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Business Planning Questions

Ask yourself these questions and write down the answers. It will help crystallize your concept.

What makes your business, its products and its services unique?

How will you resolve the most threatening problems that may arise?

What products or services will your business sell?

How do these products and services benefit the customer?

Who are your customers?

What are your customers' likes, dislikes, needs, and expectations?

Analyze the behavior of target buyers/end users and consumer wants and needs.

What new markets will you try to enter?

What is the most effective way to promote your products and services?

How do you plan to expand your business?

What is your marketing category?

How will advertising and promotions will convey the unique characteristics of your products and services?

What research activities or market research plans are unique to your business and will you use?

What is the image or personality of your company and services?

Describe your marketing spending strategy with advertising and promotion.

Describe the macro-environment conditions, which addresses information on trends for demographic, economic, technological, political, social, cultural, supply, etc., which impact your business.

Discuss the current and projected market situation, which includes size, growth trends of total market for your business?

Comment on the competitive situation, providing a description of major competitors with size, goals, market share, service quality comparisons, marketing strategies, marketing spending, etc.

Who is the company competing with?

What is your competitor's pricing strategy?

Discuss sales, prices, and contribution margins; net profits of each company revenue source.

Discuss whether the company should rent or own its facilities?

What equipment is necessary to produce the company's products and services?

How will you get your services conveniently and efficiently to your customers?

How do you plan to finance the business or any expansion?

Are the company's financial projections realistic?

Does the company's financial projections include a sales forecast, cash flow projections, projected income statement, break-even analysis and a balance sheet?

How do your company financials compare with your peer group?

How will the business be managed day-to day?

What are the company's hiring and personnel policies?

What skills should key employees possess?

Are responsibilities clear and matched by authority?

Is your business structure clear, yet flexible?

 

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