Corporate information
1. Description of your Business
List what your business is about. Review a second time and edit as you think of more ideas. Consider where you have been, but always include where you want to go. You may want to consider additional products or services to delve deeper into existing customers, or new services and products to reach out to new markets. Then show it to others in your organization and make further changes. Finally, share it with someone independent of your company and again, make changes if it helps strengthen your plan.
2. The Market
What are your primary target markets? Which ones are the most profitable? Consider who you have sold to – but also include who to reach out to as you move forward.
3. Competition and feasibility
Who are your competition and how have they managed to survive and/or prosper? Don't only consider those who directly compete, but also consider businesses that may compliment their core with similar services you offer. What do they do now that you can improve upon? What about competition from the business world and the way you communicate in general? Not all competition is easily identified and categorized.
4. Location
Is your location critical to the delivery of the product or service? Will you need to move? If it is not critical, how are you set up to work remotely? What can allow you to spread your reach? What will happen if you reach further? What if you do not?
5. Management
How experienced are they – and are they focused on your corporate goals as a team? How will they help one another to reach these goals? When do they get/take the time to look beyond the day-to-day business? Do you encourage them to identify ideas and opportunities beyond the usual places? What if you did?
6. Personnel
How many do you need and what are their areas of expertise? What will you do to retain key employees and attract new ones that align with the organization's direction?
7. Application and expected effect of loan or investment
Will you need more capital? How will it be used, how much will you need, will it be out of your own pocket and how long will it last? Do you have specific measurable goals in place to verify if the funding meets your needs?
8. Summary
Should define what you plan on doing, who you plan on doing it for, why you are doing it, how you are going to get it done and what it will look like as things progress. Do this last.
Financial information
List what you plan to do in the next 1-3 years. If you're a start-up, this information will help you understand financial and time investments.
1. Sources and Application of Funds (describe funds needed and where it will come from)
2. Capital Equipment and Furniture
3. Projected Balance Sheet
4. Break-Even Analysis
5. Projected Income Statements
6. Cash Flow Projections
7. Existing/New Business Specifics
8. Supporting Documents
These do not need to be itemized down to the last dollar, but should reflect the time and effort you put into thinking about where you are, where you want to go, what it will take to get there (financially) and the payoff (profit). This is one of the most forgotten steps of strategy planning. Without it, your gut efforts to do the right thing can be wasted.
Marketing information
1. Market research: Describe the type of market research needed to identify current and future markets. Will you do the research yourself? Get help from inside your organization or from your customers? Consider outside opinions for a fresh perspective.
2. Target market: Who do you plan on going after tomorrow, one year and three years from now?
3. Product/Service: What do you plan on offering customers? How will it benefit them? How will it change over time? What will you offer today and how will it be different a year from now or three years from now?
4. Competition: Who else is doing what you are doing? What will you do to differentiate yourself?
5. Mission statement: What is the business purpose?
6. Marketing strategies: How will you identify and reach your target audience?
7. Pricing: How will you establish your price points? What is the cost of doing business with you?
8. Positioning: Where AND when will you find and interact with your customers initially? Will there be an ongoing relationship?
9. Branding: What is the feeling someone is supposed to get the first time and every time they interact with your company?
10. Budget: How much will it cost to achieve your marketing goals? Without one, you cannot measure success.
11. Measurable marketing goals: Make sure they are SMART goals: specific, measurable, attainable, relevant and time bound.
12. Monitoring your efforts: How will you monitor your efforts to be able to evaluate your progress, identify successes and potential areas of improvement or change?
In the next issue, we'll tell you what to do on a regular basis and look at some actual case histories of printers helping their customers grow their businesses.
