By Sheila E at July 25 2019 12:05:56
Competitive Analysis: Business by nature is competitive, and few businesses are completely new. If there are no competitors, be careful; there may be no market for your products. Expand your concept of competition. If you plan to open the first roller skating rink in town, your competition will include movie theaters, malls, bowling alleys, etc.
I mentioned the financial aspect of a plan earlier, so let me add this. Another fact about financials to consider: not all business activities are about making money. Point being, in most enterprises financial considerations are centric to the document. But there are some other considerations. For example, a few years ago I wrote a plan for a new subsidiary that was focused on developing an inventory of patents. The potential financial returns were years into the future. Those patents may or may not ever have commercial value. Another example is a non_profit enterprise that has need for a complete roadmap for growing their profile in a market, of which a marketing plan would be the centerpiece.