Today I am looking at why it is so important to identify the opportunity when building your business plan. This is vital before embarking on a business planning process.
You first need to focus on the What, the How & the Why?
What you do?
In terms of what you sell
Who you sell to
What you charge
How do you deliver it?
Traditional vs on line
What are your costs
How much do you make on a sale
Why customers buy from you
Price, service and value proposition
Assess yourself against the competition
How often do they come back
Important to capture whether you are planning any major changes in your business
Keep in my mind what makes you special. You will need to capture this in your plan.
Tip: Keep it simple. You don’t want the reader bored or
confused at the beginning of your story – try it out with your partner or even
your teenage kids. If they don’t get hooked at the beginning you know it needs
changing.