Welcome to the WholesaleForum.com! Sign in or Register Free to benefit from our full range of free services

Welcome to Wholesale Forum.comWelcome ToWholesale Forum.comFind wholesale buyerstrade buyers and wholesale offers free

For Buyers

Wholesale Forum is the fastest growing online business community dedicated to retailers, auction sellers, surplus and overstock buyers needing a quick and safe solution for sourcing trade stock. Join our free and friendly forums today and gain knowledge, offer your advice, and discover new partnership opportunities:

For Suppliers

For wholesalers, dropshippers, manufacturers, distributors and trade services providers. Advertise your business today on WholesaleForum.com for free to reach potential trade buyers on a more personal level. Promote your latest offers, interact with buyers in real time, distinguish yourself as an expert in your field, and attract sales instantly.

Sign up now More benefits for Buyers
Sign up now More benefits for Suppliers
    1. wholesaleinsight's Avatar
      wholesaleinsight is offline

      Join Date
      Oct 2009
      Location
      United States
      United States
      Posts
      657
      Thanks
      0
      Thanked
      1,932 Times in 58 Posts
      #1

      Reinvent Your Business Plan in the Information Age

      One of the first things that a student learns in economics class is that markets are responsive. They can shift rapidly in response to consumer demands or fears. This begs the question- if markets are so fluid, why is your business plan still the same as it was on the day you started your business? It may be the rock upon which your business was built, but that does not mean that it is carved into stone.

      Go ahead and take this opportunity to pull out your business plan. If the pages have yellowed and the ink from your quill pen has started to fade, this might be an indicator that it is time to consider updating your plan. It is not only a good practice to revise your business plan regularly, it is an essential step in making sure your business is prepared to weather these tough economic times.

      The major parts of a business plan are the executive summary, business description, market analyses, management, operations, critical risks, and financial projections.

      Unless your business has undergone major changes, your business description should be largely the same, so we will first focus on the market analyses. How has your primary market changed since you last updated your business plan? Take a look at who has been purchasing your product or service. Is your consumer group still the same, or has another group become your best customers? If the latter is true, you might consider revising your plan to focus more on addressing their demands.

      Included in the market analysis is a breakdown of your competitors. Have any of your original competitors gone under or have new competitors entered into your market? Determine any threats that your competitors pose and adjust your business plan appropriately. If they have been cutting into your market share, do some recon into what they are doing to pull business away from you.

      Once you have taken a look at the market, figure out your marketing strategy. Like any advertising campaign, the goal is to get the most bang for your buck. Look at whether or not your advertising money is being used effectively. Even if it is working, are there ways to reach more potential customers?

      With the democratization of the internet, there are now many low cost methods of advertising. If you don’t have a website or aren’t using social networking sites to drum up business, you should really consider taking advantage of these mediums. Social networking sites, like Facebook, are a great way to pull in potential customers. The beauty of the “Like” system on Facebook is that it spreads the word about your business faster than gossip through a high school hallway.

      After you have addressed your marketing campaign, take a look at your finances. If your business plan has not been updated since you opened the company, update the hypothetical numbers in your business plan to the actual numbers you have obtained. By looking at the real numbers, you can begin to address where your money is coming from and where your money is going. Break the company down into its basic pieces and analyze them individually. Even if the business is doing well as a whole, there may still be places where you could improve. If there are parts of the company that are costing more than they are generating, try to figure out the reason.

      All of the above changes will play into the changes to the management and organization section of the business plan. You are the top of the management system, so figure out what direction you would like to see the company go and work from there. Implementation is the key to any successful plan. Address how you are going to incorporate the new parts of your plan. Finally, make any necessary revisions to the executive summary. Now that your new goals are all on paper, don’t just continue down the same path you were on before. Make the changes happen.
      Want To Be An eBay Powerseller?
      This is the Service You Need.

    2. Thank you for this post:

      wish (10 Dec 2010)

Sign Up Now

Got something to say? Sign up now and join the discussions.

Tags for this Thread

Similar Threads

  1. Business Plan Samples, Writing a Business Plan
    By wholesaleinsight in forum Starting & Growing Your Business Discussion
    Replies: 0
    Last Post: 14 Jun 2010, 09:44 PM
  2. Is there a minimum age requirement to start a business?
    By kieth in forum Starting & Growing Your Business Discussion
    Replies: 1
    Last Post: 02 Jul 2010, 09:09 PM
  3. Need Help Getting Together A Business Plan
    By BPositive in forum Starting & Growing Your Business Discussion
    Replies: 19
    Last Post: 05 Jul 2010, 12:39 AM
  4. How To Write A Business Plan
    By wholesaleinsight in forum Starting & Growing Your Business Discussion
    Replies: 0
    Last Post: 10 Feb 2010, 11:20 PM
  5. Do you have to have a business plan to get a loan?
    By workinggal in forum Starting & Growing Your Business Discussion
    Replies: 2
    Last Post: 13 Jun 2010, 11:48 AM
  6. How to Write a Business Plan
    By SellerTom in forum Business Articles & Resources
    Replies: 0
    Last Post: 09 Nov 2010, 06:01 AM
  7. How to write a business plan
    By Justin_AP in forum Starting & Growing Your Business Discussion
    Replies: 14
    Last Post: 18 Feb 2011, 08:31 AM
  8. What mistakes should I avoid in a business plan?
    By wholesaleinsight in forum Starting & Growing Your Business Discussion
    Replies: 0
    Last Post: 11 Feb 2010, 03:57 AM
  9. How to Effectively Revise Your Business Plan
    By wholesaleinsight in forum Business Articles & Resources
    Replies: 0
    Last Post: 10 Sep 2010, 04:42 PM
  10. Update Your Business Plan in a Down Economy
    By wholesaleinsight in forum Business Articles & Resources
    Replies: 0
    Last Post: 07 Dec 2010, 06:13 PM

My Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
All times are GMT -4. The time now is 07:10 PM. - Fixed Width