The 6 Step Business Plan

Business Plan
Business Plan

What is a business plan?

Ans: A statement of your business objectives and your plan for achieving them.

Why do a business plan?

  • Create a blueprint for growth • Align the organization • Increase the odds of success • Raise money • Track your progress, adjust

Business Plan by 6 steps

  1. Analyze your Market and your Business 
  2. Define your Marketing Positioning 
  3. Define 3-year Sales & Earnings goals  • Flex the Profit & Loss goals by month
  4. Create a current year Action Plan (top 5 priorities) 
  5. Create a current year Profit & Loss Statement (P&L) 
  6. Crete a current year Cash Flow projection (monthly) 

Market Analysis

Know Your Market/Customer

  • Market size, growth, segments • Key purchase drivers – Quality, cost, service • Demographics • Competitors • Distribution channels • Average Profit Margins • Seasonality, regionality • Key marketing drivers.

Data Sources

  • Internet - Industry - Competitive • Public company reports • Government websites • Trade associations/shows • Trade publications • Be a customer!

Business Analysis

  • Strengths, Weaknesses • What’s working, not working – Customer – Marketing – Financials – Operations – Management

What is your “Marketing Positioning”?

Why should your ideal prospects buy from you rather than any of your competitors?

  • Value Proposition 
  • Marketing Positioning 
  • Point of Difference 
  • Competitive Advantage 
  • Unique Selling Proposition (USP)

How do you define your “positioning”?

Target Customers • Competitive frame of reference • Competitive Advantage


Target Markets (Market Segmentation)

Who do you serve?

• Demographics • Geography • Benefits • Lifestyle • Industry/Distribution channels – Retail, Wholesale, Consumer Direct – Size: Small, Medium, Large companies – Industry: healthcare, financial, technology

Niche/Competitive Advantage

What makes your business different? 

 - Quality 
 - Price 
 - Innovation 
 - Service 
 - Speed 
 - Location

Think Benefits!


Key Business Drivers of any Action Plan

• Marketing • Operations • Management • Financials

Marketing

The "5 P's"
• Positioning – target, competitors, advantage 
• Product/Service 
• Pricing 
• Place – distribution channels/geography 
• Promotion

Operations

• Sales and intermediaries • Production, Logistics, Inventory & Supplier Mgt. • Quality Control & Customer Service • Billing & Accounts Receivable • Office Space; Retail Location • Technology Management.

Management

Organization – Key skill gaps? 
• Outsourced (“virtual”) talent 
– Accounting 
– Legal 
– Insurance 
– Banker 
– Mentor.


Financials

• Cost/Margin management – Product, Administrative, Marketing/Selling, Benchmarking • Cash management – Inventory, Accounts Receivable, Capital, Seasonality • Tax planning • Monthly reporting

Stay tuned on this platform to get more awesome stuffs. 


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