7 Steps to Make Your Business Plan
Among the advantages of developing a business plan is to avoid wasting resources on payment of rent, wages and raw materials are purchased ‘by intuition’: “The plan also provides performance indicators for course correction or, at worst cases, cancel the project on time to avoid losing more money, “said Perez.
Hence the need for micro and small entrepreneurs have basic plan and an investment project.
Here are 7 steps to do so, although they can be adjusted depending on the complexity of each business unit.
1. Description: This is the basic company information and must include your corporate vision, who you are, what you shall offer, which will try to meet market needs and why your business idea is viable.
2. Desired market niche: One of the most important parts and should take into account the current size and market trends. Once the niche is defined, describe it by geography, size of company, business organization, lifestyle, gender, age, occupation and other characteristics needed to portray the companies or consumers likely buy your product or use your service.
3. Positioning the business: this is the identity of the company in the market is how you want the market and your competitors to perceive your product or service. Www.herramientaspyme.com page recommends answer these questions: What makes your product or service unique, and what customer needs covered, how you want people to perceive the goods or services? and how do you rank the competition?
4. Competition: This indicates whether the products and services are fit for the competitive environment. If you include it, you will demonstrate that you understand the industry and are ready to tackle some of the obstacles you will find the company. Briefly describe the major companies in the competition. Evaluations should include comments on the ways in which they meet and not the needs of customers. Explain why you think your company can gain a market share.
5. Cost of production and development: in this part of the budget comes into play. Shall include the cost of prototyping and production costs in the case of products. As for services, must carry the costs of consulting, training, material preparation, etc.. Be sure to include labor. When planning costs, gives a contingency plan for what will happen if there are problems such as delays, difficulties to meet company standards, mistakes, etc..
6. Sales and Marketing describes the strategy and tactics emplearás to make customers buy your products or services. Sales and marketing are the weak link in many business plans, so it’s important that we spend as much time as needed. A section on sales and marketing can serve as solidly prepared roadmap. It also assures potential investors that have a viable plan and resources to promote and sell your products and services.
7. Managerial strengths: A good management team can take an idea, albeit mediocre, and make it fly. This section of the business plan relates to the direction of the company must clearly show the team you formed or will form, is a winning team. It is essential that each member has the talent and experience relevant to the business.
Remember, though at first believe that developing this plan is a waste of time, “it will allow you to properly address your business and will congratulate the project,” concludes Gregorio Perez.