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it may already be out of date.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 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
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
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
- 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