business-model-plan-generalmanagers.org

For any business to run successfully the identification of target market is very essential. No business can survive just waiting for the customer to come to them. Instead, they have to focus on the specific market segments whose needs match their offerings.  Before launching any service or product you need to make sure that the selected market segment is right or not. Also it is important that all the customer needs are address, otherwise the business venture might fail in the initial stage. The lack of clarity while setting up any business becomes clearly evident in the outcomes. If all the needs of the focused market have not been addressed, your business will not flourish.

In order to design a successful business plan, the foundation of your business model should be designed by keeping a few important aspects in mind. First of all you should set your goals. If someone is truly committed to attain success in business, the first step should be to identify the business goals. If you have set goals for your business that are not in line with your personal goals, this may slow down your pace of working. It is extremely important that you should do work which is a source of satisfaction and reassurance for you. If your business does not meet your personal goals, eventually you will lose interest and stop giving in your best to achieve the target. Whenever you start a business, it is essential that you try your best to make the business ‘One of its kind’. Your services and offerings should be unique and make you stand out in the market. A clear business plan needs to set your goal right and bring you on the right track.

Another important aspect to be kept in mind is that efficient and effective planning should be practiced before starting a new business. Instead of focusing on a number of services or products for your business, you have to remain focused on providing the best possible quality; even if it is for a single product. You should be clear about what you can offer, with superior quality. While making a business plan make sure to remain you focus on a single specialty, rather than becoming jack of all trades.

And lastly you need to recognize you Niche, before going for any business venture. It is extremely important for you find that missing gap in the market where you can make your own place. You should offer services which are one of its kind and are missing in the current market. You need to determine the areas which are not catered for in the current market. A number of methods can be used to identify the niche, which may include market surreys and market research. The best way is to conduct focused group research which can pin point to your prospect customers. These important factors need to be addressed while making an effective Business model, which can enhance your productivity.

Developing a precious Business plan which is focused on enhancing the productivity of your business is the key to success. A business plan should include the objectives, implementation strategy, financial forecasts and last but not the least Business continuity plan. Only when you have assessed all these important factors, you will be able to design an Effective Business model. Given is template which might be able to help you for designing your business model.

Business Plan Outline

I. Executive Summary

  1. The Opportunity
  2. The description of Business
  3. Competitive Advantage
  4. Target Market
  5. The Management team
  6. Brief summary of Financial projections
  7. Description of what the Business needs
  8. Exit strategy for Investors (if the plan is going to an investor) 

II. The Business

  1. The Opportunity
  2. The description of Business
  3. Competitive Advantage
  4. Current status and Requirement 

III. The Management Team

  1. Management experience and capabilities
  2. Board of directors
  3. Board of Advisors
  4. Key professional service providers ( Law firm, Accounting firm, Business consultants) 

IV. Company Structure, Intellectual Property and Ownership

  1. Organizational Structure
  2. Legal Structure
  3. Intellectual Property (Patents, trademarks and copyrights applied for approval) 

V. Industry Analysis

  1. Industry description (Profit potential, Industry trends and size)
  2. Target market
  3. Competitive position within target market 

VI. Market Planning

  1. Product feasibility and strategy
  2. Pricing strategy
  3. Channels of distribution
  4. Promotion and advertising 

VII. Operations Plan

  1. Method of Product or Service delivery
  2. Availability of Qualified labor pool
  3. Business Partnerships
  4. Quality control and customer support

VIII. Financial Plan

  1. Capital requirements for next 3-5 years
  2. Overview of Financial Projections
  3. Income statements
  4. Cash Flow projections
  5. Balance sheets
  6. Payback and exit strategy 

IX. Critical Risk Factors

  1. Management risks
  2. Marketing risks
  3. Operating risks
  4. Financial risks
  5. Intellectual property infringement
  6. Other risks 

X. Appendix

  1. Supporting documents (Resume of founder and key employees, other documents as per requirement)

 

 

Uzma Akbar is an ardent researcher, with a few International publications to her name. She is young scholar, who has also been awarded with Dean’s Roll of Honor in her Bachelor’s degree. She gained some teaching experience of the assigned subjects in NUST, which is one the most prestigious institution of Pakistan. She also mentored students to achieve their academic goals and assisted them in research oriented projects. Her areas of interest include Project Management, Entrepreneurship, Total Quality Management and Business planning.