PLANNING YOUR BUSINESS FOR YOUR BEST NEW YEAR! TOM WILSON
Strategy. State what the strengths and weaknesses are of your products and / or services and of your company. Describe the business opportunity that you will capitalize on and your market positioning. Define your biggest threats and how you will defend against them. What and when will be your business exit options?
The Big Picture: Mission and Vision Statements. State your product or service, market, size, location and business approach. What will your company look like in three years? This is your elevator pitch to state what and who you are.
Products and Services. Define your product or service in detail. What are the features and benefits that will make it unique from your competition? What are your price targets? How much volume and growth are you planning?
Operations. Give the details for your organization structure: legal entity, key personnel, partners, equipment and facilities. Tell how you will manage the production and processing of the business. Write down a timeline with the human and material resources needed to execute your start up and growth.
Financials. State your precise sales, profit and cash flow objectives over time. Define your financing and capital requirements and what your metrics will be, that is, your accounting methods and tools, and your measurements of performance. And lastly, create financial scenarios for the best case and worst case, as well as target plan. Now is the time to prepare for variations from the goal, not when you are emotionally in the hot seat.
Market Analysis. What are the characteristics of your market sector? What is your specific target market and demographics? Who are your competitors and what are the pros and cons of their products and business?
Marketing. Describe how you will brand and advertise your business. What will be your marketing and sales channels? What incentives will you give to your customers and partners? Clearly define your business model monetization.