In Part 6 of our 8-Part Guide to Writing a Business Plan, we look at ‘Success Factors’. This section is very important as it provides a summary explaining why the plan will succeed.
9. Success Factors
This section is very important as it provides a summary explaining why the plan will succeed. You could have a good marketing plan, an excellent management team, sufficient capital and a strong product, but what makes all the things you have to offer different.
You need a unique selling point or points for your plan. What do you have that will make it succeed?
These factors could be very different, for example:
- Strong initial advertising
- The ability to offer low prices
- Quality of service
- A product or products with their own unique selling points
- Pre-agreed channels and volumes
- Capacity to innovate or modify products quickly
- Exclusive distribution channels
All businesses, from fruit shops to car manufacturers, cafes to banks have their own success factors and in many cases there is only one factor that creates this success.
For a hairdresser it could be the quality and price, or just the quality; for easyJet it is the price; for Rolls Royce the quality and status; for a builder a specialist area of expertise. The secret is to identify these points and then to highlight them.
TIPS
- Write only the important points.
- Get to the point and be brief, each sentence is important. If a sentence does not hold important information, delete it.
Go to Part 7 – Financial Analysis & Finance
Go to the Guide to Writing a Business Plan Index
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