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The next step you will take in developing your Business Plan is to complete the competitor analysis (step 10) and the description of the management team (step 11). Remember, in the description of the management team, place your chosen form of ownership and why that form is preferred.

Business Plan Elements

1. Title Page and Table of Contents

2. The Executive Summary

3. Mission and Vision Statements

4. Company History (If you are purchasing an existing business or are looking to expand an existing business)

5. Business and Industry Profile

6. Business Strategy

7. Describe the venture’s product or service

8. Marketing Strategy

9. Location and Layout

10. Competitor Analysis

11. Description of Management Team

12. Plan of Operation

13. Financial Statements

14. Loan or Investment Proposal

15. Conclusion

Competitor Analysis:

  1. Existing Competitors
  1. Who are they? Create a Competitive Profile Matrix

Table 1: Competitive Analysis

FACTOR

Me

Strength

Weakness

Competitor A

Competitor B

Importance to Customer

Products

Price

Quality

Selection

Service

Reliability

Stability

Expertise

Company Reputation

Location

Appearance

Sales Method

Credit Policies

Advertising

Image

Now, write a short paragraph stating your competitive advantages and disadvantages.

  1. Strengths
  2. Weaknesses
  1. Potential Competitors. Companies that might enter the market
  1. Who are they?
  2. Impact on your business if they enter

Management and Organization

Who will manage the business on a day-to-day basis? What experience does that person bring to the business? What special or distinctive competencies? Is there a plan for continuation of the business if this person is lost or incapacitated?

If you’ll have more than 10 employees, create an organizational chart showing the management hierarchy and who is responsible for key functions.

Include position descriptions for key employees. If you are seeking loans or investors, include resumes of owners and key employees.

Professional and Advisory Support

List the following:

  • Board of directors
  • Management advisory board
  • Attorney
  • Accountant
  • Insurance agent
  • Banker
  • Consultant or consultants
  • Mentors and key advisors

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