Location and Facilities optional 1. Company Overview There are many variations and approaches on how to lay out the various components of a business plan. The primer below is meant only to explain the broad differences between the most common company types. So for example, if you sell someone a cupcake and they sue you because they found a hair in it, and you lose in court, the creditors can legally go after your personal possessions — such as the roof over your head.
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
Every business has competition. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows. In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace.
Competitive analysis can be incredibly complicated and time-consuming Here is a simple process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition. Profile Current Competitors First develop a basic profile of each of your current competitors.
For example, if you plan to open an office supply store you may have three competing stores in your market. Online retailers will also provide competition, but thoroughly analyzing those companies will be less valuable unless you also decide you want to sell office supplies online.
Only you can determine that. To make the process easier, stick to analyzing companies you will directly compete with. If you plan to set up an accounting firm, you will compete with other accounting firms in your area.
If you plan to open a clothing store, you will compete with other clothing retailers in your area. Again, if you run a clothing store you also compete with online retailers, but there is relatively little you can do about that type of competition other than to work hard to compete in other ways: Once you identify your main competitors, answer these questions about each one.
What are their strengths? Price, service, convenience, extensive inventory are all areas where you may be vulnerable. What are their weaknesses?
Weaknesses are opportunities you should plan to take advantage of. What are their basic objectives? Do they seek to gain market share? Do they attempt to capture premium clients? See your industry through their eyes. What are they trying to achieve? What marketing strategies do they use?
Look at their advertising, public relations, etc. How can you take market share away from their business? How will they respond when you enter the market?
While these questions may seem like a lot of work to answer, in reality the process should be fairly easy. To gather information, you can also: Check out their websites and marketing materials. Most of the information you need about products, services, prices, and company objectives should be readily available.
If that information is not available, you may have identified a weakness. Take a look around. Check out sales materials and promotional literature.
Have friends stop in or call to ask for information. Evaluate their marketing and advertising campaigns. How a company advertises creates a great opportunity to uncover the objectives and strategies of that business.
Advertising should help you quickly determine how a company positions itself, who it markets to, and what strategies it employs to reach potential customers.Is your head spinning from all the stress & time spent on business plans, forecasts and budgets?
Remember, planning is not a science it’s an exercise that should refresh you, keep you agile, and make you feel in control of your destiny!
Is that how you feel? As we enter into this year’s budget and forecast season, try to challenge yourself and your team to become more efficient and to.
Business analysis is a research discipline of identifying business needs and determining solutions to business problems.
Solutions often include a software-systems development component, but may also consist of process improvement, organizational change or strategic planning and policy development.
How to Write a Great Business Plan: Market Opportunities The fifth in a comprehensive series to help you craft the perfect business plan for your startup. By Jeff Haden Contributing editor, Inc. We support America's small businesses.
The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.
Pay Data Collection and the EEO-1 Survey. Acting Chair Victoria A.
Lipnic has issued a statement about the OMB Decision on EEO-1 Pay Data Collection. Instructions for filing the EEO-1 Survey, which will not include the collection of pay and hours worked data, are now available.. Final Rules on Employer Wellness Programs. Office of Business Opportunity. The Office of Business Opportunity is committed to cultivating a competitive and diverse economic environment in the City of Houston by promoting the success of small businesses and developing Houston’s workforce, with special emphasis on historically underutilized businesses and disenfranchised individuals.