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Market Demands a) Target Market b) Market Segmentation c) Size of Market d) Client Description e) Competition 3. Products/Services Niche a) Service/Product Description b) SWOT (strengths, weaknesses, opportunities, Threats) c) Niche d) Position
4. Client Development a) Client Acquisition b) Retaining Customers c) Marketing Strategy 5. Operations a) Facilities b) Equipment c) Technology d) Resources 6. Management a) Key Individuals b) Job Description c) Professional Support
a) b) c) d) e) f)
Sales Projections Cost Projections Profit Projection Capital Requirements Cash Flow Statement Balance Sheet
8. Goals & Milestones a) Sales b) Clients c) Profits d) Staffing e) Facilities f) Technology g) Partnerships 9. Risk & Opportunities 10. Exit Strategies
7. Financial Plan VALUE STATEMENT for a Consulting Practice Provide complete customer satisfaction, including full refunds or no invoices to dissatisfied clients Provide quick responses to customer inquiries and requests, at least in one business day Enhance loyalty to clients by providing them with outstanding services that are fair and competitively priced Tread employees with dignity and respect.
Foster the creative spirit among employees, recognize accomplishments, improvements, and project completions Build loyalty among employees to enhance retention and commitment Offer above the market pay for qualified, productive employees Link employee rewards to key performance goals Operate efficiently with cost control in mind at all times Operate with the utmost dignity and trust, follow precise ethical guidelines
POTENTIAL MARKET ESTIMATES: Requirements Development Market Total Direct Expenditures $xxxx.xx Total Requirements Development Portion (10%) $xxxx.xx Portion of Needs Assessment, Design, Implementation (15%) Portion Outsourced (35%) $xxxx.xx What is the pace of growth?
DETERMINING NICHE: Extensive experience and skills Characterized by a substantial market with lots of money You have a significant competitive advantage Competition is less or not overly competitive Accessible from the marketing perspective
BUSINESS EVALUATION Elevator Test: Business plan can be condensed into a simple and straightforward statement. Three Rules Test: Ask question, “What one to three things will determine success?” Client Test: Put yourself in client’s position and ask probing questions like: Would I purchase the service? Could I find other firms that are equally unique? Can I make a decision with an extensive amount of education?