First Things First: Crafting Your Business Plan
16 important questions on First Things First: Crafting Your Business Plan
What is a good mission statement?
Or, as coauthor Jim believes, it's what makes your company special.
What is the common purpose of mission statements?
What is the question you should answer when creating your mission statement?
Give yourself plenty of room to grow within your niche when you develop your business's mission statement.
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Where should the mission statement be displayed?
- On the walls and bulletin boards in the most visible places in your business.
- In the executive summary section of your business plan.
- On the first page of your employee manual, if your business is large enough to warrant a manual.
- On every document your company generates, including but not limited to stationary, faxes, newsletters, and e-mails.
Which two distinct purposes does a business plan serve?
- To serve as your business's road map.
- To attract capital through loans or investments.
Which additional pointers should the business-plan writer keep in mind?
- Always double-space.
- Begin each part (business description, management, marketing plan, and so on) on a new page.
- Feel free to change the wording or add titles to our recommended sections.
- Prepare and present the business plan so that it's tailored to the end user.
What should be written in the business description (Part1)?
- Mission statement
- Summary of the business - Begin this summary with a one-sentence definition of exactly what your business will dor or does.
- Legal description
- Competitive edge
Which questions should be answered to clearly communicate how you intend to differentiate your company from your competitors?
- Who are your competitors, and what (in your opinion) is currently their competitive edge?
- What are your competitors weaknesses?
- What will distinguish your producs or services from those of your competitors?
- Service, quality, or price - which of the three do you intend to emphasize?
What should be written in the management part of the business plan (Part 2)?
If you use the business plan only as a road map and not as an inducement for investment, the management summary is less important. However, putting the qualifications and employment histories of teh major players on paper may help you better think through whether the players fit well together and will make a synergetic and complementary team.
What should be written in the marketing plan (Part 3)?
- Industry at large
- Potential customers
- The benefits of your product or service
- Geography
- Distribution
- Advertising
- Public relations
- Pricing
- Sales terms and credit policies
How do you provide an overview of the industry?
- How competitive is the industry?
- What are the growth opportunities?
- Who are the industry leaders?
- Where are the niches in addition to yours?
What should one consider regarding to potential customers?
Create a profie of how your target market behaves as customers. Consider what motivates them to buy and how they buy, including:
- Whether they rely on recommendations from others.
- What their product usage-rate tendencies are.
- When they make their purchases.
- Whether they buy online, on credit, or on impulse.
Why is it important to talk about the benefits of your product or service?
Which questions should be asked in the public relations plan?
- What public relations techniques will you use?
- What is your business's publicity hook, and why will it interest editors, reporters, and those in you target audience?
- How will you build relationships with those in your target market, as well as with select editorial contacts?
- How can you tap into your network of friends and business associates to build a positive image of your business and to gain editorial introductions?
Which questions have to be answered when planning to have employees?
- How will you assemble your team - by leasing your employees or by hiring them outright?
- Where will you find the employees you intend to hire yourself?
- What benefits will you offer?
- What motivational incentives will you use?
- Will you assemble an employee manual?
- Will you offer a retirement plan?
- Will there be down-the-road opportunities for ownership for key employees?
- How will you train your employees?
Which questions should be asked regarding the accounting and bookkeeping duties?
- Will you hire an experienced bookkeeper, CPA, controller, or chief financial officer?
- Do you intend to computerize your accounting system?
- What accounting software package will you use?
- Do you plan to outsource your bookkeeping or accounting? What outside resource will you use?
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- Never study anything twice again
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