Whether you’re starting or growing your manufacturing business, you need a business plan. Your plan will provide the roadmap to achieve the success you want. Naturally your business plan has to answer questions pertaining to each of the core business plan sections as follows:
1. Company Analysis:
what products and/or services do you offer now and/or what will you develop and offer in the future?
2. Industry Analysis:
how big is/are your market(s) and how are they changing? What trends are affecting them and do these trends bode well for your future success?
3. Competitive Analysis:
who are your competitors and what are each of their key strengths and weaknesses? In what areas will you have or gain competitive advantage? How?
4. Customer Analysis:
who are your target customers? What are their demographic and/or psychographic profiles? What are their needs?
5. Marketing Plan:
how will your reach your target customers? What promotional tactics and marketing channels will you use? How will you price your products and/or services? What brand positioning do you desire for each?
6. Management Team:
who comprises your current team and what key hires must you make in order to execute on the opportunity in front of you. Will you build a Board of Advisors or Directors, and if so, who will you seek?
7. Operations Plan:
what is your action plan? What are the milestones you must accomplish to go from where you are now to where you want to be at year’s end? At the end of five years?
8. Financial Plan:
how much external funding (if applicable) do you need to build your company? In what areas will these funds be invested? What are your projected revenues and profits over the next one to five years? What assets must you acquire?
Answering the questions in these eight key business plan sections helps you formulate specific business goals. They also help you answer the most important question to include when you write the Executive Summary of your business plan, which is this: why is your business uniquely qualified to succeed?
If you need assistance in your business plan preparation, please contact MAU staffs;