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Business Plan Writing

This section highlights the various sections available; what makes your business evoke interest and how you will attract and retain a client base despite competitors.

Business Mission and Vision

1. Business Vision, a vision statement shows where YOU want to be. Communicates both the purpose and values of your business. A Mission statement talks about HOW you will get to where you want to be. Defines the purpose and primary objectives related to your customer needs and team values. 2. A business model is the plan implemented by a company to generate revenue and make a profit from operations. The model includes the components and functions of the business, as well as the revenues it generates and the expenses it incurs.

Market Entry

1. Major barriers, Oligopolies (An oligopoly is a market structure in which a few firms dominate) and monopolies (A pure monopoly is a single supplier in a market) may maintain their position of dominance in a market because it is too costly or difficult for potential rivals to enter the market. Obstacles to entry are called barriers to entry. They can be erected deliberately by the incumbent(s) - called strategic or artificial barriers - or they can exploit barriers that naturally exist in the market, also called structural barriers. 2. Alternative strategies, a market entry strategy is the planned method of delivering goods or services to a new target market and distributing them there. When importing or exporting services, it refers to establishing and managing contracts in a foreign country.

Market Segmentation and Targeting

1. Market segmentation, the process of defining and subdividing a large homogenous (marketplace in which each of the products traded in that market are more or less the same, although there may be some minor differences in design) market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. 2. Identification of target segments and customers, your target market is the group of people who are most likely to buy what your business sells. 3. Confirmation of customer needs, problems that customers intend to solve with the purchase of a good or service.

Competitive Environment

1. Identify and profile- Primary competitors (SWOT) -Secondary competitors (SWOT) A competitive environment is the dynamic external system in which a business competes and functions. The more sellers of a similar product or service, the more competitive the environment in which you compete.

Definition of offering

1. Priories customer needs, the success of every company is dependent its ability to create products and services that address unmet customer needs. 2. Description of offering, what services/products you are offering. 3. Pricing strategy, one of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning. Furthermore, pricing affects other marketing mix elements such as product features, channel decisions, and promotion. 4. Validation testing, is the process of checking whether the specification captures the customer's needs.

Market positioning and strategy

1. SWOT analysis (alternatively SWOT matrix) is an acronym for strengths, weaknesses, opportunities, and threats—and is a structured planning method that evaluates those four elements of a project or business venture. 2. Unique selling proposition(USP), A unique selling proposition is what your business stands for. It’s what sets your business apart from others because of what your business makes a stand about. 3. The PESTLE Analysis is a framework used to scan the organization's external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental. 4. 7 P’s, the marketing mix of a product the service marketing mix comprises of Product, Price, Place and Promotion, People, Process and Physical Evidence. 5. Market Entry strategy, is the planned method of delivering goods or services to a new target market and distributing them there. -Major barriers, barriers to entry are factors that prevent a startup from entering a particular market. -Alternative strategies can include, Licensing, Joint venture, Foreign direct Investment (FDI), Mergers acquisitions. -Objectives, different objectives at the time of entry should produce different strategies, performance goals, and even forms of market participation. 6. Critical success factor (CSF) is the term for an element that is necessary for an organization or project to achieve its mission. It is a critical factor or activity required for ensuring the success of a company or an organization. The term was initially used in the world of data analysis, and business analysis.

Marketing and Selling Model

1. Sales and Channel Strategy, a channel strategy is a plan for guiding decisions about a product's distribution channel -- the chain of intermediaries that it passes from its creation through to delivery to the end user. A way of bringing products or services to market so that they can be purchased by consumers. A sales channel can be direct if it involves a business selling directly to its customers, or it can be indirect if an intermediary such as a retailer or dealer is involved in selling the product to customers. 2. Sales force organization is the process of allocating and managing sales resources to meet sales and marketing objectives. 3. Sales metrics are a collection of individual and organizational performance indicators and ratios. They are calculated from collected data that describe the startup's historical and ongoing sales processes. With strong sales being the key to success, it's imperative that you motivate your team to bring in business and boost that bottom line. 4. Brand Strategy, is a long-term plan for the development of a successful brand in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments. 5. Advertising and promotion strategy this process involves some key decisions about who the customer is, how to contact them, and what the message should be. These questions can be answered using a three stage process, which is equally relevant for all elements of the marketing mix: Segmentation Dividing the marketing into distinct groups. Targeting Deciding which of these groups to communicate with, and how to talk to them. Positioning How the product or brand should be perceived by the target groups. Delivering a specific message in order to influence the target groups.

Product Launch

1. Time-frame and millstones, listing your milestones over a time frame to help organize your activities. 2. Potential risks/bottlenecks, there are two main types of bottlenecks: A bottleneck in a process occurs when input comes in faster than the next step can use it to create output. Short-term bottlenecks – These are caused by temporary problems. A good example is when key team members become ill or go on vacation. No one else is qualified to take over their projects, which causes a backlog in their work until they return. Long-term bottlenecks – These occur all the time. An example would be when a company's month-end reporting process is delayed every month, because one person has to complete a series of time-consuming tasks – and he can't even start until he has the final month-end figures. 3. Key Success Factors are those functions, activities or business practices, defined by the market and as viewed by the customer, that are critical to the vendor/customer relationship. Key Success Factors are defined by the market and by the customer, not by the company. They revolve around skills, processes and systems. 4.Marketing Action Plan (MAP) is a summary of all marketing initiatives that have been developed after considering each of the different elements of marketing.

Operations and Organization

1. Organizational structure, how activities such as task allocation, coordination and supervision are directed toward the achievement of organizational aims. It can also be considered as the viewing glass or perspective through which individuals see their organization and its environment. 2. Operations Business integration is a strategy whose goal is to synchronize information technology (IT) and business cultures and objectives and align technology with business strategy and goals. Business integration is a reflection of how IT is being absorbed as a function of business. 3. In house vs. outsourced, do you hire someone and run the operation in-house? Or do you outsource it to another company? 4. Human resources, the division of a company that is focused on activities relating to employees. These activities normally include recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention. Formerly called personnel. 5. Culture and management style, management style which pushes through the organization's culture as consisting of the values, beliefs and norms which influence the behaviour of people. 6. Business systems is a methodical procedure or process that is used as a delivery mechanism for providing specific goods or services to customer. A business process is a collection of linked tasks which find their end in the delivery of a service or product to a client. A business process has also been defined as a set of activities and tasks that, once completed, will accomplish an organizational goal.

Financial Analysis

1. Cost structure refers to the types and relative proportions of fixed and variable costs that a business incurs. The concept can be defined in smaller units, such as by product, service, product line, customer, division, or geographic region. 2. Projected revenue refers to the estimated money a company will generate during a specific period. The projections often refer to monthly, quarterly or annual accounting periods. Companies project revenue using a combination of research and internal knowledge. Segment margin is the amount of net profit or loss generated by a portion of a business. It is useful to track segment margins (especially on a trend line) in order to learn which parts of a total business are performing better or worse than average. 3. Financial strategy enables your organisation to assess your financial needs and the sources of support required to meet your objectives and fulfil the organizational mission, whilst also planning for continued growth to enable stability. 4. investment and Growth, what is needed to get your investment, which channels are best suited for your business or future growth. Investing for growth means investing in assets that are expected to increase in value over time, with the end goal being growth of your capital, rather than generating a regular income. Portfolios aiming to achieve capital growth tend to consist mainly of equities (stocks and shares), as these have the potential to generate higher returns than some other asset classes – although they are also more volatile. Startups, understanding the type of investor you are can help you determine what type of investment approach is best suited for you as you create a plan that reflects your comfort level and your financial goals. Read on to see how much guidance you may need when it comes to investing. Types are Family and friends, angel investors, venture capital and crowdfunding.

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