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A master of strategy, Greg Fisher is a Professor in the Management and Entrepreneurship Department at the Kelley School of Business, Indiana University and is also a visiting lecturer at the Gordon Institute of Business Science (GIBS) in South Africa and at the SKK Graduate School of Business in South Korea. in Entrepreneurship and Strategy from the University of Washington in Seattle and an MBA from GIBS.He teaches in the areas of strategy and entrepreneurship and he has won teaching awards at Indiana University, the University of Washington and GIBS. Greg Fisher was named on The List of the ‘40 Most Outstanding Business School Professors under 40’ in the USA in 2014 and in 2016 he was named among the ‘Favorite Business School Professors Teaching MBAs’. in Entrepreneurship and Strategy from the University of Washington in Seattle and an MBA from GIBS.
Before you physically start writing your business plan, you need to spend some time doing in-depth research into your industry and market.
This is important regardless of whether you have previous experience in that particular industry.
Get as specific as you can with regards to the demographic and psychographic make-up of your customers. Competitive Analysis In this section, identify your competitors and their key strengths and weaknesses.
Importantly, identify your competitive advantages, that is, why you can be more successful than the others. Marketing Plan In this section, you will describe your products and/or services and your desired brand positioning.
Of critical importance, describe your “unique success factors,” which are the 4-7 reasons why your business will be successful.
Also show your topline financial projections and amount of money you are seeking to raise here. Company Overview In this section, give a profile of your company.The very process of developing your plan helps you understand they type of business you'd like to build, and the action plan which you will need to follow.However, there's only one time when EVERY entrepreneur and business owner develops a business plan. Since virtually all lenders and equity investors require a formal business plan.Identify the ways in which your company generates revenues.And highlight the key assumptions which govern your financial projections.Include your full financial projections, including your projected income statements, balance sheets and cash flow statements.Include any additional details, such as patent information, customer lists, etc., that help prove to investors that your company is a great investment opportunity.There are three primary parts of a business plan: Your contents page should be the very last thing you write to ensure that all the page numbers are correct.Make sure that you number your pages correctly so that a person can quickly and easily find the sections they are interested in.Importantly, you will also detail your promotions plan, which is how you will get customers to know about your company (e.g., newspaper ads, direct mail, etc.).Finally, if applicable, discuss your distribution plan, which details from where customers can purchase your products and/or services. Operations Plan Your operations plan should detail the key operational processes your organization needs to accomplish on a daily basis to achieve success.