Business Plans

The section of industry analysis of a business plan is often overlooked by entrepreneurs focused on specific aspects of your business. However, This section provides an important opportunity for the company to step back and relate their activities planned for the larger market that operates within. This is an opportunity to look at the attractiveness of the industry in regard to starting new businesses, cost and revenue drivers that will be key determinants of financial position Company, and trends and projections for the industry as a whole is headed in the future.

Industry Attractiveness

Industry Attractiveness was famous, broken down by Michael Porter, using his "Five Forces" framework. Porter believes that the attractiveness of an industry, or profitability of a business potential in this industry is largely determined by five forces: bargaining power of suppliers, bargaining power of customers, threat of substitutes, threat of new entrants into the industry, and the intensity of rivalry among competitors. Ideally, these five groups are low, allowing the company in the industry to thrive. However, details of these five forces gives a company the opportunity to design a successful strategy, even though some of these forces are high.

Costs and Drivers income

By knowing the key cost and revenue of a company in the industry, readers of your business plan down to understanding how to compare industry in general. They would like to see that the industry follows the rules or be clear about how and why to break them, if they so choose. Not all companies have to create entirely new sources of income and you can be more successful in achieving funding if your plan shows how change is going to grab share market through methods similar to industry standards.

Trends and Projections

Finally, the investigation and review of the reports on trends and projections for the industry is enabling readers to understand how it will benefit your company or future defense of these forces. It should be clear that you understand your business have to deal with the market situation of one, five and ten years in the future and not the exact situation of the market at the moment drafting the plan. Do not ignore the powerful trends that are not considered for their business plan. Potential donors eventually learned of these and I wonder Why not present this information in your plan in the first place.

Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink has provided business plan services to more than 2,000 entrepreneurs and business owners who have raised more than $1 billion in growth capital. Call 800-506-5728 today for a free business plan consultation with a Growthink business plan writer.

Berkeley Entrepreneurs Forum: 2009 Business Plan Competition – Haas School

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