The Latest Trends in Business Plan Writing
by Abdul Aziz Mondal Business Planning Published on: 19 April 2018 Last Updated on: 19 September 2018
The purpose of the business plan is to be a benchmark for accomplishing the tasks set. According to the data from this document, investors make conclusions about the potential success of the project. More of it, a business plan is used for the following purposes:
- The tool for objective estimation of actual results of commercial work within the specified period of time;
- The tool for creating a full-fledged project concept for the future;
- The tool for attracting new investment in order to implement the company’s strategy.
S.W.O.T. Analysis :
Drawing up the plan starts directly with the analysis of the overall picture. To do this, it is necessary to collect all information and conduct the research. One of the integral stages of the work is the SWOT-analysis. Applying it, you can easily structure all the available information and on its basis make effective decisions. SWOT is an abbreviation with the following transcript:
“S – strengths”— strong positions, they may include a low indicator of the production cost, a high level of competence, an innovative product, a worthy service.
“W – weakness” — weaknesses — lack of premises for business, brand uncertainty, high level of competition.
“O – opportunities” — they depend on external circumstances in the form of political situation, social environment (introduction of advanced technologies, obtaining financing, age-specific features of the field).
“T – threats” — threatening factors, force majeure, human-made disasters, other unforeseen circumstances (the presence of customs duties and the likelihood of their increase, competition, and its increase).
Social Responsibility Model :
The topic of social responsibility in business (and its use in marketing and advertising purposes) began to gain popularity among large corporations and among start-ups. Such social goals, that is, business models that include a philanthropic element, become an inalienable mission of such companies. And every year they appear more and more often at the markets. To impress investors we advise you to dedicate some part of your business plan to the model of social responsibility you are going to employ. “Business plan with the soul” is a business plan that includes a section on the social or environmental mission of the future company.
Extended Competitor Analysis :
The analysis of competitors plays a vital role in strategic planning. Therefore, preparing a business plan will be easier if you conduct this research. Note! The analysis of competitors focuses attention on the strengths and weaknesses of each competitor and does not focus on the overall competitive climate in the industry. This analysis provides a detailed description of each competitor along with a review of marketing strategies that can be used to win the rivalry.
After the analysis of the competitors is complete, it is necessary to:
- Identify your main competitor in the industry;
- Learn basic information about competitors;
- Determine the geographical location of competitors;
- Determine the market share of competitors;
- Learn the objectives and strategies of competitors;
- Assess the advantages of competitors in how their marketing strategy increases consumer awareness;
- Identify successful and failed strategies of competitors;
- Predict the reaction of competitors to your company’s appearance on the market and how they will evaluate your strategy and plans;
- Think about how to turn the reaction and response of a competitor to your advantage
Information on competitors is available in open sources, including news, press releases, advertising, company websites, advertising campaigns, patents and copyrights, price lists and annual activity reports.
A business plan is a document that should draw the attention of potential partners, investors and bankers. It should look professional, as it is a kind of advertising tool representing both the enterprise or the entrepreneur himself, and his business. Therefore, you should pay attention not only to the content but also to the appearance of the business plan. It should be simple, functional, understandable and easy to use. When creating a business plan, you should use business graphics (diagrams, charts, tables), which allows you to better perceive the information provided. For example, tables allow the use of digital information in a compressed, ordered form, attract attention to significant figures and indicators. In addition, when writing a custom business plan, you need to use a simple and clear style of presentation. If you require assistance with any part or stage of business plan writing you can address experts ready help you out.
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