Business Plan Development

Just as one would not go on a cross-country automobile trip without a road atlas, operating a business without a solid business plan can be extremely risky. The road to success is quite often filled with potholes and roadblocks that can very easily and unexpectedly cause significant problems.

But, we already have a Business Plan in place. Great! But, how old and dated is it? Even if it is relatively recent, aspects of it may already be out of date. Things change very rapidly in business today. Betting the future on any Business Plan that is not current is like driving with an old map. You can do it, but one also must assume the risks of doing so. Why do if one does not have to?

The Taylor Group will help assist in updating existing Business Plans to reflect current business environments.

We also develop Business Plans for new operating units, subsidiaries, or other entities where no company-developed Business Plans exist.

The Taylor Group develops Business Plans broken down into three distinct sections: 1)The Marketing Plan, 2)The Financial Management Plan and 3)The Management Plan. We also develop a Description of the Business. Each is vital to developing a robust Business Plan.

As part of the process in developing the Business Plan, we conduct extensive stakeholder interviews. These are one-on-one interviews with all the appropriate managers and other staff. These interviews are essential in developing effective plans.

The Taylor Group designs, develops, and writes the respective plans. We also provide the project management for implementing the plans, after they are approved.

Description of the Business

An executive summary of the company or business unit is the first element of a comprehensive Business Plan. Included are all the company's or business unit's products, markets, services, and facilities. It clearly identifies all goals, objectives, and growth opportunities, as well as what makes the business unique. It also describes all the benefits and value propositions to one's clients and prospects. Understanding and fully developing comprehensive benefits and value propositions are extremely vital to helping to assure future success.

The Marketing Plan

How well one markets a business plays a vital role in determining the degree of its success or failure. The key element to developing a successful Marketing Plan is knowing one's customers. One needs to identify their likes, dislikes, expectations, etc. The Taylor Group will help you in every step of this discovery process.

We will help you target only those customers and customer segments that are more likely to purchase your product or service. As the customer base expands, we will help you modify the marketing plan to include other niches or segments of the customer base.

Aspects of the Marketing Plan include:

Identify Competitive Advantage
Business is a highly competitive and volatile. Because of this, it is vital to know your competition.

Who are your five to ten closest direct competitors? Who are your indirect competitors? Are their businesses steady, increasing, or decreasing? What have you learned from their operations, advertising, and products/services? What are their strengths and weaknesses? How do their products and services differ from yours? How do they sell and market? These and more questions need to be thoroughly addressed and answered before you can identify your advantages over the competition.

The Taylor Group will help you identify your competitive advantages to enable the development of a vibrant, proactive marketing strategy.

Determine Pricing and Sales Strategies
Pricing strategy is essential to improving overall competitiveness. It's more than a matter of understanding costs and building in margins. In order to develop an optimal pricing strategy, competition needs to be factored in. While exact competitive pricing and strategy are not always available or can be readily obtained, it is vital to gather as much as possible. This is the only way that one can determine if one's pricing and strategies are in line with competitors and industry averages.

The key to success is to have well-planned strategies, to establish policies, and to constantly monitor prices and operating costs to ensure profits.

The Taylor Group will help you discover how to use competitive intelligence to determine your pricing and sales strategies.

Develop Advertising, Public Relations, and other Promotion Programs
How one advertises and promotes one's products and services may make or break the business. Advertising and promotions are vital to a business and should not be treated merely as other expenditures. When the right strategies are developed, such programs become essential enabling current and future success.

The Taylor Group will help you to devise a plan that uses advertising and other programs as means to grow the business.

The Financial Management Plan

Having brilliant marketing strategies is not enough. Sound financial management is also essential for remaining profitable and solvent. Sound, realistic budgets are vital.

The Taylor Group will help devise solid operating budgets that reflect your priorities, anticipated expenses, and how those expenses will be covered by anticipated revenue. Included are capital equipment and inventory, balance sheet, breakeven analysis, pro-forma income projections, and pro-forma cash flow. The income statement and cash flow projection include a three-year summary.

The accounting system and the inventory control systems will be addressed.

The Taylor Group will help devise start-up budgets for new business units or ventures.

The Management Plan

Employees play an important role in the total operation of a business. They need to be made part of the team and to be kept informed. They oftentimes have excellent ideas that can lead to new market areas, innovations to existing products/services, or new product lines/services that can improve overall competitiveness. They, subsequently, need to be made an essential part of the Business Plan.

The Management Plan will address questions including:

• Who will be on the management team?
• What are their strengths/weaknesses?
• What are their duties?
• Are these duties clearly defined?
• What are current personnel needs?
• What are plans for hiring and training personnel?
• What salaries, benefits, vacations, holidays will be offered?

The Taylor Group will help in developing the Management Plan that addresses your most valuable assets…your employees