Effective Business Plan

Primary sources include surveys, personal interviews and focus groups.These can provide you with insights into the attitudes and behaviours of your target customers.Your business plan is a crucial document for your new company.

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To elicit their interest, you need to be able to pitch potential investors, lenders, partners and customers on your business in the time it takes for an elevator to go up a building.

To be successful, your pitch needs to be clear and concise, stand out from the crowd and be tailored to your audience.

A properly formulated plan can help you gain the confidence of lenders, investors and other stakeholders.

As such, it should show you’re committed to your business and have the skills, knowledge and confidence to achieve your goals.

You’ve probably already conducted informal market research on your own.

Expository Process Essays - Effective Business Plan

But you’ll need more than anecdotes to convince investors and lenders to support your business.

Secondary sources will consist of statistics and trends about your market and your customers.

The websites of Statistics Canada and Innovation, Science and Economic Development Canada are good places to obtain this data.

Here are some examples: You should have measurable targets so you can monitor your progress towards them through the year.

If your business will rely heavily on marketing, you may want to create a separate marketing plan.