PerfectBusiness - The Entrepreneur Network to Create Your Perfect Business

Table of Contents

Web

Technology

Location

Legal

Personnel Management

Risk Management

Insurance

Business Success Tips

Sample Documents

Checklists

Contributing Authors

	Steven D. Strauss Author of The Small Business Bible
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	Tom Severance Author of Business Start-Up Guide
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	Stephanie Chandler Author of The Business Startup Checklist & Planning Guide
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	Joe Kennedy Author of The Small Business Owner's Manual
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Strategy and Implementation

5 - STRATEGY AND IMPLEMENTATION

PHILOSOPHY

Describe your overall business strategy. What is your mission? How will you position your business in its industry? How will you build your brand’s reputation?

PRODUCT DEVELOPMENT

Does your business require research and development, programming, product design or other production steps? Are there any regulatory or technology hurdles to overcome? What is your development plan?

INTERNET STRATEGY

Will your business have a web site? If so, how will it be used to grow your business? Will you offer products for sale, provide online services or feature photos, videos or blogs? Do you plan on outsourcing your web design or employing an in-house designer?

MARKETING STRATEGY

What is your marketing message? Describe your logo and marketing slogans. What marketing tools and tactics will you use? Outline how you will promote your business using the Internet, email, newsletters, traditional advertising, signage, trade shows, promotional materials, networking, mailings, flyers, viral marketing, publicity and other methods. Elaborate on the costs and specific marketing techniques you plan to use most. (TIP: Read the “7 Keys to Success” - Marketing page for ideas.)

SALES STRATEGY

How will your business generate actual sales? Will you have a sales team? What is the compensation structure? What sales materials and procedures will the sales people use to make sales with customers? Will your company offer financing terms, refunds, promotional discounts or customer service? Will your sales people be inside staff, outside staff, independent representatives or a contracted company? What training and leadership will your company provide for sales people?

STRATEGIC ALLIANCES

Do you have any present agreements with strategic partners? What potential partners can you reasonably expect to partner with? What arrangements will you have with these partners and how will these alliances benefit your company?

OPERATIONS

How will your company specifically perform its primary functions, such as designing, manufacturing, distributing or serving customers? How will your facilities and staff be used? What will your business do to control costs while ensuring quality? Do you have accounting, merchant, staff and inventory control systems? What equipment and software are required? Describe your operational strengths and challenges.

GOALS

What are your business goals? What milestones do you hope to achieve? How do you expect the company to be perceived or positioned in five years? What are your personal goals with the company?

EXIT STRATEGY

If investors are involved in your business, how will they be repaid? Will additional capital be needed before an exit is possible? Are you willing to merger or sell the company in three to seven years? Which companies would be likely to purchase your company once its goals are achieved? If no buyer can be found, are you willing to buyout your investors? (TIP: Think about your investors’ perspective. How can they get out after a few years? Remember, this is your dream, not theirs. Ideally, investors want to be repaid with a large profit.)