Plan for Success
A good business plan is the soundest preparation you can undertake for RWC 2011. It can show you whether the opportunity is an appropriate fit with your business, and provide the basis for your success. Your business plan can help explain to potential buyers, partners, investors and lenders what your business does, and how it can meet their requirements .
While the Tournament is an exciting prospect from a business perspective, it is important to evaluate your potential involvement like any new venture or opportunity. Does your participation in RWC 2011 fit with your company’s overall growth plans leading up to 2011 and beyond? A formal business plan forces you to answer some tough but necessary questions and to fine tune your ideas. Depending on the type of opportunity, this may mean refining your current plan or creating a mini-plan to reflect your RWC 2011 aspirations. You will then be able to track progress against your plan and make any minor alterations necessary to meet your targets.
To help you, we’ve provided a template and guidance for creating a successful business plan below:
Executive summary
The executive summary states succinctly what your business is about and why it will be successful. It describes your business concept, the sector you will be operating in and the market you will serve. It highlights how you will differentiate yourself and identifies your particular competitive advantage. In the context of RWC 2011 it will describe how your participation will add to the success of the Tournament and your company.
Your team
Experience is critical to business success, so detail your specific experience and that of your team. Your team may include employees, outside business mentors, consultants or partners. Consider the unique skills your team brings to RWC 2011, from connections in the local marketplace to access to resources and strategic alliances.
Business environment overview
Creating an overview of your business environment plays a crucial part in finding what makes many businesses successful – a part in the industry that they can call their own. Look at trends in your particular industry. Highlight what makes your company distinct and how your expertise can benefit RWC 2011.
Marketing plan
Cover everything you do to get customers to buy your product or service. Set out your strengths, weaknesses, opportunities and threats (SWOT analysis). Describe what sets your product or service apart and how this benefits your customers. Show that you understand your competition, the trends within your industry and their effects. Detail the marketing you will be doing specifically for the Tournament.
Operational plan
Operational planning addresses the day-to-day running of your business. Show that you understand the process of delivering your product or service and how your operational strengths can help RWC 2011. Indicate which aspects of delivery are up and running and which are in development.
Financial plan
A detailed financial plan will help determine the financial viability of your business. It will also allow you to track progress against projections and help you choose opportunities to pursue based on your cash flow.
Risk management assessment
By outlining possible risks to your company you’ll gain an understanding of the potential downsides of your venture. This will help you develop plans to mitigate risks where possible. Demonstrate that you understand the potential impact the Tournament might have on your business and explain how you are preparing to meet customer expectations. If you need further help in developing your business plan for RWC 2011 you can approach your local Chamber of Commerce, The Employers and Manufacturers’ Association , or your local economic development agency for guidance and possible sources of training.