How to Identify Strengths And Weaknesses in a Business Plan
Business Coaching for Women
1. - Market Analysis. - A thorough analysis of your potential market is critical to creating a strong business plan.
The plan should explain the characteristics of your market and suggest how much of the market you hope to capture. A strong marketing analysis section also shows why customers want to buy what you offer rather that the competition’s products or services. A weak marketing analysis section does not mention industry trends and the effect of those trends on your business. Regulatory trends are also important if they pertain to your business idea; without them, your business plan seems unfinished and lacking information.
2. - Competition. - Your business plan needs to provide full details about your competitors. A plan suggesting you have no competitors indicates a major weakness in understanding your market. Providing detailed information about each of your competitors in regards to their market position, offerings, strengths and weaknesses shows you’ve thoroughly examined the competition. Your analysis might conclude that gaining market share against your competitors will be difficult, indicating a potentially weak business idea due to a saturated market.
3. - Marketing. - A solid marketing plan is always part of a good business plan. The marketing plan explains your sales and marketing strategies for convincing prospects to become customers. A marketing plan broken down by quarter that shows the activities you plan to use indicates a well-thought out plan.
4. - Management. - Providing detailed bios and background information about your executive and management team is critical to a strong business plan. The plan should explain the experience and expertise of each person and how that translates into productive management of your business.
5. - Financials. - Strong business plans include all the financial documents needed to analyze and calculate your cash flow, income projections and expenses. The documents should include financial statements and realistic operating budgets.
Source: smallbusiness
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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