assessment for business plan

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

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What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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Write your business plan

Business plans help you run your business.

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.

Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.

Pick a business plan format that works for you

There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs.

Most business plans fall into one of two common categories: traditional or lean startup.

Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.

Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.

Traditional business plan

Lean startup plan

Traditional business plan format

You might prefer a traditional business plan format if you’re very detail-oriented, want a comprehensive plan, or plan to request financing from traditional sources.

When you write your business plan, you don’t have to stick to the exact business plan outline. Instead, use the sections that make the most sense for your business and your needs. Traditional business plans use some combination of these nine sections.

Executive summary

Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

Company description

Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve.

Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.

Market analysis

You'll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now's the time to answer these questions.

Organization and management

Tell your reader how your company will be structured and who will run it.

Describe the  legal structure  of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you're a sole proprietor or limited liability company (LLC).

Use an organizational chart to lay out who's in charge of what in your company. Show how each person's unique experience will contribute to the success of your venture. Consider including resumes and CVs of key members of your team.

Service or product line

Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you're doing  research and development  for your service or product, explain it in detail.

Marketing and sales

There's no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs.

Your goal in this section is to describe how you'll attract and retain customers. You'll also describe how a sale will actually happen. You'll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.

Funding request

If you're asking for funding, this is where you'll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you'll use it for.

Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.

Financial projections

Supplement your funding request with financial projections. Your goal is to convince the reader that your business is stable and will be a financial success.

If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now.

Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests.

This is a great place to use graphs and charts to tell the financial story of your business.  

Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts.

Example traditional business plans

Before you write your business plan, read the following example business plans written by fictional business owners. Rebecca owns a consulting firm, and Andrew owns a toy company.

Lean startup format

You might prefer a lean startup format if you want to explain or start your business quickly, your business is relatively simple, or you plan to regularly change and refine your business plan.

Lean startup formats are charts that use only a handful of elements to describe your company’s value proposition, infrastructure, customers, and finances. They’re useful for visualizing tradeoffs and fundamental facts about your company.

There are different ways to develop a lean startup template. You can search the web to find free templates to build your business plan. We discuss nine components of a model business plan here:

Key partnerships

Note the other businesses or services you’ll work with to run your business. Think about suppliers, manufacturers, subcontractors, and similar strategic partners.

Key activities

List the ways your business will gain a competitive advantage. Highlight things like selling direct to consumers, or using technology to tap into the sharing economy.

Key resources

List any resource you’ll leverage to create value for your customer. Your most important assets could include staff, capital, or intellectual property. Don’t forget to leverage business resources that might be available to  women ,  veterans ,  Native Americans , and  HUBZone businesses .

Value proposition

Make a clear and compelling statement about the unique value your company brings to the market.

Customer relationships

Describe how customers will interact with your business. Is it automated or personal? In person or online? Think through the customer experience from start to finish.

Customer segments

Be specific when you name your target market. Your business won’t be for everybody, so it’s important to have a clear sense of whom your business will serve.

List the most important ways you’ll talk to your customers. Most businesses use a mix of channels and optimize them over time.

Cost structure

Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it.

Revenue streams

Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space. If your company has multiple revenue streams, list them all.

Example lean business plan

Before you write your business plan, read this example business plan written by a fictional business owner, Andrew, who owns a toy company.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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Small Business Trends

How to create a business plan: examples & free template.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Executive summary.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

Company Description

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Market analysis.

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

Competitive Analysis

Organization and management team.

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Products and Services Offered

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Marketing and Sales Strategy

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

Logistics and Operations Plan

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Income Statement

Cash flow statement.

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

Tips on Writing a Business Plan

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

What is a Business Plan?

Why you should write a business plan.

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

What are the Different Types of Business Plans?

Using Business Plan Software

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

Can i write a business plan by myself, is it possible to create a one-page business plan.

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

How is business planning for a nonprofit different.

Jane Consulting

Sales Enablement For Small Business

A Complete Guide To Performing A Comprehensive Business Assessment

How to assess your marketing, sales and customer experience in 5 easy steps.

To be able to develop a powerful business strategy, you need to understand what you are working with. Every client engagement at Jane Consulting starts with a business assessment of your revenue team, current processes, metrics and more. We have developed an easy to use guide for you to assess your own business in-house, or you can always contact our team to perform an assessment for you.

A comprehensive business assessment analyzes the following aspects of your business, all of which are described in more detail below:

• Define Your Current Marketing, Sales and Customer Experience Landscape
• Understand Your Current Metrics
• Describe Your Market Positioning And Value Drivers
• Review Your Current Strategies For Attracting and Engaging Potential Buyers & Creating a Memorable Buyer’s Experience
• Define Your Buyer’s Journey From The Perspective Of The Buyer

1. Define Your Current Marketing, Sales and Customer Experience Landscape

The first step in the business assessment phase is to review and analyze your current landscape. There are three main areas you need to look for this information:

• Current Team Members
• Documented Processes and Rules
• Current Technology Stack

When analyzing your team, you want to define the roles and primary responsibilities represented. Below is a sample chart we use to document this:

Documenting job roles will allow you to visualize how your team is being leveraged and which roles overlap or which areas you don’t have coverage for. For example, in the sample above, no one is responsible for social media. If your strategy relies on a heavy social media presence, you will either need to add a new team member, divide the work across multiple roles, or re-prioritize someone’s responsibilities to effectively incorporate the new focus.

Once you understand who you have on your team and what their responsibilities look like, then you can do the same for all of the processes and rules you have documented for your teams. Following a similar table, you will document each process name and a description of it. Below are a few examples of processes and rules that you may have:

• Content Updates: a process that defines all live site pages should be updated, at a minimum, every 6 months to ensure content is fresh and relevant and contains links to and from new relevant content.
• Marketing and Sales SLA : an agreement that states marketing will provide a minimum of 10 marketing-qualified leads per week and sales will respond to each lead within 2 business hours of assignment. A marketing-qualified lead is defined as a lead who is associated with a target account, has viewed at least 10 site pages and submitted a demo request form.
• Lead Follow-up: a process that defines all marketing-qualified leads should receive a minimum of 5 sales touch-points over the course of 15 days from first assignment. Ideally, these touch-points should consist of 2 phone calls and 3 emails when a phone number is provided.
• Customer Survey: a process that defines all customers should receive a minimum of 3 emails following the receipt of their product requesting a completion of a survey detailing their experience. Additionally, customers who rate all 5’s on their survey should receive another set of emails (minimum of 3) requesting a video testimonial of their experience.

Documenting your processes keeps them top of mind and more likely to be executed. If you or someone on your team has developed a practice that works and can be replicated, then make it an official process. This will allow you to track the processes’ effectiveness, review and improve it on a consistent basis. It will also allow you to coach new and existing team members on how to be successful.

Lastly, document the technology you are using and why you are using it. Again a table works great for this and a sample is provided below:

2. Understand Your Current Metrics

Hopefully, you are currently tracking Key Performance Indicators (KPIs) for your business and you can gather them here. If you are not, then now is the time to start. KPIs will vary business to business and what you determine as important metrics to track will depend heavily on your buyer’s journey. Some common metrics to track include:

• Total Revenue Goals
• Existing Business Revenue Goals
• New Business Revenue Goals
• Number of New Customers
• Number of New Contacts or Leads
• Number of Web Sessions
• Average Number of Sales and Marketing Touch-Points Per Closed Won Deal
• Average Days to Close

How To Choose Revenue Goals

When choosing any goal you should use the SMART criteria, but this is especially true when it comes to revenue and individual sales targets. Failure to offer realistic sales goals can lead to a perpetual sense of failure for not only your reps but your entire organization if it is consistently brought up that you are not hitting targets. If you can’t come close to your target then chances are it wasn’t realistic.

To determine your realistic goals calculate your total revenue earned per month for the previous three years. This should show you what you have been able to do historically and what your percent increases are annually. If your data shows that you have only increased sales 3% year over year for the past three years, then a 25% increase in the year to come may be highly unlikely. If you need to push your team to do more than a realistic increase, we suggest a SMART base goal and then a loftier stretch goal that is still attainable but a much heavier push to get there.

How To Choose Your Marketing Goals

The purpose of marketing is to facilitate sales so you need to start with your revenue goals. To develop your goals for website sessions, new contacts and customers it is best to work backward from your new business revenue goals using your average sale size and conversion rates to determine your goal for each of these metrics. For example, if your average sale is $500 and your new business goal for the month is $5,000, then you would need approximately 10 customers to achieve this. Similarly if your contact to customer conversion rate is 10%, then you would need 100 new contacts for the month. Finally, if your website sessions convert to new contacts at 10%, then you would need 1,000 monthly sessions.

Now the above scenario is ideal for new business, but marketing’s function is to facilitate sales as a whole so it must play a role in existing business as well. KPIs for supporting existing business will often be around driving website sessions from specific decision-makers in key accounts.

How to Choose Customer Experience Goals

All the marketing and sales power in the world will mean nothing if the solution you offer does not stand up to customer expectations. As such, you need to strive for a minimum satisfaction score from your customers. The aim for a customer experience goal should always be high, as this means you are putting your product or service into the hands of the right buyer who is primed to glean the most value from it. Now while you aim for 5/5 all day, it doesn’t mean you dismiss tracking the actual scores on a monthly or weekly basis. If scores start dropping unexpectedly, it can signal that action needs to be taken and you will be ahead of the game in making necessary changes.

Additionally, customer experience KPIs related to the number of surveys completed and written or video testimonials received and shared with marketing and sales should also be tracked to ensure you are sharing timely and relevant reviews with your target buyers.

3. Describe Your Market Positioning And Value Drivers

This is a qualitative statement of what you solve and the value you present to your ideal buyers. If you can’t describe your marketing positioning and value proposition in a few concise sentences then you should work on that.

At Jane Consulting, our value proposition is to help small B2B business owners align their marketing, sales and customer experience efforts to the single goal of growing their revenue. We work best with small business leaders who need low-cost, tactical solutions to stay on track of their business goals and deliver delightful experiences for their customers. Solutions provided offer a mix of short and long-term tactics that can be spearheaded in-house, through the Jane Team or through additional consultants so that all of your business’ resources are maximized for effectiveness.

This statement, by describing what we are, also describes what we are not. We are not ideal for:

• Large businesses and large budgets because they have internal teams that can provide what we are offering and who are closer to the heart of the business.
• Chief Marketing Officers or Sales Leaders because we need someone who oversees the steps of the entire buyer’s journey and can execute on our recommendations. If we only have buy-in from marketing then we are fighting to gain the trust and buy-in from sales and the customer experience team or they never buy-in and the initiatives do not produce value.
• Leaders who want a quick fix to traffic or lead conversions because our solutions are designed for long-term sustainable revenue growth and that takes work.

To develop your statement, start with building a list of what you do really well and what or who you do no provide value for. Then, begin narrowing it down into a statement that describes exactly who you are and what you do.

4. Review Your Current Strategies For Attracting and Engaging Potential Buyers & Creating a Memorable Buyer’s Experience

For this section, review and understand what is currently being done and take note of it. This will give you an idea of what is currently happening and where the gaps are.

Below is an example of taking notes on this section:

• Regularly posting on a blog and posts are a great length and well-formatted.
• Content varies from news-type stories and company events or initiatives but does not seem to consistently address buyer concerns or facilitate movement through a lifecycle
• Does not seem to have a formal linking structure across posts and to specific target pages
• Posting is sporadic on LinkedIn, twitter and Facebook
• Same exact post is shared across all platforms at the same time
• Database wide monthly email newsletter is sent
• No segmented emails are sent in addition
• No use of automated lead nurturing campaigns
• Google Adwords are used but messaging is geared primarily to purchasing immediately. Segmentation is based on purchase keywords. No ads are running for the buyer’s awareness and consideration stages.
• Not leveraging subscribers notifications , bing ads or social media ads.
• Attending 1-2 large conferences per year that are more for brand awareness than targeting ideal buyers
• Sporadically attending local networking and industry events that are geared to ideal buyer
• Not hosting or speaking at any events

You simply want an awareness of what has been done. If you move through these steps in the order provided you may start having strategic ideas of what can be done better and certainly take note of them so you can easily reference them when it comes time to build your plan for empowering your revenue team!

5. Define Your Buyer’s Journey From The Perspective Of The Buyer

Do you like to role play? I hope so because that will help lead you to a deeper understanding of what your buyer needs and more importantly why they need it. If you don’t have an ideal buyer profile, this guide can help you create one.

You already determined who would be best served by your solution, so start channeling that person and the challenges he/she faces on a daily basis. Below is an example using Jane Consulting’s ideal buyer.

As a small business owner, I am constantly battling how my time and my team’s time should be spent. Every day I am on LinkedIn and exposed to new tactics that worked for fellow leaders and I feel like I need to be doing them too and I am tempted to shift focus and I constantly second guess if what I am doing is actually moving the needle. I know there is importance in marketing but I also need sales now and my sales team is not finding value in the leads or the collateral that marketing provides. I push new tactics on marketing and push for more sales but nothing seems to be working.

These are the challenges our buyers are faced with. These are the challenges that will prompt a leader to recognize they need help. This is the beginning of the awareness stage of the buyer’s journey. The buyer in the example above is understanding there is a problem that needs solving but he or she is not fully aware of what that precise problem is.

Next, document what you provide to help your buyer through this stage. In this example, it could be:

• Content around why your teams don’t get along, why you don’t need to incorporate every marketing and sales trend, reassurance that providing the best for your customers will provide you the revenue you need and making decisions with your customers top of mind will provide success.
• Providing online tools for free to determine if we are operating from a sales enablement perspective.

After the buyer is aware of a problem, the next stage is to consider solutions. In this scenario, the small business owner can realistically set a path forward completely in-house or enlist the help of a consultant or agency.

Similarly to the awareness stage, document what you are providing a buyer during this stage. For us, we:

• Outline how to asses your current marketing, sales and customer experience in this guide you are reading and how to turn that into a strategic plan to empower growth!
• Provide a free assessment for first time clients

At this point, hopefully your buyer has decided on using your solution but that doesn’t mean you just stop adding more value to their experience. Someone who has decided on your solution still needs you to guide them on utilizing it properly so they gain the most and you gain a loyal fan. At this stage in the example, we offer:

• Semi-annual check-ins and discussion on how everything is working and suggestions for even further improvement.
• Video breakdowns of new tactics and when and how you should apply them to your business.

By this point, you should have a good idea of how you provide value to your buyer throughout the buying journey and you probably have some more ideas of how you can create a better experience for your customer.

What Happens After Your Business Assessment?

Now that you have a thorough look at how your business is currently performing and delivering value to your ideal buyer. It is time to analyze these results in light of your buyer’s journey and revenue goals and then develop a strategic plan to grow your business.

Request a Business Assessment From Jane Consulting

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How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

Related content

• 5 Best Business Plan Software and Tools in 2023 for Your Small Business
• How to Get a Business License: What You Need to Know
• What Is a Cash Flow Statement?

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The Alternative Board Blog

The six best business assessment and analysis tools.

“If you know the enemy and know yourself you need not fear the results of a hundred battles.” - Sun Tzu

 Regardless of size, industry, or value, 75% of businesses face the same challenges. While there’s no one-size-fits-all formula for solving your company’s problems, there are certain patterns that are detectable via business assessment.

A business analysis tool can help you identify the key factors that make or break your business. With this knowledge, you are better equipped to clean up your operations, rethink your goals, and fine-tune your strategic plan.

Fortunately, there’s no shortage of data and business analysis tools to choose from when diagnosing the health of your company. Below are a few of the top assessment tools for identifying the pain points of your business.

Data Analysis Tools

Perhaps the most intimidating aspect of business assessment is analyzing data. The following programs organize your business’s numbers into visual representations of what is and isn’t working.

• Tableau Public : This free software allows you to create interactive data visualizations from a given spreadsheet or file (with up to 1 million rows of data!). The visuals are highly customizable and can reveal eye-opening trends in your business’s processes.
• KNIME : KNIME uses an easy-to-learn visual programming language that lets you drop blocks of code onto a flowchart in order to create simple and automated analysis solutions – no actual programming required!
• Google Fusion Tables : Google Fusion Tables helps business owners decipher the contents of overflowing Excel spreadsheets by visualizing data on a map. Fusion Tables can help you track your customers and their purchases at a glance.
• OpenRefine : Unlike the three previous tools, OpenRefine is a program that lets you better prepare data for analysis. This product (formerly known as Google Refine) can help you clean up databases and identify problems. It also clusters data automatically based on your inputs — which could save you hundreds of hours.

Want additional insight? Download Setting KPIs for Business Success now to learn more

Business Builders Blueprint

Of course, it’s a lot easier to automate data than it is to analyze it. While any one of the aforementioned tools could help you tighten your operation, none can actually tell you how your business is doing, which brings us to our next tool...

TAB’s business assessment tool is the key to unlocking objective insights about your current business that will help you revisit your goals and align priorities with team members.

We like to think of BBB as an MRI for your business,” because it helps you:

• Assess all key areas of your business, including marketing, sales, human resources, customer service, communications and — most importantly — leadership
• Identify the processes that aren’t working well so that you can make changes
• Identify areas of your business that you are spending too much (and too little) time on
• Compare yourself to thousands of businesses in your industry
• Honestly compare perspectives with your leadership team.
• Obtain the knowledge needed for a SWOT analysis
• Track your performance over time

The Sellability Score 

For any owner that wants to improve the valuation of their business, TAB partners with an assessment program called The Sellability Score . This 15-minute program rates 8 important dimensions that buyers look for when evaluating the value of a business and compares your results against the combined average of your industry. As the name implies, the Sellability Score lets you objectively determine how attractive your business would be to a potential buyer and how to improve the valuation. Even if you don’t intend to sell your business anytime soon, it is important to do this kind of assessment early to put you on a path to improve the value of your business.

At The Alternative Board Tulsa, members revisit the Sellability Score annually and discuss strategies for improving their results for the following year. “Business valuations are usually just numbers,” says TAB Tulsa Coach and Certified Facilitator Jean Cook. "The Sellability Score takes the intangibles that impact the value of your business and makes them tangible by giving them a score."

While Cook believes TAB Business Vantage offers a more comprehensive view than The Sellability Score, she appreciates that the two assessments complement each other. “When we find a low score in an area using The Sellability Score, we dig deeper with TAB Business Vantage."

You’ve probably heard that knowledge is power. As a business owner, that’s true now more than ever. Don’t lose employees, customers, sales, or revenues to easily remedied gaps in your business. The first step to attacking your weaknesses is knowing what they are.

Looking for more information on Business Coaching? Check out TAB's PULSE Survey on the Value of Business Coaching and see what other small business owners are saying about the process.

No matter of the economic conditions thrown at you and your business, there are steps to help safeguard your business so that you not only survive, but thrive. Download the whitepaper to learn more here

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How to use an assessment report to create an effective business plan

• Written April 14, 2022
• by Dave Lavinsky

An assessment report is a document that both summarizes and provides a deeper analysis of a particular topic or issue. To effectively  create a business plan , an organization needs to have an informed understanding of the market. The findings from the assessment report help provide this understanding by offering data about the current market as well as potential future developments that will impact it.

Below you will learn more about assessment reports and how to use them to create effective business plans.

What to include in an assessment report

The Industry Analysis section defines how big your market is and key market trends. It’s used to ensure the market is large enough to support your company’s growth and to ensure you have the best strategy to capture market share.

The following questions should be answered in the industry analysis section of your business plan:

• How big is the industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?

Each of these questions should have already been answered in your assessment report, although you might need to re-organize the information to better fit within your plan.

4. Customer analysis

In this section of your plan, you’ll describe who your typical customer is, what they want, and why they will choose your company over the competition. You will also detail how many potential customers exist and any trends affecting them.

Use census data , interviews, surveys, etc. to back up any claims you make in this section. The good news is that you will have already conducted this research when developing your assessment report.

5. Competitive analysis

Your competitive analysis identifies the competitors your business faces. 

For each competitor, you should provide an overview of their business and document their strengths and weaknesses. Answer questions such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

Next, document how you will achieve competitive advantage. For example:

• Will you provide different or better products or services?
• Will you provide superior customer service?
• Will you offer better pricing?

Once again, you should have answered all of these questions in your assessment report and can then copy that information into your business plan.

6. Marketing plan

While the core marketing plan components will not have been developed when creating your assessment report, in doing the assessment report, you will have strategized your marketing and growth plan so you won’t be starting from scratch.

Be sure to includes the following in your marketing plan section:

• Product or Service: describe the products and services your company offers.
• Price: Document the prices you offer and how they compare to competitor pricing.
• Promotions: Detail how you will attract new customers using methods such as: ○  Pay per click advertising ○  Television advertising ○  Flyers ○  Public Relations ○  Etc.

7. Operations plan

Your operations plan includes two key sections. It starts by describing the daily processes you perform to run your business such as serving customers, procuring inventory, etc.

Next, you will document your long-term goals along with the dates you hope to achieve them. These are the milestones you strategized when creating your assessment report.

8. Management team

The Management Team section of your business plan describes the key members of your management team, their experience and education and what makes them qualified to grow your company.

When conducting the SWOT (strengths, weaknesses, opportunities and threats) analysis during your assessment report, you will answer many questions about the worthiness of your current team that you can document in your plan. You will also identify management team gaps that you must fill; these gaps should be included in your business plan too.

9. Financial Management team

Your financial plan includes projections for future revenues, gross profit , operating expenses, and earnings for the next 5 years.

Your projections must be tied to the research conducted in your assessment report. For example, your company can’t grow to a size that exceeds the industry size you determined. Likewise, by conducting research while doing the assessment report, you will have identified reasonable assumptions like growth rates, employee salaries, etc., that will help you put together well-reasoned and defendable financial forecasts.

In addition, if applicable, your financial plan will document if your company needs funding to achieve its growth plan and detail the key uses of such funds.

As you can see, your assessment report and business plan go hand in hand. Your assessment report forces you to conduct market research and determine the optimal strategies to grow your business. Your business plan expands upon that research and strategy to more clearly define your growth roadmap. Also, if you need funding to grow, it bolsters your need for funding and gives investors and lenders confidence that they will get a solid return on their investment.

Create your own assessment for free!

About the author:.

Dave Lavinsky

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How to Write a Market Analysis for a Business Plan

Dan Marticio is a freelance writer. He’s written on a broad range of topics from stocks and net worth to productivity hacks. His work has appeared on Fundera and LendingTree.

Robert Beaupre leads the SMB team at NerdWallet. He has covered financial topics as an editor for more than a decade. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. In addition, he served as an online media manager for the University of Nevada, Reno.

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A lot of preparation goes into starting a business before you can open your doors to the public or launch your online store. One of your first steps should be to write a business plan . A business plan will serve as your roadmap when building your business.

Within your business plan, there’s an important section you should pay careful attention to: your market analysis. Your market analysis helps you understand your target market and how you can thrive within it.

Simply put, your market analysis shows that you’ve done your research. It also contributes to your marketing strategy by defining your target customer and researching their buying habits. Overall, a market analysis will yield invaluable data if you have limited knowledge about your market, the market has fierce competition, and if you require a business loan. In this guide, we'll explore how to conduct your own market analysis.

How to conduct a market analysis: A step-by-step guide

In your market analysis, you can expect to cover the following:

Industry outlook

Target market

Market value

Competition

Barriers to entry

Let’s dive into an in-depth look into each section:

Step 1: Define your objective

Before you begin your market analysis, it’s important to define your objective for writing a market analysis. Are you writing it for internal purposes or for external purposes?

If you were doing a market analysis for internal purposes, you might be brainstorming new products to launch or adjusting your marketing tactics. An example of an external purpose might be that you need a market analysis to get approved for a business loan .

The comprehensiveness of your market analysis will depend on your objective. If you’re preparing for a new product launch, you might focus more heavily on researching the competition. A market analysis for a loan approval would require heavy data and research into market size and growth, share potential, and pricing.

Step 2: Provide an industry outlook

An industry outlook is a general direction of where your industry is heading. Lenders want to know whether you’re targeting a growing industry or declining industry. For example, if you’re looking to sell VCRs in 2020, it’s unlikely that your business will succeed.

Starting your market analysis with an industry outlook offers a preliminary view of the market and what to expect in your market analysis. When writing this section, you'll want to include:

Market size

Are you chasing big markets or are you targeting very niche markets? If you’re targeting a niche market, are there enough customers to support your business and buy your product?

Product life cycle

If you develop a product, what will its life cycle look like? Lenders want an overview of how your product will come into fruition after it’s developed and launched. In this section, you can discuss your product’s:

Research and development

Projected growth

How do you see your company performing over time? Calculating your year-over-year growth will help you and lenders see how your business has grown thus far. Calculating your projected growth shows how your business will fare in future projected market conditions.

Step 3: Determine your target market

This section of your market analysis is dedicated to your potential customer. Who is your ideal target customer? How can you cater your product to serve them specifically?

Don’t make the mistake of wanting to sell your product to everybody. Your target customer should be specific. For example, if you’re selling mittens, you wouldn’t want to market to warmer climates like Hawaii. You should target customers who live in colder regions. The more nuanced your target market is, the more information you’ll have to inform your business and marketing strategy.

With that in mind, your target market section should include the following points:

Demographics

This is where you leave nothing to mystery about your ideal customer. You want to know every aspect of your customer so you can best serve them. Dedicate time to researching the following demographics:

Income level

Create a customer persona

Creating a customer persona can help you better understand your customer. It can be easier to market to a person than data on paper. You can give this persona a name, background, and job. Mold this persona into your target customer.

What are your customer’s pain points? How do these pain points influence how they buy products? What matters most to them? Why do they choose one brand over another?

Research and supporting material

Information without data are just claims. To add credibility to your market analysis, you need to include data. Some methods for collecting data include:

Target group surveys

Focus groups

Reading reviews

Feedback surveys

You can also consult resources online. For example, the U.S. Census Bureau can help you find demographics in calculating your market share. The U.S. Department of Commerce and the U.S. Small Business Administration also offer general data that can help you research your target industry.

Step 4: Calculate market value

You can use either top-down analysis or bottom-up analysis to calculate an estimate of your market value.

A top-down analysis tends to be the easier option of the two. It requires for you to calculate the entire market and then estimate how much of a share you expect your business to get. For example, let’s assume your target market consists of 100,000 people. If you’re optimistic and manage to get 1% of that market, you can expect to make 1,000 sales.

A bottom-up analysis is more data-driven and requires more research. You calculate the individual factors of your business and then estimate how high you can scale them to arrive at a projected market share. Some factors to consider when doing a bottom-up analysis include:

Where products are sold

Who your competition is

The price per unit

How many consumers you expect to reach

The average amount a customer would buy over time

While a bottom-up analysis requires more data than a top-down analysis, you can usually arrive at a more accurate calculation.

Step 5: Get to know your competition

Before you start a business, you need to research the level of competition within your market. Are there certain companies getting the lion’s share of the market? How can you position yourself to stand out from the competition?

There are two types of competitors that you should be aware of: direct competitors and indirect competitors.

Direct competitors are other businesses who sell the same product as you. If you and the company across town both sell apples, you are direct competitors.

An indirect competitor sells a different but similar product to yours. If that company across town sells oranges instead, they are an indirect competitor. Apples and oranges are different but they still target a similar market: people who eat fruits.

Also, here are some questions you want to answer when writing this section of your market analysis:

What are your competitor’s strengths?

What are your competitor’s weaknesses?

How can you cover your competitor’s weaknesses in your own business?

How can you solve the same problems better or differently than your competitors?

How can you leverage technology to better serve your customers?

How big of a threat are your competitors if you open your business?

Step 6: Identify your barriers

Writing a market analysis can help you identify some glaring barriers to starting your business. Researching these barriers will help you avoid any costly legal or business mistakes down the line. Some entry barriers to address in your marketing analysis include:

Technology: How rapid is technology advancing and can it render your product obsolete within the next five years?

Branding: You need to establish your brand identity to stand out in a saturated market.

Cost of entry: Startup costs, like renting a space and hiring employees, are expensive. Also, specialty equipment often comes with hefty price tags. (Consider researching equipment financing to help finance these purchases.)

Location: You need to secure a prime location if you’re opening a physical store.

Competition: A market with fierce competition can be a steep uphill battle (like attempting to go toe-to-toe with Apple or Amazon).

Step 7: Know the regulations

When starting a business, it’s your responsibility to research governmental and state business regulations within your market. Some regulations to keep in mind include (but aren’t limited to):

Employment and labor laws

Advertising

Environmental regulations

If you’re a newer entrepreneur and this is your first business, this part can be daunting so you might want to consult with a business attorney. A legal professional will help you identify the legal requirements specific to your business. You can also check online legal help sites like LegalZoom or Rocket Lawyer.

Tips when writing your market analysis

We wouldn’t be surprised if you feel overwhelmed by the sheer volume of information needed in a market analysis. Keep in mind, though, this research is key to launching a successful business. You don’t want to cut corners, but here are a few tips to help you out when writing your market analysis:

Use visual aids

Nobody likes 30 pages of nothing but text. Using visual aids can break up those text blocks, making your market analysis more visually appealing. When discussing statistics and metrics, charts and graphs will help you better communicate your data.

Include a summary

If you’ve ever read an article from an academic journal, you’ll notice that writers include an abstract that offers the reader a preview.

Use this same tactic when writing your market analysis. It will prime the reader of your market highlights before they dive into the hard data.

Get to the point

It’s better to keep your market analysis concise than to stuff it with fluff and repetition. You’ll want to present your data, analyze it, and then tie it back into how your business can thrive within your target market.

Revisit your market analysis regularly

Markets are always changing and it's important that your business changes with your target market. Revisiting your market analysis ensures that your business operations align with changing market conditions. The best businesses are the ones that can adapt.

Why should you write a market analysis?

Your market analysis helps you look at factors within your market to determine if it’s a good fit for your business model. A market analysis will help you:

1. Learn how to analyze the market need

Markets are always shifting and it’s a good idea to identify current and projected market conditions. These trends will help you understand the size of your market and whether there are paying customers waiting for you. Doing a market analysis helps you confirm that your target market is a lucrative market.

2. Learn about your customers

The best way to serve your customer is to understand them. A market analysis will examine your customer’s buying habits, pain points, and desires. This information will aid you in developing a business that addresses those points.

3. Get approved for a business loan

Starting a business, especially if it’s your first one, requires startup funding. A good first step is to apply for a business loan with your bank or other financial institution.

A thorough market analysis shows that you’re professional, prepared, and worth the investment from lenders. This preparation inspires confidence within the lender that you can build a business and repay the loan.

4. Beat the competition

Your research will offer valuable insight and certain advantages that the competition might not have. For example, thoroughly understanding your customer’s pain points and desires will help you develop a superior product or service than your competitors. If your business is already up and running, an updated market analysis can upgrade your marketing strategy or help you launch a new product.

Final thoughts

There is a saying that the first step to cutting down a tree is to sharpen an axe. In other words, preparation is the key to success. In business, preparation increases the chances that your business will succeed, even in a competitive market.

The market analysis section of your business plan separates the entrepreneurs who have done their homework from those who haven’t. Now that you’ve learned how to write a market analysis, it’s time for you to sharpen your axe and grow a successful business. And keep in mind, if you need help crafting your business plan, you can always turn to business plan software or a free template to help you stay organized.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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Top 10 Business Assessment Templates To Analyze Your Organization Position!

Naveen Kumar

Remember the episode, ‘The one with Unagi’ of the American sitcom Friends, where Ross Geller was explaining a concept of Martial arts or Karate to Phoebe and Rachel? Ross was right about the idea of total awareness of surroundings, but he mistook its name for a Japanese Freshwater Eel - Unagi. The concept of complete awareness and alertness of mind and body to predict and tackle attacks is known as  Zanshin . In visualization, it is like Peter Parker’s Spider-sense. Whether it is Martial Arts or Business, one who is aware of his surroundings becomes invincible and touches heights of success and fame the world has never seen before, like Apple, Google, and Microsoft. It needs physical and mental exercise to achieve this state in martial arts; in business, organizations could master it using  business assessments .

What is a Business Assessment?

A business assessment refers to a procedure or steps for analyzing your organization’s current state on various grounds/metrics and comparing it to the ideal state you want to be in or your competitors are in. The results of a business assessment help organizations develop growth strategies and find areas of improvement. One should not see business assessment results merely in numbers or scores but dig deep into the insights and understand the roots of their strengths and weaknesses.

Types of Business Assessments

Based on their period of occurrence or frequency, there are two types of assessment — Foundational and Situational or Proactive and Reactive. The first one is conducted after a defined period like a month, quarter, or year to ensure business well-being. You can say these are like regular health checkups. 

Situational business assessments are for analysis of a business situation or events. It focuses on measuring the impact of events ( impact assessment ), what goes wrong, what can be done better, and working towards forming a risk mitigation plan. It is similar to visiting a doctor during or post-illness to get better.

Other classifications of business assessments are financial, marketing, tactical, etc. It is based on the reason for which they are conducted.

The last and most popular types are generic business assessments like SWOT , GPCT, and Porter’s Five Forces . From entrepreneurs to consultants, everyone likes to use these because of their reliability, acceptability, ease of use, and pre-defined structure.

You can also create a business assessment based on the factor you want to analyze. The only golden rule here is to be honest, while creating and conducting it. Only then can you obtain the right results to grow your business.

Business Assessment Templates

In order to rule the competitive landscape, you need to plan strategically, and for that, you need to understand your position in the market. This is possible only with genuine results of a thorough business assessment which includes every element of enterprise finance, marketing, operations, etc.

Designing one such comprehensive analysis is not that easy. It takes a lot of time and strenuous effort; therefore, we are here to help you with this task by providing our ready-to-use business assessment templates . These PPT layouts are curated through extensive research and include the required elements to conduct a successful business assessment. You will be able to perform these analyses in periodic cycles (which is the best practice) with the help of these sample templates. Let’s explore!

1. Monthly Business Assessment Presentation Templates

Looking for a tool to help you understand the scenarios impacting your business growth? This business assessment PPT is the end of your search. It will help you in a business review meeting to illustrate the problems and brainstorm solutions with your core management team. This presentation deck includes a quarterly business review, highlights, financial summary, revenue split, key milestones achieved, balance sheet, cash flow statement, key financial ratios, funding updates, etc., to conduct a perfect business analysis. Grab it today!

Download this template

2. Current State Business Assessment PPT Templates

Planning a growth strategy without knowing the current state of your business is like using Google Maps without a location feature. You would have to figure out where you are and what is the shortest route to your destination on your own. It defies the whole purpose of using a map. This presentation template will work as the toggle switch to turn on your location feature and help you navigate your position faster. It has sample designs like the current state assessment model, a comparison of current and future states, business process current state analysis, project, and deliverables analysis, etc. Get it now!

3. 3P Analysis Business Performance Assessment Management Deck

3Ps — People, Process, and Products is a well-known business management concept, and these three elements are known as the cornerstones of every business. This sample business assessment deck is designed with the 3Ps theme in mind. It will help you understand and apply this popular and straightforward concept in assessing business factors. It has sample templates of the 3Ps for quality assessment, lean management, enhanced business performance, and product & service assessment. Get it now!

4. Business Sustainability Assessment Using KPIs Presentation

KPIs are the core performance metrics that organizations use to measure and define business progress and performance objectives. This professionally designed business sustainability assessment deck will help companies measure their organizational performance and growth over a given period. Using this presentation deck, you can provide your organization’s overview and compare its performance with competitors with the help of a competitive landscape analysis section. It assesses and compares businesses on the basis of the foundation year, the number of employees, investor funding, operating profit, and net profit margin. Get it now!

5. Monthly Business Performance Assessment Templates

Analyzing the monthly performance of your business is necessary to track the growth path and devise the latest strategy to run with current market trends. This business assessment creative presentation set helps run a competitive analysis of equity, debt, and KPIs. It will help you analyze the last month’s business journey and share a roadmap for future development with your team members. You will be able to share a graphical representation and projection of income growth using this PPT deck. Download it now!

6. Business Readiness Assessment PowerPoint Templates

Finding answers to questions like — is your business ready to transform digitally? Is your company prepared for the next phase of development? — is of utmost importance to rule the competitive landscape. These questions will help you know your organization’s strengths, weaknesses, improvement opportunities, and more. This sample business readiness assessment presentation will help you analyze your company’s state to take over new challenges. It has a heat map, key factors, major steps to conduct changes, readiness assessment for different scenarios, and more. Get it now!

7. Opportunity Assessment For Businesses PPT Templates

Taking each opportunity with seriousness makes businesses grow faster. Assessing options will help you prepare to take them over and pull maximum conversion out of them. This template will be your tool to analyze business scenarios and market opportunities from different angles. This presentation deck includes slides with steps for opportunity assessment, opportunity assessment matrix, strategy, methodology, and more. Download it now!

8. Market Assessment For Businesses PowerPoint Templates

Before sailing your boat into the sea, testing the waters is necessary. A market assessment is your way of understanding whether your organization will succeed in new markets. This sample presentation deck will help you analyze the market trends, threats, and opportunities to develop a go-to-market strategy. It includes slides for market strategy components, its elements, strategies, economic & sociocultural analysis, and more. Get it now!

9. Operational Assessment For Business Growth PPT Templates

Operations are the backbone of every organization, and for a business to stand tall, operations must be strong and healthy. This operational assessment presentation deck will help you analyze your business function activeness and growth. It has a model for examining operation & service quality, business operation challenges & their response, operational risk assessment methodology, functional excellence assessment, etc. Get it now!

10. Competitive Landscape Analysis Business Assessment Templates

When you enter an industry with a business idea, competitors are complimentary with it. To survive and grow in the market, it is necessary to map the competitive landscape and understand your competitors in every way possible. This is not an easy task to accomplish, but this presentation deck will help you to achieve it in a less tiresome manner. It has templates for competitive landscape analysis factors, market size assessment, strength, weakness & market position analysis, components of the competitive landscape, etc. Download it today!

Over To You

Business assessments are the starting point and blueprint of the growth strategy path toward a more prosperous and higher position in the market. It helps you understand the secrets of your business and see outside the tunnel vision.

Conducting a business assessment is like building a bridge over a river. You cannot cross the water without completing it. Our sample business assessment templates provide a detailed blueprint for that bridge and help you fill the gap in less time. Grab these ready-made PPT layouts and jump-start your business assessment journey today!

FAQs for Business Assessment Templates

1. what is a business assessment.

A business assessment is a systematic approach and analysis procedure to record and understand your business’s Key Performance Indicators (KPIs) and get a solid idea of your current position, strengths, gaps, and opportunities.

2. How do you write a business assessment?

There are different types of business assessments depending on their needs. The way to write them slightly differs in core elements. However, the typical steps that you can use to write a business assessment are:

1. Set Objectives for your business assessment

2. Break those objectives into smaller achievable goals (follow SMART goal planning)

3. Prioritize tasks to achieve goals efficiently

4. Analyze your organization’s current state with pre-determined KPIs

5. Visualize the future state you want to achieve after a defined period

6. Plan a strategy for it and work accordingly

7. Repeat the cycle of business assessment after that defined period to analyze the growth.

3. What is the purpose of a business assessment?

A business assessment helps an organization understand its current state and analyze available resources, opportunities for growth, and competitive advantages. It lays a concrete foundation for strategic development planning to achieve a visualized future state of business. The purpose of business assessment is to keep companies aligned with their goals and help them understand the necessary measures to achieve that in an efficient way.

4. What are different business assessments?

Business assessments are of different types based on their reason for conduction or role to fulfill. The types of assessments are

• Financial assessment: Conducted to analyze the financial health of an organization.
• Tactical assessment: Conducted to analyze strategies and their success on the ground zero level. Further classified as operational efficiency assessment.
• Marketing assessment: Analyze a business or product’s sales and marketing elements like strategies, position, and customer satisfaction.

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How to Measure Your Business Performance

• 14 Nov 2023

Measuring your business’s performance is essential to its long-term success. By assessing its operations, you can make informed decisions, find ways to improve, and establish accountability in the workplace .

Despite these benefits, many businesses struggle to use the vast amounts of data they have access to. According to a report by data storage company Seagate , businesses act on just 32 percent of the data available to them—with the remaining 68 percent going unleveraged.

If you want to help your organization achieve its strategic objectives, here’s why it’s vital to measure business performance and how to do it.

Access your free e-book today.

Why Measure Your Business Performance?

Measuring business performance is critical to ensuring effective strategy formulation and implementation . It can also help identify obstacles and setbacks that impact your company’s success—similar to risk management .

According to the online course Strategy Execution , performance measurement comprises the formal, information-based routines and procedures managers use to maintain or alter patterns in organizational activities.

Engaging in performance measurement helps you and organizational leaders , investors, and employees understand how your roles and responsibilities relate to your business’s strategy—creating a culture of accountability and commitment to achieving its goals and objectives .

How to Measure Business Performance

Long-term business success doesn’t just result from effective strategy execution; it also relies on a holistic approach to monitoring, measuring, and evaluating performance. This involves creating objective and subjective measures—often called key performance indicators (KPIs) .

While objective measures—like revenue and profit margin—are crucial to assessing performance, subjective measures are often overlooked.

“If a measure is objective, you can independently verify it,” says Harvard Business School Professor Robert Simons, who teaches Strategy Execution . “You and I could look at the same set of data and draw the same conclusion. A subjective measure, by contrast, requires judgment.”

For example, measuring employee engagement can help gauge the amount of internal support for your business strategy. High employee engagement can also greatly impact your company’s bottom line—increasing profitability by up to 23 percent .

“These measures work well only when there's a high degree of trust between employees and managers,” Simons says in Strategy Execution . “Employees must feel confident that subjective measures are applied fairly.”

Using diagnostic control systems —information systems managers use to monitor organizational outcomes and correct negative performance—you can ensure consistency and standardization when measuring success.

Examples of diagnostic control systems include:

• Performance scorecards
• Project monitoring systems
• Human resources systems
• Standard cost-accounting systems

Before implementing such systems and measuring your business performance, here are three factors to consider.

3 Considerations When Measuring Business Performance

1. financial goals.

Measuring business performance starts with financial goals. This is largely because your company’s financial value is its first indicator of success or failure. Financial goals also help ensure your diagnostic control systems effectively monitor profitability and provide insight into how to fix problems.

To set financial goals, you can use a profit plan —a summary of a specific accounting period’s anticipated revenue inflows and expense outflows—presented in the form of an income statement . Profit plans serve several purposes; their most important is creating control systems that place responsibility on management.

“Individual managers can be held accountable for achieving specific revenue and expense targets and the overall profitability of the business,” Simons says in Strategy Execution .

To confirm that your profit plan holds you and others accountable for your organization’s financial health , Simons suggests asking the following:

• Does the business create enough profit to cover costs and reinvest in future endeavors?
• Does the business generate enough cash to remain solvent through the year?
• Does the business create sufficient financial returns for investors?

“Once managers have completed the profit planning process,” Simons says, “people throughout the organization will be in agreement about the direction of the business and the assumptions that underpin the forecasts.”

Related: 7 Financial Forecasting Methods to Predict Business Performance

2. Non-Financial Goals

While financial metrics are critical to assessing short-term profitability, non-financial goals can impact your business’s long-term success.

Objectives like improving customer satisfaction, boosting employee engagement, and enhancing ethical practices can all drive business performance—even financially.

“An organization that's focused just on financial goals will rarely achieve those goals for a long period of time,” says Tom Polen, CEO and president of medical technology company Becton Dickinson, in Strategy Execution . “It's all the other goals that are going to feed into the financial goals.”

In the course, Polen says he consistently communicates his organization’s strategic objectives to employees and uses an incentivization system to reward those working to support non-financial goals.

“As a health care provider, the most important thing—bar none—is quality,” Polen says. “While we’re focused on financial goals, our quality goals—which cut across manufacturing, regulatory, marketing, and medical—contribute to making sure that we have quality products at the end of the day. And we’ll never sacrifice a quality goal for a financial goal.”

3. Intangible Assets

Your goals aren’t the only thing you can use to measure your company’s performance. Intangible assets—non-physical assets your business significantly values—can also help.

Examples of intangible assets include:

• Research capabilities
• Brand loyalty
• Customer relationships

“These are among the most valuable assets in many of today's businesses,” Simons says in Strategy Execution . “But you won't find them anywhere on an income statement or balance sheet .”

Since you can’t monitor these assets using traditional accounting systems, you can instead use a balanced scorecard —a tool designed to help track and measure non-financial variables.

“The balanced scorecard combines the traditional financial perspective with additional perspectives that focus on customers, internal business processes, and learning and development,” Simons says in Strategy Execution . “These additional perspectives help businesses measure all the activities essential to creating value.”

For example, if your business strategy focuses on improving an intangible asset, like brand loyalty, you can use a balanced scorecard to track customer satisfaction through surveys and reviews.

In this way, the balanced scorecard offers a comprehensive view of business performance, helping you make informed decisions to protect and enhance intangible assets’ value.

Start Measuring Your Business Performance

Measuring business performance doesn’t have to be difficult. By implementing the appropriate metrics and control systems, you can seamlessly track strategic initiatives’ progress.

By enrolling in an online course, such as Strategy Execution , you can be immersed in a dynamic learning experience featuring real-world examples of businesses that have employed performance measurement strategies to secure long-term success.

Do you need help measuring your business performance? Explore Strategy Execution —one of our online strategy courses —and download our e-book to discover how to think like a top strategist.

About the Author

Business Plan Executive Summary Example & Template

Updated: Jun 3, 2024, 1:03pm

Table of Contents

Components of an executive summary, how to write an executive summary, example of an executive summary, frequently asked questions.

A business plan is a document that you create that outlines your company’s objectives and how you plan to meet those objectives. Every business plan has key sections such as management and marketing. It should also have an executive summary, which is a synopsis of each of the plan sections in a one- to two-page overview. This guide will help you create an executive summary for your business plan that is comprehensive while being concise.

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The executive summary should mimic the sections found in the business plan . It is just a more concise way of stating what’s in the plan so that a reader can get a broad overview of what to expect.

State the company’s mission statement and provide a few sentences on what the company’s purpose is.

Company History and Management

This section describes the basics of where the company is located, how long it has been in operation, who is running it and what their level of experience is. Remember that this is a summary and that you’ll expand on management experience within the business plan itself. But the reader should know the basics of the company structure and who is running the company from this section.

Products or Services

This section tells the reader what the product or service of the company is. Every company does something. This is where you outline exactly what you do and how you solve a problem for the consumer.

This is an important section that summarizes how large the market is for the product or service. In the business plan, you’ll do a complete market analysis. Here, you will write the key takeaways that show that you have the potential to grow the business because there are consumers in the market for it.

Competitive Advantages

This is where you will summarize what makes you better than the competitors. Identify key strengths that will be reasons why consumers will choose you over another company.

Financial Projections

This is where you estimate the sales projections for the first years in business. At a minimum, you should have at least one year’s projections, but it may be better to have three to five years if you can project that far ahead.

Startup Financing Requirements

This states what it will cost to get the company launched and running. You may tackle this as a first-year requirement or if you have made further projections, look at two to three years of cost needs.

The executive summary is found at the start of the business plan, even though it is a summary of the plan. However, you should write the executive summary last. Writing the summary once you have done the work and written the business plan will be easier. After all, it is a summary of what is in the plan. Keep the executive summary limited to two pages so that it doesn’t take someone a long time to peruse what the summary says.

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It might be easier to write an executive summary if you know what to expect. Here is an example of an executive summary that you can use as a template.

Bottom Line

Writing an executive summary doesn’t need to be difficult if you’ve already done the work of writing the business plan itself. Take the elements from the plan and summarize each section. Point out key details that will make the reader want to learn more about the company and its financing needs.

How long is an executive summary?

An executive summary should be one to two pages and no more. This is just enough information to help the reader determine their overall interest in the company.

Does an executive summary have keywords?

The executive summary uses keywords to help sell the idea of the business. As such, there may be enumeration, causation and contrasting words.

How do I write a business plan?

If you have business partners, make sure to collaborate with them to ensure that the plan accurately reflects the goals of all parties involved. You can use our simple business plan template to get started.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.

Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.

How to Evaluate a Business Plan

by Evangeline Marzec

Published on 16 Oct 2019

Whether you're an investor, an entrepreneur or a business skills teacher, you'll be exposed to a wide variety of business plans and should have a solid, somewhat standard approach to conducting a business plan assessment. Analyze each section individually, and then look at the plan as a whole to determine the viability of the business and the likelihood of its success in the manner proposed. Also consider the writing skills and attention to detail that went into formulating the plan.

Read and Understand the Executive Summary

The first step in a business plan assessment is reading the business' executive summary. This should be a concise "elevator pitch", not a summary of the business plan. In one or two pages, it should convey the market opportunity and the uniquely compelling features of the business that will help it meet that opportunity. The executive summary should excite you and make you want to turn to the next page. If it doesn't, the entrepreneur might lack marketing or writing skills, or it may indicate that the idea itself is not going to fly.

Analyze Opportunity in the Market

Evaluate the market opportunity. Ideally, the market should be growing at least 10% per year and have a substantial potential relative to the size of the business and investment. For example, a small company seeking an investment of $50,000 should see a potential market of $5 million.

The larger the potential market and the faster it is growing, the greater the opportunity in the market. Look to the exhibits and appendices to ensure that the business actually has done the necessary market research and can back up any claims.

Evaluate the Company's Business Strategy

Examine the company strategy for capturing its market. The plan must clearly describe the problem the company is solving or need it is meeting for customers, and then propose a solution. This is the crux of a business plan assessment.

Closely examine the alignment between problem and solution. Will the company actually address that need? This evaluation must take into account the product or service being offered, the operational capacity and efficiency with which the business actually can produce its product, and the quality of the proposed marketing efforts.

Examine the Business Environment

The business plan should describe the competitive landscape in which the company operates, preferably by referencing Porter's 5 Forces or another well-established tool. Look for detailed breakdowns and analyses of each of it competitors, and of how the company is different and better than the competition in a particular niche. This section should include the regulatory environment and mention any costs or necessary delays associated with regulations.

Porter's 5 Forces is an evaluation model that looks closely at the five competitive forces at play in the business landscape. These forces are present in every industry and by evaluating how they manifest in an individual industry, one can gauge that industry's strengths and weaknesses. Porter's 5 Forces are:

• Competition in the industry
• Potential of new entrants in the industry
• Power of suppliers
• Power of customers
• Threat of substitutes

Evaluate the Leadership Team

Look for experience, integrity and passion in the executive team. Read bios and brief highlights of each executive's strengths and expertise should accompany standard business information such as headquarters and corporate structure. The company should have experienced advisers, either formally or informally.

It is paramount that the principals involved in the business convey their passion and drive toward success with this project. If the founders haven't invested their own capital into the business, or plan on keeping their “day jobs” while running the business, they might lack faith in the project.

Crunch the Numbers and Understand the Finances

Ensure that the financial projections are both promising and realistic. Most entrepreneurs vastly overstate their company's potential, starting with the market size and market share. Financial figures should be based on historical data if available, or very conservative projections if the company is not yet profitable. Entrepreneurs that project capturing 20% market share in the first two years probably have unrealistic expectations.

Investigate the returns provided by the investment. Good business plans include exit strategies for pulling the initial investment back out of the company, and have a realistic valuation of their shares.

View the Business Plan as a Living Document

Evaluate the business plan as a whole document, and as a reflection of a real-world company. Determine whether the market need is adequate, the company's offerings are compelling, the management team experienced and committed, and the financial statements realistic. Does this company as a whole have a chance of success?

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A business plan is the blueprint for your business. It takes an idea for a product or service and turns it into a commercially viable reality. The market analysis section of your plan provides evidence that there is a niche in the market that your company can exploit. This analysis also provides the foundation on which your marketing and sales plan will rest.

What is a market analysis?

A market analysis provides insights into potential customers and your competition.

The core components of the market analysis are:

• Industry analysis: Assesses the general industry environment in which you compete
• Target market analysis: Identifies and quantifies the customers that you will be targeting for sales
• Competitive analysis: Identifies your competitors and analyzes their strengths and weaknesses

The exact way in which you choose to organize this information is up to you. As long as you include all the basic facts, there are a number of outline forms that can work well. Just keep the purpose of your plan in mind and highlight or expand the sections that have the greatest application to what you're trying to accomplish.

It's also important to realize that, as you go about planning a business startup or expansion, you should be doing a lot of research and learning an enormous amount about the marketing environment of your business.

Your business plan is not intended to include everything you've learned. It will just summarize the highlights in a way that shows the reader that you understand your industry, the place in which goods and services are sold, and how you will be a successful business.

Industry analysis

The industry analysis is the section of your business plan where you demonstrate your knowledge about the general characteristics of the type of business you're in.

You should be able to present statistics about the size of the industry, such as total U.S. sales in the last year and industry growth rate over the last few years. Is the industry expanding, contracting, or holding steady? Why? Who are the major industry participants?

While you might not compete directly against these companies (they are likely to be large national or international corporations), it's important that you can identify them, and have a good understanding of their market share and why they are or aren't successful.

You should also be able to discuss the important trends that may affect your industry. For example, significant changes in the target market, in technology, or in other related industries may affect the market's perception of your product or your profitability.

This kind of information is often available for free from the following sources:

• Trade associations and industry publications
• Government databases: e.g., Census Bureau , Bureau of Economic Analysis , Bureau of Labor Statistics , state trade measurements
• Data and analysts' opinions about the largest players in the industry (e.g., Standard & Poor's reports, quotes from reputable news sources)
• Industry reports from such publishers or from aggregators such as Marketresearch.com
• Research company filings: Look at your competitors’ filings with the Securities & Exchange Commission and other regulators

Target market analysis

How do you determine if there are enough people in your market who are willing to purchase what you have to offer and at the price you need to charge to make a profit? The best way is to conduct a methodical analysis of the market you plan to reach.

Understand your customers

You need to know precisely who your customers are or will be.

For example, if you sell to consumers, do you have demographic and other information that paints a picture of who they are?

• Age, generation/life stage, gender
• Average income ranges
• Typical education and occupations
• Geographic location
• Family makeup
• Lifestyle information (e.g., hobbies, interests, recreational/entertainment activities, political beliefs, cultural practices, etc.)

Additionally, consider the market size and your target consumers’ motivations and purchasing potential.

You may very well sell to several types of customers. For example, you may sell at both retail and wholesale, and you may have some government or nonprofit customers as well. If so, you'll want to describe the most important characteristics of each group separately.

It’s likely that your product has appeal outside your target demographic, but a market analysis can help you focus your sales and marketing efforts on the audience segments that matter most so that you earn a higher return.

Use industry data

Directly surveying your current customers can be expensive. For planning purposes, it's acceptable to substitute published industry-wide information; for example, "the average U.S. electric vehicle owner is between the ages of 40 and 55, has graduated from college, and earns more than $100,000 per year".

Once obtained, this type of information can help you in two very important ways. It can help you develop or make changes to your product or service to better match what your customers are likely to want. It can also tell you how to reach your customers through advertising, promotions, etc.

Competitive analysis

Gathering competitive intelligence is the practice of discovering and analyzing useful information about your competitor’s business. Competitive intelligence is important because it helps businesses understand their competitive environment and the opportunities and challenges it presents.

Basic information every company should know about their competitors includes

• Each competitor's size and market share, as compared to your own
• How target buyers perceive or judge your competitors’ products and services
• Your competitors' financial strength, which affects their ability to spend money on advertising and promotions, among other things
• Each competitor's ability and speed of innovation for new products and services

There may be a wealth of other facts that you need to know, depending on the type of business you have. For example, if you're in ecommerce, you'll want to know how fast your competitors can fulfill a typical customer's order, what they charge for shipping and handling, and so on.

Company data from competitors may be available by interviewing competitor company executives, attending industry trade shows, and asking the right questions from industry "experts". They may be unaffordable as consultants, but willing to direct you to free databases that you would not ordinarily know of or have access to.

And don't overlook your competitor's suppliers. They can be excellent sources of information to aid your research.

Be very focused in your competitive research

In the industry overview section of your business plan, you may have identified the largest players in your industry. Not all these businesses will be directly competing with you, however. Some may be in geographically distant locations, and others may have pricing or distribution systems that are very different from those of a small business.

Therefore, in your competition analysis, focus on those businesses that directly compete with you for sales — the specific companies or brands that are solving the same problem as you and targeting the same customer base.

You may also want to include in your analysis some competitors who offer similar products in a different business category or who are more geographically remote. Study their ads, brochures, and promotional materials. Drive past their location. And if it's a retail business, make some purchases there, incognito if necessary.

Analyze your competitors' online presence

What type of content do they publish online and on social media?

Also, check out their online reviews — both product reviews on their website and independent reviews on Google, Yelp, Bing, and other online review listings.

Continuously monitor your competitors

Keeping an eye on how your competitors adapt to market conditions, develop their products, and evolve their brand can help you stay competitive.

Putting it all together: Tips for writing your market analysis

• Include a summary.
• Add graphics. Charts and graphs are great ways to show metrics and statistics.
• Be concise. Get to the point early, and avoid repetition and fluff. Plan several rounds of edits or have someone else review it.
• Keep everything in the context of your business. Make sure all the statistics and data you use in your market analysis relate back to your business. Your focus should be on how you are uniquely positioned to meet the needs of the target market.

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BizFilings is dedicated to making starting a business easier so you can focus on doing what you love. Check out our Business Plan Software . This interactive tool includes step-by-step guidance for creating a comprehensive business plan for your own use, to secure investments, or share with others.

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The Ultimate Guide to Market Analysis for Your Business Plan

When creating a business plan , conducting a thorough market analysis is essential to understand your target market, industry trends, and the competitive landscape. A well-executed market analysis for a business plan provides the foundation for informed decision-making, helping you develop strategies that capitalize on opportunities and mitigate potential risks.

In this article, we'll explore the importance of market analysis in a business plan, outline the steps for conducting one effectively, and discuss best practices for ensuring that your analysis is comprehensive and insightful.

What Is Market Analysis for a Business Plan?

Market analysis is a critical component of a business plan that involves gathering and interpreting data about your target market, industry trends, and competitors. It provides a clear picture of the landscape in which your business will operate, enabling you to make data-driven decisions and develop strategies that align with your business plan objectives.

A comprehensive market analysis for a business plan should include:

• Target market identification and segmentation
• Industry trends and growth forecasts
• Competitor analysis
• Market size and potential market share
• Pricing and positioning strategies

Why Do You Need to Conduct Market Analysis for a Business Plan?

Conducting market analysis is critical to the development of a business plan for several reasons:

• Feasibility assessment: Market analysis helps determine whether your business idea is viable and likely to succeed in the current market environment,, which is essential to creating a realistic business plan.
• Informed decision-making: By providing insights into your target market, industry trends, and competition, market analysis enables you to make data-driven decisions that support your business plan's objectives.
• Investor confidence: Including a thorough market analysis in your business plan demonstrates to potential investors that you have a deep understanding of your industry and target market, increasing their confidence in your ability to execute your plan successfully.
• Competitive advantage: Market analysis helps identify your competitors' strengths, weaknesses, and market positioning, allowing you to develop strategies that differentiate your business and strengthen your business plan.

Steps to Conduct Market Analysis for a Business Plan

• Define your target market: Identify your ideal customer and segment your target market based on shared characteristics to ensure your business plan is tailored to their needs and preferences.
• Analyze industry trends: Research your industry's current state, growth projections, and emerging trends to identify factors that may impact your business plan, such as technological advancements or regulatory changes.
• Conduct competitor analysis: Evaluate your competitors' market share, strengths, weaknesses, and unique selling propositions to identify opportunities for differentiation in your business plan.
• Determine market size and potential: Estimate the total size of your target market and your potential market share to set realistic goals and projections in your business plan.
• Develop pricing and positioning strategies: Based on the results of your market analysis, determine the optimal pricing and positioning for your products or services to align with the goals of your business plan.

Best Practices for Effective Market Analysis in a Business Plan

• Use multiple data sources: Gather data from a variety of sources to ensure a comprehensive and balanced analysis that supports your business plan.
• Conduct primary research: Engage directly with potential customers to gain valuable insights that can inform your business plan's strategies and tactics.
• Stay up-to-date: Regularly monitor industry trends, competitor activities, and market conditions to ensure your business plan remains relevant and accurate.
• Collaborate with experts: Consult with industry experts, mentors, or business advisors to gain valuable insights and validate your findings for your business plan.
• Present findings clearly: Use visuals, such as charts, graphs, and infographics, to present your market analysis findings in a clear and engaging manner within your business plan.

By conducting a comprehensive market analysis for your business plan, you'll gain a deep understanding of your target market, industry landscape, and competitive environment. This knowledge will inform your business plan's strategies, guide your decision-making, and ultimately increase your chances of success.

Remember to regularly review and update your market analysis as your business grows and market conditions evolve to ensure that your business plan remains adaptable and well-positioned for long-term success.

Business Plan Example and Template

Learn how to create a business plan

What is a Business Plan?

A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .

A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.

Contents of a Business Plan

A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:

1. Title Page

The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.

2. Executive Summary

The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.

3. Industry Overview

The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.

4. Market Analysis and Competition

The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.

Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.

A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.

5. Sales and Marketing Plan

The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.

6. Management Plan

The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.

Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.

7. Operating Plan

The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.

8. Financial Plan

The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.

9. Appendices and Exhibits

The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.

Business Plan Template

Here is a basic template that any business can use when developing its business plan:

Section 1: Executive Summary

• Present the company’s mission.
• Describe the company’s product and/or service offerings.
• Give a summary of the target market and its demographics.
• Summarize the industry competition and how the company will capture a share of the available market.
• Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements.

Section 2: Industry Overview

• Describe the company’s position in the industry.
• Describe the existing competition and the major players in the industry.
• Provide information about the industry that the business will operate in, estimated revenues, industry trends, government influences, as well as the demographics of the target market.

Section 3: Market Analysis and Competition

• Define your target market, their needs, and their geographical location.
• Describe the size of the market, the units of the company’s products that potential customers may buy, and the market changes that may occur due to overall economic changes.
• Give an overview of the estimated sales volume vis-à-vis what competitors sell.
• Give a plan on how the company plans to combat the existing competition to gain and retain market share.

Section 4: Sales and Marketing Plan

• Describe the products that the company will offer for sale and its unique selling proposition.
• List the different advertising platforms that the business will use to get its message to customers.
• Describe how the business plans to price its products in a way that allows it to make a profit.
• Give details on how the company’s products will be distributed to the target market and the shipping method.

Section 5: Management Plan

• Describe the organizational structure of the company.
• List the owners of the company and their ownership percentages.
• List the key executives, their roles, and remuneration.
• List any internal and external professionals that the company plans to hire, and how they will be compensated.
• Include a list of the members of the advisory board, if available.

Section 6: Operating Plan

• Describe the location of the business, including office and warehouse requirements.
• Describe the labor requirement of the company. Outline the number of staff that the company needs, their roles, skills training needed, and employee tenures (full-time or part-time).
• Describe the manufacturing process, and the time it will take to produce one unit of a product.
• Describe the equipment and machinery requirements, and if the company will lease or purchase equipment and machinery, and the related costs that the company estimates it will incur.
• Provide a list of raw material requirements, how they will be sourced, and the main suppliers that will supply the required inputs.

Section 7: Financial Plan

• Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.

Section 8: Appendices and Exhibits

• Quotes of building and machinery leases
• Proposed office and warehouse plan
• Market research and a summary of the target market
• Credit information of the owners
• List of product and/or services

Related Readings

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How to do a market analysis for a business plan

A key part of any business plan is market analysis. This section needs to demonstrate both your expertise in your particular market and the attractiveness of the market from a financial standpoint.

This article first looks at what we mean exactly by market analysis before looking at how to make a good one for your business plan.

What is a market analysis?

A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.

How to do a market analysis?

The objectives of the market analysis section of a business plan are to show to investors that:

• you know your market
• the market is large enough to build a sustainable business

In order to do that I recommend the following plan:

Demographics and Segmentation

Target market, market need, competition, barriers to entry.

The first step of the analysis consists in assessing the size of the market.

When assessing the size of the market, your approach will depend on the type of business you are selling to investors. If your business plan is for a small shop or a restaurant then you need to take a local approach and try to assess the market around your shop. If you are writing a business plan for a restaurant chain then you need to assess the market a national level.

Depending on your market you might also want to slice it into different segments. This is especially relevant if you or your competitors focus only on certain segments.

Volume & Value

There are two factors you need to look at when assessing the size of a market: the number of potential customers and the value of the market. It is very important to look at both numbers separately, let's take an example to understand why.

Imagine that you have the opportunity to open a shop either in Town A or in Town B:

Although Town B looks more competitive (10 competitors vs. 2 in Town A) and a smaller opportunity (market size of £100m vs. £200 in Town A), with 1,000 potential customers it is actually a more accessible market than Town A where you have only 2 potential customers.

Potential customer?

The definition of a potential customer will depend on your type of business. For example, if you are opening a small shop selling office furniture then your market will be all the companies within your delivery range. As in the example above it is likely that most companies would have only one person in charge of purchasing furniture hence you wouldn't take the size of these businesses in consideration when assessing the number of potential customers. You would however factor it when assessing the value of the market.

Market value

Estimating the market value is often more difficult than assessing the number of potential customers. The first thing to do is to see if the figure is publicly available as either published by a consultancy firm or by a state body. It is very likely that you will find at least a number on a national level.

If not then you can either buy some market research or try to estimate it yourself.

Methods for building an estimate

There are 2 methods that can be used to build estimates: the bottom-up approach or the top-down approach.

The bottom-up approach consists in building a global number starting with unitary values. In our case the number of potential clients multiplied by an average transaction value.

Let's keep our office furniture example and try to estimate the value of the 'desk' segment. We would first factor in the size of the businesses in our delivery range in order to come up with the size of the desks park. Then we would try to estimate the renewal rate of the park to get the volume of annual transactions. Finally, we would apply an average price to the annual volume of transactions to get to the estimated market value.

Here is a summary of the steps including where to find the information:

• Size of desks park = number of businesses in delivery area x number of employees (you might want to refine this number based on the sector as not all employees have desks)
• Renewal rate = 1 / useful life of a desk
• The volume of transactions = size of desks park x renewal rate
• Value of 1 transaction = average price of a desk
• Market value = volume of transactions x value of 1 transaction

You should be able to find most of the information for free in this example. You can get the number and size of businesses in your delivery area from the national statistics. Your accountant should be able to give you the useful life of a desk (but you should know it since it is your market!). You can compare the desk prices of other furniture stores in your area. As a side note here: it is always a good idea to ask your competitors for market data (just don't say you are going to compete with them).

That was the bottom-up approach, now let's look into the top-down approach.

The top-down approach consists of starting with a global number and reducing it pro-rata. In our case, we would start with the value of the UK office furniture market which AMA Research estimates to be around £650m and then do a pro-rata on this number using the number of businesses in our delivery area x their number of employees / total number of people employed in the UK. Once again the number of employees would only be a rough proxy given all business don't have the same furniture requirements.

When coming up with an estimate yourself it is always a good practice to test both the bottom up and top-down approaches and to compare the results. If the numbers are too far away then you probably missed something or used the wrong proxy.

Once you have estimated the market size you need to explain to your reader which segment(s) of the market you view as your target market.

The target market is the type of customers you target within the market. For example, if you are selling jewellery you can either be a generalist or decide to focus on the high end or the lower end of the market. This section is relevant when your market has clear segments with different drivers of demand. In my example of jewels, value for money would be one of the drivers of the lower end market whereas exclusivity and prestige would drive the high end.

Now it is time to focus on the more qualitative side of the market analysis by looking at what drives the demand.

This section is very important as it is where you show your potential investor that you have an intimate knowledge of your market. You know why they buy!

Here you need to get into the details of the drivers of demand for your product or services. One way to look at what a driver is to look at takeaway coffee. One of the drivers for coffee is consistency. The coffee one buys in a chain is not necessarily better than the one from the independent coffee shop next door. But if you are not from the area then you don't know what the independent coffee shop's coffee is worth it. Whereas you know that the coffee from the chain will taste just like in every other shop of this chain. Hence most people on the move buy coffee from chains rather than independent coffee shops.

From a tactical point of view, this section is also where you need to place your competitive edge without mentioning it explicitly. In the following sections of your business plan, you are going to talk about your competition and their strengths, weaknesses and market positioning before reaching the Strategy section in which you'll explain your own market positioning. What you want to do is prepare the reader to embrace your positioning and invest in your company.

To do so you need to highlight in this section some of the drivers that your competition has not been focussing on. A quick example for an independent coffee shop surrounded by coffee chains would be to say that on top of consistency, which is relevant for people on the move, another driver for coffee shop demand is the place itself as what coffee shops sell before most is a place for people to meet. You would then present your competition. And in the Strategy section explain that you will focus on locals looking for a place to meet rather than takeaway coffee and that your differentiating factor will be the authenticity and atmosphere of your local shop.

The aim of this section is to give a fair view of who you are competing against. You need to explain your competitors' positioning and describe their strengths and weaknesses. You should write this part in parallel with the Competitive Edge part of the Strategy section.

The idea here is to analyse your competitor's angle to the market in order to find a weakness that your company will be able to use in its own market positioning.

One way to carry the analysis is to benchmark your competitor against each of the key drivers of demand for your market (price, quality, add-on services, etc.) and present the results in a table.

Below is an example of a furniture shop in France. As you can see from the table all the actors on the market are currently focused on the low medium range of the market leaving the space free for a high end focused new player.

This section is all about answering two questions from your investors:

• what prevents someone from opening a shop in front of yours and take 50% of your business?
• having answered the previous question what makes you think you will be successful in trying to enter this market? (start-up only)

As you would have guess barriers to entry are great. Investors love them and there is one reason for this: it protects your business from new competition!

Here are a few examples of barriers to entry:

• Investment (a project that requires a substantial investment)
• Technology (sophisticated technology a website is not one, knowing how to process uranium is)
• Brand (the huge marketing costs required to get to a certain level of recognition)
• Regulation (licences and concessions in particular)
• Access to resources (exclusivity with suppliers, proprietary resources)
• Access to distribution channels (exclusivity with distributors, proprietary network)
• Location (a shop on Regent's Street)

The answer to the questions above will be highly dependent on your type of business, your management team and any relations it might have. Therefore it is hard for me to give any general tips about it.

If regulation is a barrier at entry in your sector then I would advise you to merge this section with the previous one. Otherwise, this section should be just a tick the box exercise where you explain the main regulations applicable to your business and which steps you are going to take to remain compliant.

Now you know how to do a market analysis for a business plan! I hope you found this article useful. If so please share it, and if not let us know what we need to improve.

Also on The Business Plan Shop

• Free business plan template to download
• TAM SAM SOM, what it means and why it matters
• Business model vs business plan
• What is a business plan and how to create one?

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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A Business Assessment Delivers

There’s more to a business assessment than meets the eye. Some entrepreneurs assume a business assessment points out what’s wrong with their business. Although that’s one perspective, we prefer you use the business assessment as a tool to identify opportunities to grow your business rather than as a weapon against yourself or your business.

More importantly, a business assessment:

• creates clarity
• helps you learn
• allows you to plan
• promotes strategic use of your time
• identifies business areas to strengthen
• provides a foundation for smart business decisions

How to Use a Business Assessment

One of the greatest challenges with running a small business is taking the time to step back from your business in order to objectively evaluate what’s really going on. A business assessment provides the fair and impartial vantage point needed when making sound, strategic decisions about the direction of your business.

Select a business assessment tool that identifies insights for your size business. All you need is to run a google search for “business assessment” and you’ll have a plethora of assessments to choose from. Or, you can download the Core Business Assessment we created for service firms with less than $500,000 in revenue or manufacturing companies with less than $1.5 million in revenue. Even if your business has receipts greater than $500,000, it might be worth conducting the business assessment to uncover any opportunities to shore up your business.

Be truthful when evaluating the condition of your business . Although it’s natural for the always-optimistic entrepreneur to see the current status of their business through rose-covered glasses, it’s really in the best interest of your business to be objective during the business assessment process to get a clear picture of what’s really going on in your business. And, if you’re unable to maintain impartiality, admit it and engage a trusted advisor to assist.

Make note of your progress . Pay special attention to the elements of business development already completed. Give yourself credit for your achievements. Remember, a business assessment is not   to berate yourself but rather to identify the next piece of development that awaits you. Growing a business is an ongoing learning opportunity. Your business assessment helps identify the learning on your horizon.

Identify the next best piece of business development. Although you’re likely to identify several focal points of business development available to you, it’s overwhelming to focus on too many aspects simultaneously. Select the one opportunities you can achieve within the next three months. By remaining focused on “the one thing,” you’ll find it easier to evolve and grow your business while maintaining the business you currently have without adding unnecessary stress to your life.

Repeat the business assessment process quarterly. B uilding a business assessment practice into your quarterly planning guides you through the growth and development of the essentials needed to grow your business to success that is sustainable and predictable.

A business assessment ensures your business has what it needs to deliver on your goals. It helps you expand and grow your business in a way that is smart and strategic. It provides a solid foundation for making sound decisions.

Most importantly, the real power of a business assessment is the process itself. It’s the time when you put your business on pause, step back from the day-to-day grind of running your business, to objectively evaluate what your business needs to make sure it’s headed in the right direction.

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Business Plan Assessment & Analysis

Business plans frequently change as companies must respond to technological advancements, consumer habits and environmental issues.  Ensuring that a business plan is robust enough to deal with any financial challenges it may face, provides a business with a platform to grow and facilitates meaningful discussions with a range of stakeholders including lenders and equity providers.

Our experienced team works with a variety of stakeholders to rigorously test the viability of a business plan. A review of a business plan can include but is not limited to:

• Review of existing funding structures and debt arrangements;
• Review of cash flow forecast and underlying assumptions;
• Assessment of working capital and liquidity requirements;
• Impact assessments and review of key issues affecting your business;
• Options analysis to navigate market volatility or stress;

Our independent assessments and insightful analysis provides stakeholders with greater confidence in the viability of a business plan, and assists companies to identify areas where performance can be enhanced. We utilise a global network of sector experts to provide practical options and advice on critical matters.

Our services are tailored to suit the particular client, industry or stakeholder. We have recently been engaged in the following roles:

• Advised a business in the gaming and lottery sector on cash flow forecasts, working capital requirements and contingency planning options;
• Reviewed working capital and liquidity requirements for a technology company operating in the aviation sector;
• Advised a group of lenders in a large debt restructuring process in the aviation industry, providing assessment and analysis of company proposals, while considering contingency planning options for the lender group;
• Advised the key stakeholders in a large Northern Ireland tourist attraction on the impact of covid – 19, the scale of arrears and funding options available;
• Performed business and options reviews for lenders assessing the impact of Covid -19, recovery assumptions and ability to meet debt obligations across multiple sectors;

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»    »    »    »    »  , An is a document that captures the structure of a future evaluation. This is used to communicate how an individual, organization, program or work product will be assessed to set expectations and provide . The following are illustrative examples of an assessment plan. An assessment plan may be developed as part of educational planning at the level of an institution, program or course. This is used to identify educational goals and how progress towards goals will be assessed at various stages of learning. This may include a formative assessment that occurs during the learning process, a summative assessment that occurs at the end of a unit and an outcomes assessment that measures the results of educational experiences. An assessment plan may be included as part of a program or course description to be communicated to students and prospective students. This is designed to include what students can expect to learn and how they will be graded. It is common for universities, colleges, school boards and other organizations that govern education programs to conduct regular assessments. These are not targeted at administrators, teachers or students but at the program itself. In many cases, a third party may conduct an assessment and a program against similar schools. For example, K-12 private schools may be benchmarked against other schools with a similar curriculum. Overview: Assessment Plan » » » Personal Development On The Job Training » Learning Goals Digital divide, learning plan, contingency planning, strategic planning, tactical planning. Planning Skills Crisis management plan, overplanning, new articles. Cookies on GOV.UK We use some essential cookies to make this website work. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. We also use cookies set by other sites to help us deliver content from their services. You have accepted additional cookies. You can change your cookie settings at any time. You have rejected additional cookies. You can change your cookie settings at any time. Chancellor Rachel Reeves is taking immediate action to fix the foundations of our economy In her first speech as Chancellor, Rachel Reeves laid out plans to rebuild Britain and make every part of the country better off. Good morning. Last week, the British people voted for change. And over the last 72 hours I have begun the work necessary to deliver on that mandate. Our manifesto was clear: Sustained economic growth is the only route to the improved prosperity that country needs and the living standards of working people. Where previous governments have been unwilling to take the difficult decisions to deliver growth… … or have waited too long to act… … I will not hesitate. Growth [political content removed]. It is now our national mission. There is no time to waste. This morning I want to outline the first steps [political content removed] taken to fix the foundations of our economy. So we can rebuild Britain and make every part of our country better off. But first, let me address the inheritance. I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the Second World War. What I have seen in the past 72 hours has only confirmed that. Our economy has been held back by decisions deferred and decisions ducked. Political self-interest put ahead of the national interest. A government that put party first, country second. We face the legacy of fourteen years of chaos and economic irresponsibility.   That is why over the weekend I instructed Treasury officials to provide an assessment of the state of our spending inheritance so that I can understand the scale of the challenge. And I will present this to Parliament before the summer recess.  This will be separate from a Budget that will be held later this year – and I will confirm the date of that Budget, alongside a forecast from the Office for Budget Responsibility, in due course. All governments face difficult choices – and I will not shrink from those choices. Those choices are made harder, however, by the absence of the economic growth necessary to not only balance the books but also to improve living standards. New Treasury analysis that I requested over the weekend shows that, had the UK economy grown at the average rate of other OECD economies this last 13 years, our economy would have been over £140 billion larger. This could have brought in an additional £58 billion in tax revenues in the last year alone. That’s money that could have revitalised our schools, our hospitals, and other public services. Growth requires difficult choices – choices that previous governments have shied away from. And it now falls to [political content removed] fix the foundations. We have promised a new approach to growth – one fit for a changed world. That approach will rest on three pillars – stability, investment, and reform. Let me turn first to stability. In the run-up to the general election, I set out the crucial first steps in our economic plans: To deliver economic stability, so we can grow our economy and keep taxes, inflation and mortgages as low as possible. And that commitment stands. I emphasised this commitment in a meeting with the Governor of the Bank of England on Friday, and I will do the same when I meet the chair of the Office for Budget Responsibility this week. These institutions are guarantors of our economic stability and I will not be playing games at their expense. Over the weekend I made clear to Treasury officials that the manifesto commitments that we were elected on will be kept to and they will be delivered on. That includes robust fiscal rules. And it includes our commitments to no increases in National Insurance, and the basic, higher, or additional rates of Income Tax, or VAT. Now I know there are some who will argue that the time for caution is past. [Political content removed]. That a large majority in Parliament means we have the licence to row back on the principles of sound money and economic responsibility. I know that many of you aren’t used to hearing this after recent years. But I believe that the promises that a party is elected on should be delivered on in government and we will do so. We do not take lightly the trust of voters who have been burned too often by incompetence, irresponsibility, and recklessness. And to investors and businesses who have spent fourteen years doubting whether Britain is a safe place to invest, then let me tell you: After fourteen years, Britain has a stable government. A government that respects business, wants to partner with business, and is open for business. In an uncertain world, Britain is a place to do business. Let me turn to how we will unlock private investment that we so desperately need. [Political content removed] …plans to launch a new National Wealth Fund, with a remit to invest – and so to catalyse private sector investment – in new and growing industries. And in March, the former governor of the Bank of England, Mark Carney, agreed to lead a Taskforce on the establishment of a new National Wealth Fund. I can tell you today that I have received the report from that Taskforce, and I will be announcing the next steps in short order. Alongside investment must come reform. Because the question is not whether we want growth, but how strong is our resolve – how prepared are we to make hard choices and face down the vested interests; How willing, even, to risk short-term political pain to fix Britain’s foundations. The story of the last fourteen years has been a refusal to confront the tough and responsible decisions that are demanded. This government will be different. And there is no time to waste. Nowhere is decisive reform needed more urgently than in the case of our planning system. Planning reform has become a byword for political timidity in the face of vested interests and a graveyard of economic ambition. Our antiquated planning system leaves too many important projects getting tied up in years and years of red tape before shovels ever get into the ground. We promised to put planning reform at the centre of our political argument – and we did. We said we would grasp the nettle of planning reform – and we are doing so. Today I can tell you that work is underway. Over the weekend, I met with the Prime Minister and the Deputy Prime Minister to agree the urgent action needed to fix our planning system. Today, alongside the Deputy Prime Minister, I am taking immediate action to deliver this [political content removed] government’s mission to kickstart economic growth; And to take the urgent steps necessary to build the infrastructure that we need, including one and a half million homes over the next five years. The system needs a new signal. This is that signal. First, we will reform the National Planning Policy Framework, consulting on a new growth-focused approach to the planning system before the end of the month, including restoring mandatory housing targets. And, as of today, we are ending the absurd ban on new onshore wind in England. We will also go further and consult on bringing onshore wind back into the Nationally Significant Infrastructure Projects regime, meaning decisions on large developments will be taken nationally not locally. Second, we will give priority to energy projects in the system to ensure they make swift progress… … and we will build on the spatial plan for Energy by expanding this to other infrastructure sectors.   Third, we will create a new taskforce to accelerate stalled housing sites in our country… …beginning with Liverpool Central Docks, Worcester Parkway, Northstowe and Langley Sutton Coldfield, representing more than 14,000 homes. Fourth, we will also support local authorities with 300 additional planning officers across the country. Fifth, if we are to put growth at the centre of our planning system, that means changes not only to the system itself, but to the way that ministers use our powers for direct intervention. The Deputy Prime Minister has said that when she intervenes in the economic planning system, the benefit of development will be a central consideration and that she will not hesitate to review an application where the potential gain for the regional and national economies warrant it. … and I welcome her decision to recover two planning appeals already, for data centres in Buckinghamshire and in Hertfordshire. To facilitate this new approach, the Deputy Prime Minister will also write to local mayors and the Office for Investment to ensure that any investment opportunity with important planning considerations that comes across their desks is brought to her attention and also to mine. The Deputy Prime Minister will also write to Local Planning Authorities alongside the National Planning Policy Framework consultation, making clear what will now be expected of them… …including universal coverage of local plans, and reviews of greenbelt boundaries. These will prioritise Brownfield and grey belt land for development to meet housing targets where needed. And our golden rules will make sure the development this frees up will allow us to deliver thousands of the affordable homes too, including more for social rent. Sixth, as well as unlocking new housing, we will also reform the planning system to deliver the infrastructure that our country needs. Together, [political content removed] we will ask the Secretaries of State for Transport and Energy Security and Net Zero to prioritise decisions on infrastructure projects that have been sitting unresolved for far too long. And finally, we will set out new policy intentions for critical infrastructure in the coming months, ahead of updating relevant National Policy Statements within the year. I know that there will be opposition to this. I’m not naïve to that; And we must acknowledge that trade offs always exist: any development may have environmental consequences, place pressure on services, and rouse voices of local opposition. But we will not succumb to a status quo which responds to the existence of trade-offs by always saying no, and relegates the national interest below other priorities. We will make those tough decisions, to realise that mandate.  Be in no doubt – we are going to get Britain building again. We are going to get Britain’s economy growing again. We will end the prevarication and make the necessary choices to fix the foundations: We will introduce a modern industrial strategy, to create good work and drive investment in all of our communities. We will reform our skills system, for a changing world of work. We will tackle economic inactivity and get people back to work. We will take on the hard work of reforming our public services, to make them fit for the future. We will work closely with our national, regional and local leaders to power growth in every part of Britain. And we will turn our attention to the pensions system, to drive investment in homegrown businesses and deliver greater returns to pension savers. I know the voters’ trust cannot be repaid through slogans or gimmicks – only through action, only through delivery. The Treasury I lead is proceeding on that basis. I was appointed to this post less than 72 hours ago. Upon my arrival, I told Treasury staff that the work starts straight away. That work has begun. I have commissioned and received economic analysis from HMT officials on the lost growth of the past 14 years, which I have set out today. I have instructed Treasury officials to prepare an assessment of the state of our spending inheritance, to be presented to Parliament before the summer recess. I have started working with the Prime Minister, to make the necessary preparations for the establishment of a Growth Mission Board, and that board will meet before summer recess, focused squarely on reviving our country’s economic growth and prosperity I have established a new Growth Delivery Unit here, at the heart of  the Treasury. I have received the recommendations of the National Wealth Fund Taskforce, and will shortly be announcing next steps. There is much more to do. More tough decisions to be taken. You have put your trust in us. And we will repay that trust. The work towards a decade of national renewal has begun. And we are just getting started. Thank you very much. Is this page useful? Yes this page is useful No this page is not useful Help us improve GOV.UK Don’t include personal or financial information like your National Insurance number or credit card details. To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) . Sri Lanka becomes the second country in the South-East Asia Region to initiate the capacity building for Health Emergency Operations Centres From 25 to 28 June 2024, Sri Lanka initiated the capacity building package rollout for Health Emergency Operations Centres (HEOC) in line with the International Health Regulations (IHR) 2005 requirements to develop, strengthen and maintain their capacities to respond promptly and effectively to public health risks and emergencies in a collaborative effort with Disaster Preparedness and Response Division of Ministry of Health, WHO and Robert Koch Institute (RKI), Germany. The overall objective of the capacity building efforts is to strengthen the capacities of the national and subnational Health Emergency Operations Centres (HEOCs) to effectively and efficiently prepare for and respond to health emergencies in Sri Lanka. A capacity building needs assessment was conducted prior to the detailed planning process for project activities.  The assessment, which included national and subnational experts and participants, identified the current status of the national and subnational HEOCs and set priorities for the country-specific adaptation of the business continuity plan. Based on the results of the capacity building needs assessment a 3-day capacity building workshop was held for 37 national and sub national participants with an additional day for  skill building for master training.  The sub-objectives of country-specific capacity building workshops included an analysis of areas which need strengthening to structure roadmaps at sub-national level for further improvement, and the development of guiding documents such as the HEOC handbook for national and sub-national levels which are needed to efficiently operate HEOCs.   The Joint External Evaluation of the IHR core capacities conducted in 2023 identified the need to extend the subnational HEOC coverage, capacity and auditing to all districts in a phased manner based on risk.   To achieve the mandates of the IHR (2005) and to address health consequences of emergencies, Member States (MS) in the South-East Asia Region of WHO have been improving their HEOCs and/or established dedicated HEOCs within their Ministries of Health to strengthen communication and coordination during public health response. While the initial focus has been placed on information and communication technology (ICT) and the physical HEOC infrastructure, the effective activation and operation of a HEOC equally depends on adequate plans, procedures and protocols. These need to be known, exercised and adapted on a regular basis. The National Health Emergency Operations Centre (NHEOC) in Sri Lanka was established in 2004 in the aftermath of the tsunami and the physical NHEOC at the premises of the Ministry of Health was established in 2008. Since then, eight subnational Health Emergency Operations centres were established in the most vulnerable districts.   The National Action Plan for Health Security (NAPHS) Strategic Plan  2024-2028 and the two-year operational plan  identified the need for strengthening of NHEOC and sub-national HEOCs through a capacity building needs assessment, and country-specific modules developed for training, while the standard operative procedure for HEOC developed in 2019 needs to be updated and  the procedures needing to be practiced through simulation exercises. The Robert Koch Institute has a long-standing experience in the planning, setting up and operation of a HEOC at the national level, as well as in providing HEOC-related training and simulation exercises at both national and international level. In 2021,  Project on Training for Health Emergency Operations Centres II (ProTECt II) started the piloting phase of a HEOC capacity building package (CBP). The CBP aimed to a) refresh knowledge on international HEOC standards and b) assess the existing setup of the national and subnational HEOC and develop roadmaps for the sub national-level. The scope of training for HEOC based on the assessment included HEOC principles and core components, risk assessment and operations readiness, incident management system, incident action plan, HEOC roles and functions learning experience from RKI, regional and Sri Lanka experience, HEOC modes of operation  (watch, alert, response), surge response capacities, HEOC activation and deactivation, monitoring and evaluation, after action reviews and a tabletop simulation exercise.   The priorities that  need to be further enhanced following the initial training was identified by the participants. These include expanding the training for the districts not included in the current training, cascading training for technical staff from the districts that core staff were trained,  finalizing the HEOC handbook for national and subnational level, following up on the sub-national roadmaps developed and a functional simulation exercise to be conducted within six months to assess the overall effect of all the capacity building activities. This list of priorities will guide the future activities to strengthen HEOC capacities within the ProTECt project in 2025. A Health Emergency Operations Centre (HEOC) is a hub for the coordination of information and resources to support incident management activities, and integrates traditional public health services into an emergency management model. It supports health sector at national and sub national level and is a component of existing national disaster management authorities or entities. The HEOC plays a critical role in preparedness and response activities to health emergencies. In 2015, WHO published the “Framework for a Public Health Emergency Operations Centre”  which outlines the key concepts and essential requirements for developing and managing a HEOC. 372 IMAGES Business Assessment Template Needs Assessment Business Value Assessment Template 5+ Business Assessment Templates FREE 51+ Business Plan Sample in PDF FREE 8+ Business Assessment Forms in PDF VIDEO FINAL ASSESSMENT (BUSINESS COMMUNICATION)-HII SING YII(84012) International Business l Answer Key l Internal Assessment l B Com Hons k Semester 4 l May 24 l Business Communication Internal Assessment Answer key 4th Semester DU SOL Business Communication Discover What's Stopping Your Business Growth! 🚀 Decoding Corporate Finance Project Management Magic a 30,000 ft outlook (Season 3 of 5) COMMENTS What is a Business Assessment, and When Do You Need One? We've already explained the 5 steps in TAB's strategic business leadership process: Vision - Personal and business. SWOT analysis - Strengths, weaknesses, opportunities, threats. Plan - Personal and business. Make it happen - Communication, review, accountability, planning team. Turn the wheel - continuous review and revision as needed. How to Write a Business Plan: Step-by-Step Guide Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you'll make money). Write your business plan A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Business Plan: What It Is, What's Included, and How to Write One Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ... How to Create a Business Plan: Examples & Free Template Tips on Writing a Business Plan. 1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively. 2. 5 Steps To Performing A Thorough Business Assessment 1. Define Your Current Marketing, Sales and Customer Experience Landscape. The first step in the business assessment phase is to review and analyze your current landscape. There are three main areas you need to look for this information: Current Team Members. Documented Processes and Rules. Current Technology Stack. 6 steps to conduct an effective business assessment Creating a schedule shouldn't only provide your internal team with a deadline to follow, but it should also communicate goals and expected turnaround time to clients and stakeholders. 6. Monitor your data over time. Set KPIs to assess if the process you've implemented positively impacts performance. How To Write a Business Plan Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ... Business Plan: What it Is, How to Write One Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ... The Six Best Business Assessment and Analysis Tools A business assessment tool can help you identify key pain points. Discover the best tools for diagnosing the health of your business. ... and fine-tune your strategic plan. Fortunately, there's no shortage of data and business analysis tools to choose from when diagnosing the health of your company. Below are a few of the top assessment tools ... How to use an assessment report to create an effective business plan An assessment report is a document that both summarizes and provides a deeper analysis of a particular topic or issue. To effectively create a business plan, an organization needs to have an informed understanding of the market.The findings from the assessment report help provide this understanding by offering data about the current market as well as potential future developments that will ... How to Write a Market Analysis for a Business Plan Step 4: Calculate market value. You can use either top-down analysis or bottom-up analysis to calculate an estimate of your market value. A top-down analysis tends to be the easier option of the ... Top 10 Business Assessment Templates With Samples and Examples 3. 3P Analysis Business Performance Assessment Management Deck. 3Ps — People, Process, and Products is a well-known business management concept, and these three elements are known as the cornerstones of every business. This sample business assessment deck is designed with the 3Ps theme in mind. How to Measure Your Business Performance Related: 7 Financial Forecasting Methods to Predict Business Performance. 2. Non-Financial Goals. While financial metrics are critical to assessing short-term profitability, non-financial goals can impact your business's long-term success. Objectives like improving customer satisfaction, boosting employee engagement, and enhancing ethical ... Business Plan Executive Summary Example & Template Bottom Line. Writing an executive summary doesn't need to be difficult if you've already done the work of writing the business plan itself. Take the elements from the plan and summarize each ... How to Evaluate a Business Plan Evaluate the Company's Business Strategy. Examine the company strategy for capturing its market. The plan must clearly describe the problem the company is solving or need it is meeting for customers, and then propose a solution. This is the crux of a business plan assessment. Closely examine the alignment between problem and solution. How to do a market analysis for your business plan A business plan is the blueprint for your business. It takes an idea for a product or service and turns it into a commercially viable reality. The market analysis section of your plan provides evidence that there is a niche in the market that your company can exploit. This analysis also provides the foundation on which your marketing and sales ... The Ultimate Guide to Market Analysis for Your Business Plan Steps to Conduct Market Analysis for a Business Plan. Define your target market: Identify your ideal customer and segment your target market based on shared characteristics to ensure your business plan is tailored to their needs and preferences. Analyze industry trends: Research your industry's current state, growth projections, and emerging ... Business Plan Here is a basic template that any business can use when developing its business plan: Section 1: Executive Summary. Present the company's mission. Describe the company's product and/or service offerings. Give a summary of the target market and its demographics. How to do a market analysis for a business plan Renewal rate = 1 / useful life of a desk. The volume of transactions = size of desks park x renewal rate. Value of 1 transaction = average price of a desk. Market value = volume of transactions x value of 1 transaction. You should be able to find most of the information for free in this example. You can get the number and size of businesses in ... The Power of a Business Assessment on Your Business Goals A business assessment ensures your business has what it needs to deliver on your goals. It helps you expand and grow your business in a way that is smart and strategic. It provides a solid foundation for making sound decisions. Most importantly, the real power of a business assessment is the process itself. Business Plan Assessment & Analysis Impact assessments and review of key issues affecting your business; Options analysis to navigate market volatility or stress; Our independent assessments and insightful analysis provides stakeholders with greater confidence in the viability of a business plan, and assists companies to identify areas where performance can be enhanced. Idea Assessment and Business Development Process Step 1 - Initial Idea Exploration, Identification and Assessment. The origination of a new business idea can come from a variety of sources. It may come from the board room of an existing business or a group of producers sitting around the kitchen table. Regardless of the setting, you may want to use the following approach to formulate the ... 3 Examples of an Assessment Plan An assessment plan is a document that captures the structure of a future evaluation. This is used to communicate how an individual, organization, program or work product will be assessed to set expectations and provide transparency. The following are illustrative examples of an assessment plan. ... 26 Examples for a Business Case » ... When will power be back in Houston after Beryl? It could be a while CenterPoint estimates 1 million customers will have power restored by end of day Wednesday, July 10. 1.7 million were still impacted by outages Tuesday morning. Boston City Council, Wu administration at odds over push to ... The Wu administration threw cold water on the Boston City Council's push to partially exempt small businesses from the mayor's plan to hike commercial tax rates, saying that the extra ... Chancellor Rachel Reeves is taking immediate action to fix the A government that respects business, wants to partner with business, and is open for business. In an uncertain world, Britain is a place to do business. Let me turn to how we will unlock private ... 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