Growth for Women-Owned Businesses in Houston
Top 5 Characteristics of a Successful Business Plan
There are 5 key things that must be included in an effective business plan:
- Clear description of product or service
- Market & competition information
- Your unique selling proposition (USP)
- Technology and strategies required
- Listing of feedback obtained throughout your process
It should provide a clear description of the product or service and contain an in-depth look at the market you plan to enter and your primary competitors. This should also show what makes your product or service unique and will make customers choose you and not your competitors.
Any technology to be employed should also be clearly described along with the resources you will need for production and marketing. The fifth element of the business plan is a listing of some of the feedback your executive summary has generated.
The business plan itself should contain an in-depth description and analysis of the market you propose to serve. It should include as much demographic information as possible. This will help you to better understand what your company needs to do to attract and serve them and properly position your company in the marketplace.
Part of your plan has to be ways in which you anticipate your company will grow. It should include how you think your competition will react to your entrance into the market and how you will counteract it. The business plan should also include information on any intellectual property you have in the works.
Source: richardstep
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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