Business plan example for widget company v 1.1 november 1st 2011 j wight-consulting.com

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Business plan example for widget company v 1.1 november 1st 2011 j wight-consulting.com

  1. 1. Example of Business Plan for Widget companyJ Wight ConsultingNovember 1st 2011 Jonathan Wight www.jwightconsulting.com
  2. 2. Instructions•  This is just an example of what could be written as a business plan. Everything in this document about “Widget company” is fictitious.•  There is always a lot more detail behind each section. You can keep this detail in the Appendix if you believe it may need to be referenced.•  Most important please keep to most relevant facts – “Less is more”, only put in what is really necessary.•  What is in “red” is commentary on each page•  Always start with the Market and your consumer/customer or client –  Better defined your Target Market is the more successful you will be targeting products/services and media (online/offline) to target them –  Additional reference to Target market is included in appendix•  If you need help or have feedback please contact me on +61 410 813 019 or jon@jwightconsulting.com www.jwightconsulting.com
  3. 3. Agenda•  Project scope•  The market and competition Part 1•  SWOT and Strategy•  Target Market•  Objectives Part 2•  Key Challenges and Must dos•  Marketing 4’Ps•  The How and Budget proposal•  Budget Part 3•  Next Steps•  Appendix www.jwightconsulting.com
  4. 4. Briefing and project scope Always show a timeline of actions  Business Plan start Key dates Actual  Project Scope Business Plan started 25th August 25th august   Phase 1   Delivery of Marketing/Business Plans for Manager approval 12th 6th September September Widget company Business Plan 19th 12th   Phase 2 completion with September September   Execute Business Plan updates   Website development etc and and other Business Plan 29th 22nd deployment start and September September collateral execution www.jwightconsulting.com
  5. 5. Size, growth and trend of market will influence your plansWidget Market in Widgetland 2011 Market size in $$$ 5BN  Most companies (90%) in Widgetland are small businesses   declines in large businesses due to ease of small operators to set up Growth from 2010 5% Widget market is growing in volume but average spend per widget isdeclining by 5% Target consumers 1M   Biggest challenge is how to innovate and grow premium products/ Average per person $500 per services spend $$ person Top Retailers – Widget Brick and Mortar (65%), Widget Online (25%)Widget Wholesale (10%) Widget online growing faster at 10% Source: xxx   Online retailers aggressively trying to take more business from Brick and Mortar Retail stores   Brickand Mortar retail stores are having to find innovative ways to Employees attract more premium customers including online channel itself 1 - 5 employees  Top Brands 5 - 10 employees   WiD (25%), GET (30%) , WIDG (10%) , others (35%) 10 to 50 employees 50+ employees  Strict regulations by WIDGET association and labeling Source: xxx  Industry magazines/associations   Widget Oct edition 25%  http://www.widgetsmagazine.com Make sure data sources are quoted www.jwightconsulting.com
  6. 6. Competitor overview in WidgetlandCompetitor Market Share % Focus/StrengthWidget competitor A 25% Been around since 1925, well established, focus on customer relationships and Brand strengthWidget competitor B 15% Up and coming. Young management team. Some who have come Widget A to start up in opposition 5 years ago. Focus on innovation and customer loyaltyWidget competitor C (our company) 10% Established business with loyal customers. Innovation but not well known for marketing. Sales focused.Widget competitor D 9% Online competitor. Brings widgets to market at 20% cheaper than competitors but mainly volume player.Widget competitor (all other) 41% Combination of brands focused on online, new brands focused on marketing. www.jwightconsulting.com
  7. 7. SWOT and StrategyStrengths (internal) Weakness (internal) •  Primary Focuso  Passionate, Good quality and o  Perceived as not a Marketing •  Launch new premium Product/Service loyal people company by consumers and customers •  Drive Brand Awareness ando  Strong Customer relationships Preference for premium product/ o  Perceived as strong and o  Strong sales team steady but unexciting Brand serviceo  Innovative Products/Services o  Lack of willingness to try new •  Invest in new channels too  Good quality products/services things drive new excitement foro  Profitable - % Net profit o  Traditional new offering - Online, promotions, Create PR Buzz, social Media •  Sales channel/distributionOpportunities (external) Threats (external) •  Establish new sales distribution channelso  Use innovation o  New and upcoming online o  Both in marketing and businesses grabbing market •  online, premium channels product/service share •  Secondary Focus offering to target o  Low barriers to start up for premium products new brands to enter •  Internal Brand Re launch and gain market share o  Constant attempts of •  Incentivize and excite own competitors headhunting employees to get buy in and best employees passion towards new goals Keep this to only relevant points – strategy •  Event, newsletters, internal PR should be easy to say in 60 seconds or less www.jwightconsulting.com
  8. 8. Target Market Define Target market as clearly as you•  Core Product/Service can – make sure you collect as much •  Primary Target Market about the potential areas of •  Located in Widgetland psychographic information as possible •  Age – 30 to 45 Consumer insights should be listed here •  Male skew 65% •  Conservative •  Higher % than population Married, with kids •  Hobbies include Golf, Watching Sports•  Premium product/Service •  Primary Target Market •  Located in Urban Widgetland •  Age – 22 to 35 •  Even split between Male/Female •  Early adopters •  Hobbies/interests include Shopping, Restaurants, Sports, •  High readership of fashion magazines, higher % of viewers of YouTube www.jwightconsulting.com
  9. 9. Smart Goals – specific and Objectives Year 1 to Year 3 measurable – most relevant Current Year 1 Year 2 Year 3$$$ Turnover $XXX $XXX $XXX $XXX + 10% growth + 10% growth + 10% growth + 10% growth$$$ Net Profit /EBIT $XXX $XXX $XXX $XXX + 11% growth + 12% growth + 14% growth + 15% growthMarket Share % 10% 11% 12% 13%Average price $500 $525 $550 $575Brand preference % 20% 22% 24% 25% www.jwightconsulting.com
  10. 10. Key challenges and top must do’s Key challenges Top must do actions o  Develop comprehensive o  Create Big “idea” to get attention of Marketing Plan to Target market o  Drive Brand awareness o  Brainstorm activities – internal employees and external agencies among customers/ o  Involve and communicate with Key consumers for new internal people premium product/service o  Plan Marketing launch o  Deploy Marketing communication o  How to Build internal excitement strategy to Internal people with around launch of new product/ launch event service o  Involve Sales/customer service etc in key activities o  Activate marketing Plan o  PR Buzz, online and offline activity www.jwightconsulting.com
  11. 11. Marketing – 4 P’s•  Product •  Premium Product/Service with: Be as specific as you can •  innovative functionality identifying differentiating and/or •  superior design positioning attributes. •  ease of use •  Targeted at Competitor A with differentiation of design and ease of use•  Price •  Positioned at 20% premium above core product/ service range and directly targeting Competitor A•  Place (Distribution) •  New Premium sales outlets, Online channels•  Promotion •  Online – Social Media, Web promotions, You tube •  PR and publicity campaign – create Buzz •  Added Value Sales promotions •  Internal and External Launch event www.jwightconsulting.com
  12. 12. How Budget proposal Budget (Rec) Widget Premium•  Primary Focus •  Drive Brand Awareness and Preference for premium Launch Event (internal) $X,XXX product/service •  Invest in new channels to drive new Launch Event (customer and $X,XXX excitement for new offering - Online, press) promotions, Create PR Buzz, social Online - Social media, You tube $X,XXX Media etc •  Sales channel/distribution Offline Media $X,XXX •  Establish new sales distribution channels PR $X,XXX •  online, premium channels Collateral $X,XXX•  Secondary Focus External Agency fees $X,XXX •  Internal Brand Re launch Other $X,XXX •  Incentivize and excite own employees to get buy in and passion towards new goals Total $XXX,XXX •  Event, newsletters, internal PR Remember this is a top line plan, so keep to main items Details of timeline of activities can be put in appendix www.jwightconsulting.com
  13. 13. Next Steps This slide recommended if presenting to an audience or needing approval •  Approval for Budget •  Approval for People resources •  Approval for Timeline •  Any stakeholder questions? www.jwightconsulting.com
  14. 14. Presentation written by:Jonathan WightJ Wight Consulting, Sydney, Australia Jonathan WightLinked in: http://au.linkedin.com/pub/jonathan-wight/7/32/a74You tube channel: http://www.youtube.com/user/JWightConsultingTwitter: http://twitter.com/Jonathan_WightEmail: jon@jwightconsulting.comPhone: +61 410 813 019 www.jwightconsulting.com
  15. 15. Appendix www.jwightconsulting.com
  16. 16. Target market thought startersDefining your customers/consumers is the most important thing you can do. The more specificthe definition of who you are wanting to talk to the better the service or product will be to helpthem. The 3 categories below help to define the target market.   Geographic segmentation – based on location such as home/business addresses   Demographic segmentation – based on measurable statistics such as;   Age: by age bracket or by children, teens, young, middle, seniors   Gender: male, female   Education: high school, college, university, post grad   Income: low, medium, high or by income brackets (Household or single income)   Marital status: single, married, divorced, separated   Ethnic and/or religious background   Family life cycle: newly weds, married for 7 years + , with or without children.   Psychographic segmentation – based on lifestyle preferences, such as being living in urban location or lovers of sports/hobbies or even pets.   Lifestyle: conservative, exciting, trendy, economical   Activities, hobbies, interests: sports, physical fitness, shopping, media they consume, social media   Social class: lower, middle, upper   Opinions: easily led or opinionated   Attitudes and beliefs: environmentalist, security conscious. Please note: You may have many different segments so remember try not to be all things to all people www.jwightconsulting.com

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