No business plan is worth pursuing if the opportunities for success are entirely dependant upon the health of that market.
After all, no matter how well you've put your business plan together, it simply doesn't matter: When the market isn't ready, you simply shouldn't move forward with a new venture.
With this post I wanted to go over the top five applications for the analysis with respect to the content on this blog.
Many argue that a market feasibility study is more important than a business plan. Simply put, no business plan is worth pursuing if the market is on a steady decline.
This analysis helps you see how you stand out in the marketplace; how you can grow as a business; and where you are vulnerable.
The process takes into account both internal and external factors your company must navigate.
In this case, it's human nature to gravitate towards "strengths" and "opportunities," instead of being honest with "weaknesses"and "threats".
Also, it's essential that you clearly define the perspective you are taking when using the analysis.
This analysis allows you to analyze your supply chain strengths from the mindset of your company and its vendors.
You then combine these two viewpoints in order to define the inherent strengths and weaknesses within your supply chain.