Business Planning and Other Tools
Business planning is a critical first step when thinking about starting a business, launching a new idea or expanding your operations. We offer the following resources to help with thinking through your idea and developing your plan:
Studying Your Market
Studying your market is a very important step in the preparation of your business plan. Once you have completed your marketing study, you can use it as the starting point for developing one of the most important foundations of any business - the business plan.
The first thing you need to do when thinking about starting a new business is to determine whether you can make a success of it. This means asking tough questions about the potential demand for your products, how much you can charge and whether payback will be sufficient to make it worth your while. This information is provided by a marketing plan.
Although each marketing study is different because every business is different, most seek to answer the following questions:
The first thing you need to do when thinking about starting a new business is to determine whether you can make a success of it. This means asking tough questions about the potential demand for your products, how much you can charge and whether payback will be sufficient to make it worth your while. This information is provided by a marketing plan.
Although each marketing study is different because every business is different, most seek to answer the following questions:
- What is the market potential for my product or service?
- Who will my customers be? How many units can I sell? How much can I charge?
- Who will my suppliers be and how much will they charge? What credit terms are they likely to offer?
- Who are my competitors and what competitive advantages do I possess?
- How will I get my goods to market and how expensive will this be?
- Will this business produce a large enough profit to justify the sacrifices which will be required?
Armed with answers to these questions and a properly laid out marketing plan, you will be in a much better position to determine the viability of your idea.
Getting the information for such a plan is often quite easy. For instance, one possible technique is to interview potential customers or those already in the industry. Trade and industry associations can also be helpful since they possess in-depth information about their industries. Many publications and databases can help you assess the potential of industries and markets. (A visit to your local CBDC is a good first step in getting this information).
These plans are dynamic and are only helpful if they change as your business changes. Rather than prepare a marketing plan and file it away in your desk drawer, you should re-examine your plan from time to time in the light of new developments and make the necessary changes. Your marketing plan will then guide and support your efforts on a continual basis.
Source: cbda.ca
Getting the information for such a plan is often quite easy. For instance, one possible technique is to interview potential customers or those already in the industry. Trade and industry associations can also be helpful since they possess in-depth information about their industries. Many publications and databases can help you assess the potential of industries and markets. (A visit to your local CBDC is a good first step in getting this information).
These plans are dynamic and are only helpful if they change as your business changes. Rather than prepare a marketing plan and file it away in your desk drawer, you should re-examine your plan from time to time in the light of new developments and make the necessary changes. Your marketing plan will then guide and support your efforts on a continual basis.
Source: cbda.ca
Business Plan
Business plans contribute to the future success of a business in several ways. They are necessary when seeking loans; they help you measure progress; and they tell you where you are going and how to get there.
CBDC's Business Plan Template - A practical guide to help you develop a business plan
Source: This guide is the property of the New Brunswick Association of CBDC's - http://www.cbdc.ca/en/new-brunswick-association-of-cbdcs
CBDC's Business Plan Template - A practical guide to help you develop a business plan
Source: This guide is the property of the New Brunswick Association of CBDC's - http://www.cbdc.ca/en/new-brunswick-association-of-cbdcs
Small Business Guide - Introduction to Bookkeeping and Financial Management
Small Business Guide - Introduction to Bookkeeping and Financial Management - An introductory guide for establishing and maintaining an effective small business bookkeeping and financial management system.
Source: This guide has been developed by the CBDC South Coast, St. Alban's, NL - updated 2017
Source: This guide has been developed by the CBDC South Coast, St. Alban's, NL - updated 2017
Small Business Guide - Business Checkpoint - Customer Service, Sales, Financial Administration and General Management
Small Business Guide - Business Checkpoint - Customer Service, Sales, Financial Administration and General Management - A guide for providing assessment information for small businesses in four key areas: customer service, sales, financial administration and general management.
Source: This guide has been developed by the CBDC South Coast, St. Alban's, NL - 2010
Source: This guide has been developed by the CBDC South Coast, St. Alban's, NL - 2010
