Developing a business plan is an important step in starting a new business. Help business owners to predict opportunities and at the same time anticipate problems. By using a business planning methodology, entrepreneurs can have the opportunity to set goals and targets, and function as a tool to obtain external finance.
A business plan is a document that defines business goals and how to fulfill objectives. This is also the key to attracting investment and the possibility of strategic alliances. When making a business plan, it is important to consider several parts that include company mission, market analysis, financial analysis, assets, and expenditure. These considerations are almost the same as what should be taken when you want to invest on luxury watches like Hublot watches or Rolex watches.
Method of developing a business plan
The first method used in developing a business plan is to conduct a survey. In conducting a survey, you must use a questionnaire to make it easier for business owners to evaluate the market.
This is the easiest way to do market analysis. Providing a quality product does not guarantee that the target market will buy the product. Through surveys, the target market can obtain information about the products it offers. However, you must ensure that questions can complement market analysis. You need to ask where you usually buy a particular product, why you prefer the product and how much you can spend on the product.
Keep in mind that successful surveys can produce customers.
Another method is through product testing where prospective customers are allowed to see, test or use the product. In the same way, product testing also provides information about the value of the product. You must provide the product, which is a version or product prototype that has been completed to be tested.
Through product testing, customers can provide detailed comments.
In this way, business owners can make changes if necessary. On the other hand, another business planning method is through a SWOT analysis where business owners are required to list strengths, weaknesses, opportunities, and threats. Using this method, business owners will be aware of potential problems and eventually develop a plan to overcome the problem.
Likewise, the last method used in business planning is competitive analysis. This is part of market analysis. In this method, entrepreneurs must list other businesses that offer similar products. It also helps determine the strengths and weaknesses of companies and products. The key to obtaining competitive analysis is to conduct surveys among several competitors.
On the other hand, when making a business plan you must be open to the possibility of reviewing and revising the plan.
Two important phases
Management Interview: Here you collect and document your “verbal” growth plan, including your vision, major achievements to date, important mission challenges and opportunities, key goals and objectives, and growth strategies.
Strategic Market Research
In this phase, you measure relevant market dimensions, analyze competitors, describe existing and potential client groups.
Hopefully with this article you can understand the important aspects of marketing planning. We hope this article is useful for you. Thank you for reading.