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Conversations for Action...the power training with the secret keys to effective communication Newsletter for Success Golf and
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No goal can be accomplished if you can't write it down. The Market This is the most critical part of the plan; other than controlling costs, the urgent question in the minds of a lender or investor (or employee) is can you reach enough customers and sell enough to be profitable? A small company cannot crate a market, like WIFI as an example, the essential need must exist. It costs too much to change public opinion or to create a new market. If a need exists and the customer is waiting, then this section should explain how you plan to deliver what they want. This section is where your market research or customer survey is presented to support your plan. The Market section will cover tasks of your business plan and the company. First, define the market, who are the customers? Second, measure the market, how big is it? Third, show how you plan to satisfy the market that exists. Competition This section should cover the three main ideas people want to know, about your competition. First, who are they? Next, what is their market share? Finally, what are the barriers to entry for other competitors that might come later? Too often we give the competition more value than they deserve, but some people give them no credit at all, finding a balance is critical in this matter. Location How will your location and your future plans impact or influence your customers and how does it allow you to service the market? What factors of location will give you and advantage over your competition? Operations This detailed section should give the reader, investor or lender a complete understanding of how you deliver your services or products to the market. This section can include flow charts and data from production to guide the reader in their knowledge of your company. Management This section explains who is going to be responsible for the operation section of the company. The area of responsibility are explained and the qualifications covered. If an organizational chart is necessary this may help the lender understand more of the flow of the management process you envision. "We learn something based upon our experience." Richard Wurman Application or Expected Effect of Loan This section describes what will be the impact of your loan or investment and how the proceeds will benefit the company's plan. There may be a chart listing the areas to which the funds will be paid. Each payment should have a justification section or items like new equipment, working capital or reduction of debt. Summary This section will complete your business plan and tie up the summaries of each section covered. The summary verifies the integration of the management plan and communicates the total plan in a brief statement. Access to information is the source of wealth and power.
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