Business Planning Strategy
Be specific in showing how you will give your business a competitive edge.For example, your business will be better because you will supply a full line of products; competitor A doesn't have a full line. Competitor C has the reputation for selling the best French fries in town; you're going to sell the best Thousand Island dressing.Just explain the factors you think will make it successful, like the following: it's a well-organized business, it will have state-of-the-art equipment, its location is exceptional, the market is ready for it, and it's a dynamite product at a fair price.If you're using your business plan as a document for financial purposes, explain why the added equity or debt money is going to make your business more profitable.
Once you've described the business, you need to describe the products or services you intend to market.Market strategies are the result of a meticulous market analysis.A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business.You should also mention who you will sell to, how the product will be distributed, and the business's support systems.Also state whether the business is new or already established.In addition to structure, legal form should be reiterated once again.Within that space, you'll need to provide a synopsis of your entire business plan.Key elements that should be included are: When writing your statement of purpose, don't waste words.This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture.When describing your business, the first thing you need to concentrate on is its structure. wholesale, retail, food service, manufacturing or service-oriented.