Business plan guide What is a business plan and why do I need one? A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast.
Describe your target market, and be specific. Include information such as gender, age and location — whether you intend to market your product or service to local residents, residents throughout the state or nation, or through the Internet, for example. Describe why your product or service is important to your target market and how they will benefit from it.
If you work for a large company, break down your target market by territory and include information about prospective customers in each territory. Discuss your marketing strategy.
Include details about what your marketing budget will be, exactly how you plan to market your product or service and the sequence of the steps in your plan. This section should include information related to the promotion of the product or service — advertising and direct mail, for example.
If your company is large and covers many territories, break down the marketing strategy section by territory. Explain your sales strategy and tactics.
For example, a strategy might be to increase new customers in a certain territory by 20 percent during the first quarter of the fiscal year, and one of the tactics to accomplish that might be to add an additional salesperson to that territory in order to more effectively identify prospective customers.
Define your timeline in which you plan to implement your sales strategy and tactics. Break it down in whatever way makes most sense for your company and your plan. List, for example, what goals you plan to accomplish in the first 30 days, 60 days, 90 days and days of the new fiscal year.
Remember that these goals comprise your sales strategy. Provide an analysis of your competition. Explain the advantages of your product or service above theirs. Develop a sales forecast. Include sales projections month by month for at least one year, and preferably for two or three.
Use historical data as a basis to project sales of an existing product or service. They are different functions. Marketing includes promotion, advertising, product branding and pricing. Selling refers to the actual sale of the product or service to a customer.
Forecasting Your Sales About the Author In addition to a successful career as a professional writer, Cindy White spent several years in mid-management positions for a Fortune company. Prior to that, she enjoyed her tenure as a technical writer and technical documentation supervisor in the manufacturing industry.Why You Need a Business Plan for your Small Business.
Writing your business plan is not the end of your business planning process because business planning is a never ending process. However, it’s an important intermediate stage (failing to plan can mean planning to fail). A business plan is more than a tool for getting funding.
Think of it as the road map to your business's future. So you’ve decided that you want to quit your day job and start your very own e-commerce empire. That’s great! But before you become the next Jeff Bezos (and definitely before you quit your job!), it’s worth spending some time to think about a business plan.
Writing your business plan. From Innovation, Science and Economic Development Canada. Although business plans vary in terms of length and scope, all successful business . Guide to Writing a Business Plan. How to use this business plan. A business plan should be a living and breathing document.
As your business environment changes, the plan’s actions and strategies should evolve and adapt on a periodic basis. World's largest website for Business Plans Jobs. Find $$$ Business Plans Jobs or hire a Business Planner to bid on your Business Plans Job at Freelancer.
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