Business Plan Template (Page 9 of 18) in pdf

imports?

How will you keep abreast of technology and changing trends that may impact your business in the

future?

Pricing

How have you developed your pricing policy?

Which of the following pricing strategies might best suit your business? Retail cost and pricing,

competitive position, pricing below competition, pricing above competition, multiple pricing, price lining,

pricing based on cost-plus-markup, or other?

What are your competitors’ pricing policies and how does yours compare? Are your prices in line with

industry averages?

How will you monitor prices and overhead to ensure that your business will operate at a profit?

How do you plan to stay abreast of changes in the marketplace, to ensure that your profit margins are

not adversely affected by new innovations or competition?

Advertising and Promotion

How do you intend to advertise your business?

Which of the following advertising and promotion options offer you the best chances of successfully

growing your business? Directory services, social networking websites, media (newspaper, magazine,

television, radio), direct mail, telephone solicitation, seminars and other events, joint advertising with

other companies, sales representatives, word-of-mouth, other?

How will you determine your advertising budget?

How will you track the results of your advertising and promotion efforts?

Will you advertise on a regular basis or will you be conducting seasonal campaigns?

How will your products be packaged? Have you done research to see what type of packaging will best

appeal to your customers? Have you done a cost analysis of different forms of packaging?

Strategy and Implementation

Now that you have described the important elements of your business, you may want to summarize your

strategy for their implementation. If your business is new, prioritize the steps you must take to open your

doors for business. Describe your objectives and how you intend to reach them and in what time

parameters.

Planning is one of the most overlooked but most vital parts of your business plan to ensure that you are in

control (as much as possible) of events and the direction in which your business moves. What planning

methods will you utilize?

[BUSINESS PLAN TITLE] - [SELECT DATE]

Business Plan Template Page 9