By Lika Ramlal at April 28 2019 18:55:26
What should come into your business plan is how you assess it, how you foresee anything occurring that could have an adverse impact and how you would deal with it in the right ways. If you are looking to obtain funding from a bank or people you know, it is essential to show what the risk factors are in the proposed business and how you plan to defend against them.
Here is a recap of where we are in this discussion: Business plans formalize an understanding of the task with appropriate analysis leading to a plan_of_action. Not all business plans are for profit motives. Business plans are for an enterprise effort and not focused on disciplines/departments, e.g. Marketing plan, sales plan, HR plan, supply chain plan, etc. Business plans are a great vehicle to build a team effort. Plans can be utilized for formalizing metrics relative to achieving goals and performance measurements. Some complex plans might include a Project Management professional. There are internal and external audiences for business plans. Most external focused plans are for outside funding of projects. Be mindful of the 'tone' the plan projects to the reader. Tone refers to the impression a person gets from reading the plan; a subliminal feeling about the plan.
That is a great thing to make sure you have in your business plan, that your business will be built around those real customer wants. Do not make callous assumptions, or statements like "I know what people want", "People are going to love this", and so on. Have you done your research? Do you really know that the people you will be targeting want your product / service, and crucially do they want it AT THE PRICE that you will be offering it at? Whilst confidence in your plan is fantastic, you must make sure that it does not lead you down a blind alley along a path that is not desired by your target market. Don't assume what customers want, do your research and make sure that is clear from the start in your business plan.
Don't Make Assumptions About Customers _ To be an entrepreneur does require plenty of self_confidence, sometimes almost a bloody_minded determination to make your business work. But this confidence spilling over into thinking that you know what 'the market' wants can be dangerous, without checking that it's true. You need to do your research that the market does ultimately want what you will be offering, whatever products or services you will be selling.