New York SBDC Research Network

By Tim Berry From Bplan Picture from Pixabay Industry analysis is part of good management. That’s not just for the business planning, but rather for business survival, beginning to end. Most of the people who successfully start their own business have already had relevant business experience before they start, most often as employees. Although all business owners need to know their industry, the documented details and explanations are mainly for when you’re writing a business plan you need to show to outsiders, like bank lenders or investors. You’ll need to do some industry analysis so you’re able to explain the general state of your industry, its growth potential, and how your business model fits into the landscape. And if your business plan is more of an internal strategic roadmap, you should still be very sure—whether you have to prove it to others or not—that you know your market, even if you don’t do a formal industry analysis. Whether you’re a service business, manufactur...

Did you know that the Small Business Administration website is translated into dozens of languages? Go to www.SBA.gov . Click on “Translate” and then click on the language of your choice. Sections for Business Guide, Funding Programs, Loans, Investment capital, Disaster assistance, Surety bonds, Federal Contracting, Learning Center, and Local Assistance - which includes the Small Business Development Centers , exists in these languages. LATIN? Satus negotium et crescere te. An entrepreneur vis esse? Disce quam incipias a gradibus X in rem tuam. Afrikaans, Albanian, Amharic, Arabic, Armenian, Azerbaijani Basque, Belarusian, Bengali, Bosnian, Bulgarian Catalan, Cebuano, Chichewa, Chinese (Simplified), Chinese (Traditional), Corsican, Croatian, Czech Danish, Dutch Esperanto, Estonian Filipino, Finnish, French, Frisian Galician, Georgian, German, Greek, Gujarati Haitian Creole, Hausa, Hawaiian, Hebrew, Hindi, Hmong, Hungarian Icelandic, Igbo, Indonesian, Irish, Italian Ja...

From Bplans : Company history in a business plan? Yes, it’s a good addition to some business plans, but not all. When considering what to do with company history for your business plan, first consider the use of your business plan. For the traditional business plan to be used as a business summary for potential investors, bank loan managers, partners, or legal requirements, a short summary of company history is usually appropriate. As soon as history is relevant, of course, you cover the basic information. That includes when and where the business started and who started it. If the business has changed its formal legal entity, such as going from fictitious business name to LLC or corporation, that should be included. Don’t assume that a brand-new startup has no history.

From Bplans . Often, a business plan introduces a new technology that requires some explaining. On one hand, as a reader of business plans for investors, I see way too many business plans that ask a reader to wade neck-deep through technology to get to the business. That’s a great way make your reader run in the other direction! It’s a business plan, not a term paper or thesis. Establish technology as a differentiator, when it is. Tell me about it in relation to its importance to the business. Don’t force me to understand it when I don’t need to. On the other hand, as a writer, manager, and user of business plans as tools for steering a business, I believe you should discuss your technology in the plan for any business. Even if technology isn’t the driving force of your business or your main differentiator, these days, almost all businesses have to manage technology as part of branding, marketing, and communications. To the extent that technology matters, I want to see it in the...

It's a shame that so many people think business plans are just for startups, or to back up loan applications, or for getting investors. The truth is that business planning offers serious benefits for everybody in business. And I'd like to point out that none of these benefits require a big formal business plan document. A lean business plan (as in  What Business Plan Type is Best for Me ) is usually enough. It takes an hour or two to do the first plan, then just an hour or two to review and revise monthly. Here are those top ten benefits.                                                   10 Benefits of Business Planning