Location and Facilities optional 1. Company Overview There are many variations and approaches on how to lay out the various components of a business plan. The primer below is meant only to explain the broad differences between the most common company types.
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market. Every business has competition.
Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows.
In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace. Competitive analysis can be incredibly complicated and time-consuming Here is a simple process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition.
Profile Current Competitors First develop a basic profile of each of your current competitors. For example, if you plan to open an office supply store you may have three competing stores in your market.
Online retailers will also provide competition, but thoroughly analyzing those companies will be less valuable unless you also decide you want to sell office supplies online. Only you can determine that.
To make the process easier, stick to analyzing companies you will directly compete with. If you plan to set up an accounting firm, you will compete with other accounting firms in your area. If you plan to open a clothing store, you will compete with other clothing retailers in your area.
Again, if you run a clothing store you also compete with online retailers, but there is relatively little you can do about that type of competition other than to work hard to compete in other ways: Once you identify your main competitors, answer these questions about each one.
What are their strengths? Price, service, convenience, extensive inventory are all areas where you may be vulnerable. What are their weaknesses? Weaknesses are opportunities you should plan to take advantage of.
What are their basic objectives? Do they seek to gain market share? Do they attempt to capture premium clients? See your industry through their eyes.
What are they trying to achieve? What marketing strategies do they use? Look at their advertising, public relations, etc. How can you take market share away from their business? How will they respond when you enter the market? While these questions may seem like a lot of work to answer, in reality the process should be fairly easy.
To gather information, you can also: Check out their websites and marketing materials.
Most of the information you need about products, services, prices, and company objectives should be readily available. If that information is not available, you may have identified a weakness.
Take a look around. Check out sales materials and promotional literature.Employment Competitive Edge Research & Communication, Inc. (CERC), is celebrating 28 years of providing quality research. Competitive Edge is located in. The 24th Annual Competitive Edge Conference is a one-day event sponsored by several public agencies, authorities and private corporations in New York.
Its mission is to promote business opportunities for small, minority and women-owned firms in the tristate area. The conference allows M/W/D/LBE’s and SDVOB’s the opportunity to network with multiple procurement specialists, General. The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
The following document is a sample of a finished business plan. In your final plan, you have the opportunity to elaborate on those ideas in your outline that you feel are most integral to your business. A discussion of your competitive edge can be part of the section of your business plan that deals with the description of your company, or it .
Rutabaga Sweets dessert bakery business plan executive summary. Rutabaga Sweets is a dessert bar and bakery in Washington D.C.