Today we look at the BUSINESS PLAN. Before you start a business it's important to start here. During the life of your business it's important to constantly refer to this plan and make adjustments. It is a dynamic living document. Concepts Advertising can assist you with developing your business plan whether starting your business or re-evaluating your position in the market.
Why a business plan? It is a general plan which can help provide direction to the management team. It's a communication tool.
The process of creating a business plan forces you to 1) think 2) to prioritise 3) to evaluate and test reality. It forces you to work out your people, your strategy, the market and your finances. It helps you to create a plan for the future and set goals. It is a marketing tool which can help you to obtain funding and endorsements.
What does a business plan look like? people choose several ways to do a business plan e.g square, round or rectangular. Many people depict a business plan as round because it is a circular feedback loop. It is an easy to follow continuing process. There is no shortage of information on types of business plans. One website I particularly like is nolo.com. If you need assistance with choosing the best type of plan for your business email us at create@conceptsadvertising.biz.
What goes into a Business plan
? well the plan is all about giving structure to your exisiting company or idea. It should contain information on
1) The management team
2) Marketing strategy
3) Competitive landscape
4) Financial projections
5) Products or services to be offered and delivered.
Each point leads back to another. What do I mean? well, think about it
- What the company does determines the competitive landscape (5 determines 3)
- The competitive Landscape and market strategy drive the financial projection (3 and 2 drives 4)
- The financial projections drive what the company does (4 drives 5)
It is a process of constant refinement. So your business plan actually feeds back onto itself and you will find yourself going back and constantly changing sections.
Have a great week!!! Be sure to email me with any questions you may have at create@conceptsadvertising.biz.
