Business Plan Subject Contents Relevant Diploma Session Executive Summary (1 Page) An overview of the business its definition and product line. An overview of your identified opportunity, and how your strategies will you to capitalise on this opportunity. A succinct statement of your business objectives (remember to make them SMART) An acknowledgement of your competition and overview of your target market. A summary of your financial position and indication of sales projection. An indication of the period over which this plan applies, how you will monitor your performance, and when the plan will be reviewed. Building Business Success Business Scope and Direction Definition of your business function, starting date and trading name. Legislative Requirements. Government Regulations. Location and Premises. Profile of Business Owners. Building Business Success Management and Organisational Plan You Business Structure. (include sketch). Justification for Structure. Building Business Success Define Job Roles and Tasks. Real Estate People 1 How will you Manage Staff Performance? Real Estate People 2 Marketing Plan separate handout for more detail on this section) Mission Statement. What is your Competitive Advantage? Market Research. Market Segmentation. Brand Positioning. Marketing Mix. Your Marketing Strategy. Real Estate Marketing Operations Plan Plant and Equipment. Training and Development. Risk Management. Building Business Success Agency Risk Financial Plan Financial Objectives. Profit & Loss. Cash Flow. Balance Sheet. Financial Management1 & 2
Action Plan What are you doing, when, and who is responsible? Building Business Success Your Integrated Business Plan Marketing Subject Contents How do I do this? Mission Statement What will your mission statement be? Start with a brainstorm of everything you want to be, and then refine your thinking into something sharper! Market Research Undertake comprehensive market research on your company’s position within the marketplace: Who are you selling to? What are they buying? Why will they be buying from you? Are there trends in your market? What can I learn from what is happening interstate or overseas? Who are my competitors? Research! Get on the hunt for some data. Start with the internet – visit the Australian Bureau of Stats to learn about demographics, visit business sites and news outlets to learn about trends. Then speak to people (your customers) to learn about them! What is your Competitive Advantage? How will you defeat your competitors? Why can’t another replicate what you have? Based on your business scope and your market research, make a short argument as to what you have that others do not. Challenge yourself! Market Segmentation Based on your identified Competitive Advantage, how are you going to further segment your market to make sure you are targeting people with something compelling? Consider: Demographic variables Patterns of behaviour and loyalty The perceived benefit of your product/service for your customer How all of this separates you from the next agency down the road. Pan for gold in this process! The more specific you can be, the better you will be able to meet your audience: for instance, “my customer is aged between 25-40, they are owner occupiers, they are loyal to me, they have cash to burn and they understand ‘you get what you pay for’”. Brand Positioning What is your organisation’s brand promise? How does the definition of your brand support the identity of your customer? Branding is all about making your product/service meet with your customer – can they find a connection? Plot yourself on a perceptual map against competitors to add depth to your brand. Marketing Mix Time to bring your product or service to market! How will you reach your audience? Product, price, place, promotion People, process, physical evidence Don’t just think advertising! How does your pricing strategy support your brand? What will your service-scape