Jul 16, 2022
In General Discussions
It is very important for you to understand Job Function Email List who your true competitors will be. Your true competitors are those organizations where your future customers are spending Job Function Email List their money today-money they will instead be spending with you in the future. That might or might not be a business just like yours. For example Job Function Email List the motorcycle shop's biggest competitor might be the boat dealer. In addition to your direct competitors, be sure that Job Function Email List your plan addresses all of those organizations that will be competing for the same dollars you will be going after. Mistake Outrageous financial projections. Job Function Email List It's impossible to know if your financial projections will prove to be accurate. Yet, it's fairly easy to tell if they are realistic. Understand that your financial projections are more Job Function Email List of a reality check than anything else. Accordingly, make sure they are within reason. More than one wide-eyed entrepreneur has thought they had the next Google on their hands. Even if they were right, the more likely reaction Job Function Email List to seeing a sky-high revenue forecast would be a total loss Job Function Email List of credibility. The source of most unrealistic financial projections is the "top down" forecast. A top down forecast sounds Job Function Email List something like this: "There are $1 billion of widgets purchased online every year. If we get just 2%, we'll have a business." These forecasts rarely go on to say how the business will get to 2% market share. Instead, take the bottom Job Function Email List up approach. Show the number of sales that can be made by each sales person (or per site visitor), and build it up. Then make sure your plan accounts for all of the Job Function Email List right resources that will be required to generate and deliver the sales figures. The reality of your forecasts will start to come into focus much more quickly with a bottom up approach.