You will now need to consider the following matters in relation to your Unique Business Formula, to develop your business strategy in more detail.
Your Business Strategy is your Route to Success. It is the plan you make to get from where you are now to where you want to be.
What to do next
Use the following headings to make notes about further decisions you will need to make, further information you need, or advice you will need to take.
Market Research. How you will keep abreast of market information, trends and data, and establish dialogues with your selected customers to understand their perspectives.
Marketing Communications. The key messages you need to get across to selected customers, the media you will use, and your branding, advertising and publicity.
Intellectual Property, including copyright, designs, trade marks, patents etc, and how you will protect and commercialise your intellectual property.
Legal and contractual issues, for example business terms and conditions, contracts with clients, suppliers, associates and employees, and compliance with business regulations.
Organisational structure, for example operating as a sole trader, partnership or limited company, and the implications of this structure for ownership and control of the enterprise.
People. Your partners, employees, associates, and your role as leader or manager of them.
Continuing professional development. Your own and your team’s learning and training, to make sure you keep up to date with the skills you need and nurture your creativity.
Risks. The risks in your business strategy and how you will eliminate or minimise them.
Financial Forecasts
You will need to make financial forecasts to ensure that your business is financially viable and will deliver the financial results you require.
Look at the following aspects of financial management and draw up budgets, accounts and forecasts accordingly:
• Start-up costs.
• Income and Expenditure (Profit and Loss) forecasts
• Cash Flow projections
• Balance Sheets