Building a successful, profitable business — one that not only supports you, but makes you want to spring out of bed early every morning to work on — is hard. You need a business plan.
The purpose of your business The first part of your business plan should detail the reason for your business — its purpose. You may have locations spread out across New Zealand or the world if you export. Where the opportunities are for your business — are there gaps in the market that you can exploit with a new product or service?
Your strengths and weaknesses — what does your business do well and where is there space for improvement? For example, do you have outstanding customer service? Any threats to your business on the horizon — are you aware of any new competitors or marketing campaigns from your rivals that could impact heavily on your bottom line?
You can even ask your loyal customers for their opinions. A SWOT analysis helps you pinpoint the positives and negatives of your business, both internally and in your control strengths and weaknessesand externally and outside of your control opportunities and threats.
Free business plan template Your competitive advantage A competitive advantage is simply what you do better than anyone else. What exactly is it about your operation that is an advantage?
Your competitors are off the main street, giving you a key competitive advantage over them. This would mean your sales can be marketed as a main advantage.
The smarter you can be about developing and promoting your competitive advantage, the better placed your business will be to succeed. Scope out your competitors When building your business plan, describe your main competitors.
Consider all possibilities — you may have competitors on the same street, elsewhere in your town or city, throughout the country, worldwide and on the Internet. Market research will enable you to focus your marketing budget on targeted consumers, rather than just sporadic advertising.
Position your product or service Take into account the four Ps of marketing when coming up with your strategy. Price — ensure your products or services are selling for a price that will make your target customers feel like they received value for money.
Promotion — explore the numerous opportunities to promote your offerings. Some examples include magazine ads, flyers, Facebook posts and press releases.
They have to be able to easily access them.
Creating a business plan is a process of thinking through all the variables that are going to affect your sales. See the business guides below for some more tips to improve your business.
View Terms and Conditions The free business tools are intended as guides only and are not intended to constiture financial advice. The content of this material is for general information purposes only. It does not take into account your personal finance situation and goals, and should not be relied on.
All opinions, statements and analysis expressed are based on information current at the time of writing from sources which Westpac believes to be authentic and reliable. Westpac issues no invitation to anyone to rely on this material and intends by this statement to exclude liability for any such opinion, statement and analysis.Planning should always be the first step in making a strategic business approach.
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Free business plan template. Click here for a handy business plan template available on the lausannecongress2018.com website.
Your competitive advantage Creating a business plan is a process of thinking through all the variables that are going to affect your sales. See the business guides below for some more tips to improve your business.