Continuing how to start a business plan.
Read part 1 here.
5. How we keep strengthening our position in the future?
3 years is a short time in business terms. The market needs to notice a business and in this time period you need to set everything on point regarding, management, research and development (R&D), sales, accounting, profit, government support, target audience, partners ect. You need to be sure about the goals you wish to achieve when the company gets to a position where it is profitable. The best way to strengthening your business is by keep innovating!
6. How we expand our market share?
Expanding means more demand for your product, so you may need to change the product to match your target market. - You can lower the price of your product and find other ways to make profit. - Doing more marketing campaigns. - Providing more products. - Work with other companies so that both of you get to a strong position. - Buy an company that helps you improve your business
7. How can we increase our profit margins in our existing or new clientele?
Most of the people who think about starting a business start with the financial part. This is not a good approach. In fact you can only do this after you have a good idea of the market and your product. In this way you will make better decisions what eventually will make your business stronger. Give the customers more than one choice for a single product; by adding extra features to the same product you can ask a better price. A great example is the mobile industry - people how want the top line of your product will be prepared to pay for it.
8. What actions we can take to improve after this?
You can improve other parts of the business to find areas - you may find areas of the business that can provide unexpected profits! This can range from services, production and partners, to financials and vertical integration. Analysing your companies data will help you figure out whats needs to be done. Some of them are long term actions, other you can do more easily. It is up to you what you want to do on short and long term.
Read part 1 here.