? Each market segment will have one or two methods assignment that work best. For example, direct marketing, advertising. If you are considering using a new method, start on a small scale. A failed investment in marketing can be costly.
Marketing and sales Where do you position your product or service in the market place? Is it high quality and high price? Is it marketed as a specialist product due to presentation a particular feature? What unique selling features does shredder it have? Which of these features are you going to concentrate on? What is your pricing policy? Explain how price-sensitive your products are. Look at each product or market segment in turn.
If not, why not? Is there a heavy concentration of sales around one or two large customers? Outline the main competition What are the competing products or services? What are the advantages and disadvantages compared to your own? For example, price, quality, distribution. Why will customers buy your product or service instead? Show you understand your competitors' reaction to losing business and how you will respond. Never openly criticise or underestimate competitors.
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What is the current ownership structure? Describe what your product or service is, avoiding technical jargon if possible Explain any key features of the industry for example, any special regulations, whether the industry is dominated by a few large companies or any major simple changes in technology. Market and competition Describe the market in which you sell Highlight the segments of the market in which you compete. What albuquerque are the key characteristics of customers in each segment? How large is each market segment? What is your market share?
What are the important trends, such as market growth or changing tastes? Explain the reasons behind the trend. What are the key drivers affecting each important market segment? What is the outlook for those drivers and the market? Describe the nature and distribution of existing customers do they fit the profile of the chosen market segment?
Give details about the history and current status of the business. Review the plan read through the plan from your target reader's point of view. For example, try to imagine the impression the plan will make on your bank manager. Check that the plan is realistic. Make sure that it includes the evidence to back up what you say (perhaps in an appendix) or that you can provide evidence if needed. What might go wrong (eg if your main supplier closes down or you lose a key customer) and what would you do about it?
Concentrate on the executive summary. People often make provisional judgements based on the executive summary. Only then do they read the rest of the plan to confirm their decision. Show the plan to friends and expert advisers and ask for comments. Which parts did they not understand or find unconvincing? Business and products Explain the history of the business When did it start trading and what progress has it made to date? Who owned the business originally?
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Financiers, business partners and employees will see through london over-optimistic plans that ignore weaknesses or threats. Management credibility can be damaged. Make the plan professional Put a cover. Include a contents page, with page and section numbering. Start with an executive summary. This summarises the key points, starting with the purpose of the business plan. Use charts, if helpful. Even if the plan is for internal use only, write it as if it were aimed at an outsider Include company or product literature as an appendix.
Keep the plan short, focus on what the reader needs to know. Cut out any waffle. Make sure there are no spelling yuri mistakes. Detailed business plans are often quickly shelved, because they are difficult to use on an ongoing basis. Include any detailed information you need in an appendix. For example, you might want: detailed financial forecasts and assumptions; market research data; CVs of key personnel (essential if you are seeking outside funding product literature or technical specifications. Base your business plan on reality, or it may be counterproductive. Over-optimistic sales forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost cutting, all of which can seriously damage morale. Be realistic, even if you are selling the business to a third party.
manager or investors. Specific issues such as the directors' personal track records may need to be addressed. Ask the intended recipient first. Content of a business plan. Base the plan on detailed information where possible. But do not include all the detail in the plan. Leave the detail for operational or marketing plans.
Be clear about what the business plan needs to achieve. A primary aim of any business plan is to set out your strategy and action plan. This typically covers the next one to three years, or sometimes five years. The plan explains your objectives and how you will achieve them. Putting the plan in writing helps you focus and develop ideas. Non-priorities are dropped, saving precious time. Once written, the plan is a benchmark for the performance of the business. By involving your employees in the complete planning process, you continue to build thesis up a successful, committed team.
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Your business plan outlines your business strategy and what you need to do to achieve your goals. It helps you think through your options, identifying the best opportunities and how to make the most of them. You can also use your business plan to help convince banks, investors and other key contacts to support you. A good business plan shows a clear understanding of the market and your business. It also sets out how you expect the business to perform and any funding requirements. Purpose of creating a business plan, content of a business plan, business and products. Market and competition, marketing writings and sales, management and personnel. Operations, financial performance, swot analysis. Purpose of creating a business plan.