Wondering about business plan company comparisons and the role they play in your document? This is a valid question. You want to know who you're competing against to be sure, and it's important to obtain as many details as possible about your competition so you can learn more about what you're up against. This includes the strengths and weaknesses of the business models you are positioned against, which is a vital component of your own implementation strategy and the competitive edge you articulate for your own business model. The important parts of the competitive comparison are these:
• What are the sales of your competitors for the last fiscal year?
• Who are the executives running the company?
• How many employees does each competitor have?
• Is their official industry classification a direct match for yours?
• What do you believe are their strengths and weaknesses?
These are the major questions that should inform the business plan you're writing, but remember that the information you glean while reading or writing about competitors can factor directly into the parts of your business plan that talk about your own venture. Knowing what the average price points for competitors were, their annual sales volume, or the number of employees they needed to operate can be invaluable when it comes to casting your own business in a positive light in the business plan. The best assumptions you can make in the model are those with immediate, direct comparisons to real world circumstances and examples. If you need help with this component or want assistance making the pro forma model for the plan, call MasterPlans. Our team of in-house consultants is able to deliver you a concept-specific, funding-ready draft in as little as two weeks: 877-453-2011.
