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Your business plan
A business plan is a detailed plan of the products and services you want to sell in the market place. The plan serves to provide a clear overview of the business case and how your practice will be profitable. It should lay out any anticipated expenses and revenues as well as the strategies for pricing, marketing and operations.
Your business plan may include the following sections:
The business description provides a description of what the business will sell along with an overview of the environment and competitor background information. This description should serve to detail the type of challenges or barriers to entry this business would face to enter the market space. It asks two questions:
This section should identify all the products and services that will be offered in addition to description of the features and benefits of each.
The management section should outlay an explanation of the governance, ownership and the organization structure with roles and responsibilities.
The operations section is a description of how the business logistics will effectively work to optimize productivity, which has a direct impact to the overall profitability of the business.
The financial section should describe any and all relevant monies that enter or exit the organization. A well rounded financial section will provide a balanced visibility to the financial viability of the organization from the beginning stages. It should state the amount of monies available for the startup, any previous financial history as well as the current financial situation. This section should always include a balance sheet and cash flow statement as well as a proforma or income statement.
Your marketing plan
A marketing plan involves much more than coordinating events or direct mailers to advertise your business. A marketing plan may be part of an overall business plan and should be a well thought out document that details the necessary actions to achieve one or more marketing objectives. It should also state a clear business case and how your practice will be profitable.
To begin, the plan should include market trends as well as a description of the implications to the local market. A deep situational analysis of the local market, competitive landscape and your product should be among the first items to research. After gaining a good sense of your situation, you can then identify a goal along with the strategic objectives you want to accomplish. Objectives should be accompanied with tactics, which explain how you plan to achieve your objectives. In the end, you will have a comprehensive strategic plan that will serve to accomplish your goals.
Your marketing plan should include the following components:
A Strategic analysis looks at what is happening outside your organization now and in the future. It asks two questions:
The strategic objectives, tactics and metrics section identifies what you will achieve, the tactics you will use to achieve it and how you will measure success.