Business Plan

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You do have a business plan, don't you?

-by Jerry T. Hancock

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If you are in the sales business you definitely should have a business plan. Perhaps your sales manager has told you to create one and you don't know where to start. Listed below are some basics for creating a business plan; however, your particular needs may be more detailed than are listed here.

At the minimum a business plan should include the following:

	A mission statement
	Key personnel and their qualifications
	Market analysis
	A financial plan
	A marketing concept

Here are some questions you want to answer in your business plan:

	What type of business?
	What is the product?
	What is the business mission?
	Who is your target market?
	What are the benefits of your product or service?
	What is the current position of your business?
	Who are your competitors?
	How does your product differ from your competitors'?
	How do you plan to market your services?
	What can the customer expect doing business with you?

As you develop a business plan related to your own sales effort, you will need to identify clearly the characteristics of the service you provide and what makes your product or service different. What need does your service fill? Is this already available on the market and does your customer base have this service already?

Here are some questions for studying the market in which you will be selling:

	What industry are you in? (This may not be as obvious as it seems. Ask this question thoughtfully and ask what direction the market is taking. )
	What major trends are happening?
	Is this a growing business or industry?
	What threats exist which may effect this business or industry?
	Who are your customers and who makes the buying decision?
	When do they buy? Is this a seasonal business?
	How do they pay for the service? Is cash flow an issue in this business?
	Will they have to sign a contract in order to do business with you?
	Is this a growing market or a shrinking market?
	How many other competitors are attempting to service this market?

Marketing concerns

	Have you decided how you will market your product?
	Do you have sales materials such as brochures and fact sheets?
	Will you be producing a newsletter or other mailers'? How much of your time will this take?
	Do you plan to use direct mail? Do you have an existing list or would you have to purchase one?
	Can you use the internet for marketing?
	Can you write a press release about your product or service and does it have appeal?
	Have you perfected your sales presentation? How would you present your product to a new prospect?
	Have you written introductory, service and follow-up letters which will serve you in various stages of the sale?
	Will you be networking to increase your prospecting opportunities? If so specifically where will you network?
	Do you have an advertising budget and how will you spend it? Do you have an ad agency who must sign off on advertising?
	Are there existing customers who will be willing to serve as references for your?

Growth questions

	If the business grows, are you prepared to service the new business adequately?
	Will you be able to write proposals, see new prospects, service existing business with the resources you now have? If not, how do you plan to obtain those resources?

Your particular business plan might vary considerably from the above. But this will give you a a beginning point to think about. If you have further questions please feel free to contact us at the number below.

(You may reprint this article or distribute it at will as long as it includes the following Copyright notice.)

AHA

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