Writing a Business Plan to Answer the Right Questions
Small Business Tips

Your Business Plan needs to answer many questions for both you and your readers, in a clear and concise way. Here are some important questions to consider:

Who Will Your Customers Be?

The customer analysis section has to define, describe and fragment target customers. The definition should be one or two sentences that describe customer characteristics, demographics, psychographics, etc. The segmentation needs to cut the market into groups. If a group needs new marketing then they will fit another segment.

The Competitors

Competitors need only be defined generally and specifically while top competitors need to be defined completely. This is the customer’s choice over your product or service. This is not limited to businesses. For example, the United States Postal Service is considered a competitor of Federal Express and the United Parcel Service. City tap water is a competitor of bottled waters.

Who Runs the Business?

Just telling partners that a qualified manager will be hired is not enough. If you need more managers make a list of skills, experience and qualities you are looking for, along with incentives for them to stay. If the partners themselves are taking on the role then experience and skills must be laid out for the job.

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