Assess your competition. Understanding your competition is an essential component to understanding any business environment. Whatever the business you are looking to establish, you will always have competition in varying degrees. Perhaps you want to open a restaurant in an area that is already saturated with eateries; you then need to think about what is the unique selling point of your restaurant. Or maybe you have found a niche in the market, why is that? In order to make your business a success you should look to your competitors to see how they are managing their business or areas where they could improve. You also need to assess whether you can compete effectively with the existing businesses and how you plan to do so.
Total quality management (TQM) is a business management strategy aimed at embedding awareness of quality in all organizational processes. TQM has been widely used in manufacturing, education, call centers, government, and service industries, as well as NASA space and science programs.
Marketing strategy- The right direction to achieve the goals of the business is to adopt the right marketing strategy. You have to define your target market segments properly and highlight the unique selling proposition of your services or products and how you are different from your customers with regards to your services or products. You have to talk about the pricing or promotional strategies which you will adopt such as tradeshows, press-magnet events, social media marketing (e.g. Facebook, Twitter, etc.), networking, and print, media or online advertising. You need to specify in the business plan which selling strategy you will adopt, online, wholesalers, storefront and also describe the target markets buying cycle.
Cover all bases. Before embarking on your plan it is a good idea to undertake some research in to what a professional business plan should include. You can then use this as a check list to make sure you have covered all the relevant areas. Sections of the business plan should include information on the company, the product/service market, competition in the field, management team, marketing strategy, operations and financials.
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