Part 4 0f 10 Business Plan; Questions that you should consider
When completing a business plan it is essential that a detailed analysis be undertaken on the industry in which the business is operating and on the market the business is attempting to serve. The industry and market analysis business plan questionnaire raises a number of questions relative to:
4a. Industry and Market Analysis
· What industry are you in?
· How old is the industry?
· What stage is the industry at?
· How big is the market in your area?
· Are there any barriers to entry?
· Are there any restrictive government policies on the industry?
· What market research has been undertaken?
· What test marketing has been undertaken?
· Have you had any comments from focus groups?
· Who are your potential competitors?
· What is your distribution strategy?
· What are the population projections for your area?
Another important part of your business plan should be about your products or services. Ask yourself these questions:
- What are the key features and benefits of the products/services that you are producing?
- What are the limitations of the products/services?
- What was the annual sales figure for each type of product or service over the last three years?
- What was the gross profit contribution from each product/service type over each of the last three years?
- What quantity of the various products/services was produced?
- What feedback are you obtaining from customers on the products/services?
- Do you know how the products/services compare with competitors products?
- Do you have a unique selling technique for any of the products/services?
- What are the products'/services' points of differentiation?
