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The Business Plan Workbook The Definitive Guide To Researching, Writing Up And Presenting A Winning Plan 6th Edition Colin Barrow, Paul Barrow, Robert Brown - Solutions
Give market research data that support or verify these forecasts. This is particularly important for ventures in the retail field, for example, when names of customers are not necessarily known in advance.
Provide details of all customers you expect to sell to over the forecast period, and how much you expect to sell to each.
Provide details of any firm orders on hand.
How will you ensure your computer system is kept virus free?
What hardware other than a computer will you require?
Describe the software you will need to ensure your business can run effectively.
What back-up systems will you use to ensure vital data is not lost?
How will you handle your incoming and outgoing mail?
Determine the specification of your computer system.
What telephone and absent answering systems do you plan to use and why?
Have you incorporated the cost implications of building and running your website in your financial forecasts?
How will you upload new information to your website, keeping it current and topical?
Who will design your website?
Are there any revenue-generating opportunities other than selling that you can pursue?
What steps will you take to drive traffic to your website?
How will you get paid and fulfil web-based business?
If you do plan to sell on the internet, will you sell your self or through an intermediary and why?
What other operational activities could you carry out via a website?
Will you sell some or all of your products and services on your website, and if so which and why?
Do your competitors or other similar organizations have websites, and if so what functions are carried out there?
Have you incorporated the cost implications of these operating regulations in your financial forecasts?
How much national insurance will you be responsible for paying?
Will you have to collect and pay tax for any employees?
How much tax do you expect to have to pay?
If you have to register for VAT, which is the best scheme for you?
Will you have to register for VAT, or could it be to your advantage to do so?
How will you handle refunds?
Does your proposed advertising, both print and website, comply with the various advertising regulations?
Will you be holding data on customers, suppliers and employees, and if so what are the implications of the Data Protection Act on your plans?
Does your venture require a licence to operate?
Do you envisage any legal issues in recruiting and employing the staff you have in mind?
What steps will you take to manage them effectively?
What pay and reward system will you use?
How will you go about recruiting them?
Who else apart from yourself does your venture need from the outset and in the first year of operations?
How will you equip your office?
What bought-in materials and/or services will you need, where will you buy them from and how much will they cost?
What plant and equipment will you need, what can it do, how much will it cost and where will you get it from?
If you are making a product, describe the production process; also explain how your principal competitors go about manufacturing.
How much of your product or service do you plan to produce inhouse?
What processes will you use to ensure you are paid on time?
What sales volume and activity targets, such as calls per day, etc, have you set for each salesperson or selling method?
How long is the process from becoming aware of your product or service to making the buying decision, receiving the product or service and finally paying for it? This will have an important bearing on your cash-flow and initial sales forecast
Who will direct, monitor and control your sales effort and what experience/skills do they have?
What incentives are there for people to meet sales targets and how will you motivate them to do so?
What procedures do you have for handling customer complaints?
Describe the selling process, leading from an unaware prospect to a converted client, covering identification of decision makers, overcoming objections, gaining agreement, etc.
Who will manage, monitor and control your sales effort and how will they do so?
Will you use point-of-sale material – leaflets, brochures or videos, for example?
What selling methods will they employ?
Who will conduct the selling for your business, and have they been professionally trained to sell?
What channels of distribution are used in your field; which do you plan to use and why?
If you have not found your premises yet, what plans do you have to find them?
Are these premises adequate for your future needs? If not, what plans do you have?
What are the insurance details:– sum insured?– premium?
What rates are payable on your business premises?
If leasehold:– What is the unexpired period of lease?– Is there an option to renew?– What is the present rent payment?– What is the date of rent payment?– What is the date of the next rent review?
If freehold what is/are the:– value?– mortgage outstanding?– monthly repayments?– mortgage with whom?
Why do you need this type of premises and location? What competitive advantage does it give you?
Describe the location.
What type and size of premises are required for your business?
If you have already done some advertising or promotional work, describe what you have done and the results you have achieved.Has your work on this assignment given you any pointers for future action?
Prepare an advertising and promotional plan for the upcoming year, explaining:(a) what you want to happen as a result of your advertising;(b) how much it’s worth to you to make that happen;(c) what message(s) you will use to achieve these results;(d) what media you will use and why;(e) how the
Write a press release announcing the launch of your venture. List the media to whom you will send the release.
Prepare a leaflet describing your product/service to your main customers. (Don’t worry if you don’t plan to use a leaflet – the exercise will serve to ensure you have put your offer in terms that recognize customers’ needs, rather than simply being a technical specification.)
Does your answer to question 6 lead you to believe that there is an opportunity to sell at different prices in each market segment – so enhancing profits?
Are any of your possible market segments less price-sensitive than others?
Compared with your product/service how much better/worse are those of your competitors?
What price do your competitors charge?
Using the costs as calculated above and your profit objective, calculate the optimal price you should charge.
Refer forward to Assignment 20 and then calculate the fixed and variable costs associated with your product.
List all the costs you are likely to incur in making or marketing your product.
When will all the key market research information be available?
Who will be responsible for each element of the research?
How much time and money will be needed to carry out this market research?
What field research will you have to carry out?
What desk research will you have to carry out to answer this question?
What information do you still need to find, and why specifically do you need it?
What information do you currently have on customers, competitors, markets, etc?
What is unique about your proposition that makes it stand out from the competition?
What, in the light of this competitive analysis, do you believe to be the critical factors for success in your business sector?
What are their relative strengths and weaknesses compared both with each other and with your business?
Analyse their size, profitability and operating methods, as far as you can.
List and briefly describe the businesses with which you will be competing directly.
What share of this market are you aiming for initially?
Is the market you are aiming at currently rising or falling? What is the trend over the past few years?
What factors are important in the customer’s decision to buy or not to buy your product/service?
Who are the innovators in each of your market segments?
Match the features of your product/service to the benefits on offer to customers in each of your chosen market segments. Provide proof, where possible.
Which of these market segments will you concentrate on and why?
List and describe the main different types of customer for your product/service.
What customer needs will your product or service satisfy?
What is the geographic scope of the market you intend to serve and why have you so chosen?
Are there any possibilities of developing new products or services complementary to the one(s) described above?
Will you be providing any warranties, guarantees or after-sales service?
How is your product or service different from those already on the market?
Do you have, or plan to have, any legal protection such as patents? If so, explain what you have done so far to establish your rights.
Is it currently available for sale? If not, what needs to be done, how much will that work cost and how long will it take?
Describe your product or service, as if explaining it to a novice.
If your business is already trading, give a brief summary of financial and marketing results and achievements to date.
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