Wondering what are the 5 tasks for business plans? It's tough to figure which are the most important five, but a reasonable guess would be this: (1) determining what you'll sell, (2) defining the market you'll be offering products or services to, (3) gauging the competitive forces and measuring how you will gain market share from them, (4) describing how your business can make a name for itself and drive sales through marketing and promotion, and (5) determining the likely financial performance of the venture over a period of 3 to 5 calendar years and, by extension, figuring out what share an investor can expect or what loan repayment scenario a banker can rely upon. Sound tough? It is. And it's not the only battle. Beyond these tasks, you will need to answer:
• Who are the primary competitors selling to and what are their average revenues?
• What are my typical COGS and what other OpEx do I face?
• What regulatory, permitting, or licensure issues might my business encounter?
• Who should I have on my management team and what do they bring to the table?
• How much money do I need and how will I use it?
The 5 tasks for business plan development, in other words, could easily extend into 10 tasks… or 15, 20, even 50 tasks. Creating this document is hard work. It means having a solid idea of exactly what you will offer and a sound strategy for how your business can gain market share in what is an increasingly competitive and cutthroat business environment. Your financial pro forma needs to call upon accepted industry averages and verifiable competitive comparables in order to present reasonable figures. Your estimates should be attractive and yet not out of line. The planning experts at MasterPlans can assist you with this delicate task. Call one of our consultants today, toll-free, at 877-453-2011.
