Logotherapy
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A simple business plan outline
STEP ONE: Summarise your plan
In a nutshell, this is the overview to your business. It defines the market your company will operate in and lists the products or services you will deliver. Make this opening section exciting reading; imbue your enthusiasm for your venture and describe the most appealing attributes of your business clearly and concisely. Remember, that this first paragraph is the one that is going to grab the attention of the bank manager, the supplier, your first customer. Crucial to the introductory summary is how you position yourself against similar existing businesses. Why is yours different? How will yours have the edge over all the others? If its something completely new, say so and if youve stumbled onto an untapped niche market, explain its application. If youve discovered a new way to market your product, explain your strategy but above all. . . make this sound as if it is the breakthrough business of the century! Remember, the greater your competitive advantage, the less risk your business faces. And the more likely your bank will be there to lend you the money!
STEP TWO: Make your business objectives clear
You might want to be the next Richard Branson, with a finger in a hundred different pies. Slow down and take one thing at a time. Or as they say, “slowly catch the monkey!” Make your objectives clear and achievable. And dont make them into “pies in the sky” either! Business objectives are about facts. . . not fiction! You, like Richard Branson, might want to eventually brand your own record label, your own cola or your own airline, but leave that in the box marked “future achievable dreams”. For now stick to what is attainable, and what makes “dollars and sense” to your bank manager.
STEP THREE: Defining your business concept
Before you even start with the details, have a clear picture of what the nature of your business will be:‚
Is It A Product-Based Business?
By this we mean; are you setting up a manufacturing arm to the business, will you need to warehouse stock, provide packaging, need a sales force?
Are You Starting a Service Business?
If so, what is its competitive edge and how are you going to reach your target market?
Areas that need to be part of the Business Plan include:‚
SUPPLY SOURCE
If youre going to manufacture, youre going to need a larger capital outlay, equipment and machinery. If youre purchasing product, suppliers need to service you and you may need to invest in stock. Cost out carefully all these requirements, making sure you have covered all bases and are not hit with financial or production surprises further down the line. Consider also the labour implications of setting up a manufacturing plant and the costs (many hidden) that go with employing large numbers of staff.
RANGE OF PRODUCTS AND SERVICES
Have a clear idea of the range of services and products you will trade in. Settle on a realistic and manageable number bearing in mind that you cannot be everything to everybody and take note of the simple truism: Less is more. Rather have fewer products and sell them more efficiently or offer fewer services but service those customers well.
PRESENTATION AND PACKAGING
Sadly, we live in a world where appearances count and although we are taught not to judge a book by its cover, we are the first to turn our noses up at something that doesnt have “buy me” appeal. You might have the most innovative and exciting product which you believe is going to take the world by storm. But can it stand on a shelf on its own? Is it appealing enough to sell without packaging or presentation? Remember, consumers are attracted by first impressions and if your product doesnt catch the eye, or have a unique presentation concept (like Pringles for example), you may be losing sales before youve even begun. Remember also, that unique packaging can and should be patented.
DELIVER SERVICE SMARTLY
Debonairs Pizza might have coined the phrase but they also redefined service delivery and taken it to new heights. Realising that their product (pizza) was not unique but wanting to have the “edge” over their competitors, they jacked up their service, offering delivery by personnel in tuxedos and bowties and in so doing turned the fast food industry on its head. In Debonairs case, they took the term “service delivery” and quite literally made it into a success story. In your business, you need to develop a “service plan” i.e., a tangible plan on the ways and means to reach your customer and gain the competitive edge through customer satisfaction. This “service delivery” must incorporate everything from brand image, customer care to prompt delivery.
TO STORE OR NOT TO STORE
Clearly define your product and plan on how to store it. You might have invented the most delicious new ice-cream product, but being a perishable, you need refrigeration storage and transport. Your product might be large and bulky and require expensive warehouse facilities and heavy lifting equipment. Cost in these factors and consider outsourcing or renting space, or better still, consider supplying your customer direct from source. If youre going into the service industry and youre saying “Whew! At least I dont have storage problems!” Think again! Youre basically selling time and believe me, time waits for no man and certainly cannot be stored! Once that time has passed, you cant get it back! Consider down times and work out how to compensate for it. Many service providers, like hotels and airlines, offer special promotions in off-peak times or on midnight flights. Anything to make some income in those “dead” hours.
DISTRIBUTION: GETTING FROM A TO B
Distribution – or the way you get a product or service to your customer – is the make or break of any new venture. The key to success here is speed, efficiency and convenience. Consumers make no secret that they will support the company that gets things to them faster and more efficiently. Even price takes a back seat to reliable distribution so make that your number one priority.
BUILDING AFTER-SALES