Business Plan Key Elements

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You should be able to answer the following key questions about the industry and your company’s ability to successfully compete in it when you have completed the industry analysis: An industry analysis is not to be confused with a market analysis or a competitor analysis, both of which are included in a business plan for entrepreneurs.

An industry analysis will describe the products offered within a particular industry and the parameters of the marketplace in relationship to economic, regulatory and political issues.

A business plan can be as simple as a few notes scrawled on a paper napkin, or it can be a 40-page document with multiple sections and subsections describing every minute detail of a company’s operations, products and finances.

Writing an effective business plan is easier if you take time before starting the writing process to conduct your research and gather the information you will need to incorporate into it.

This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.

By using the product, you can compare features on the competitor’s product with those of your own product.Business owners of new startups or established companies can benefit from thinking through and researching such success-determining issues as: From this list you quickly realize that a business plan is more than a document a business uses to get financing or to attract investors.It is a roadmap of how your business will operate in order to succeed.A product feature comparison allows you to compare your company’s product with products produced by competitors.Unlike a competitor analysis that allows you to determine how your business measures up to competing businesses, product feature comparisons limit their focus to the products themselves.Financing, marketing strategy and future growth all require a well-researched and thought out business plan.There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.When how to write a business plan is at the top of the SBA list of the ten steps in how to start a business, it tells you something about how important the experts consider it to be.Planning a business and writing a business plan is more than just having a location picked and a product or service to sell.A random conversation with a supplier might reveal information about a change in a competitor’s product line.The point is to take advantage of every opportunity to acquire data about the marketplace in which your business operates, and it might reveal something about your competitors that could be of use in developing or refining your marketing strategy.

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