Web Resources

The foundation of any effective business plan is the information that goes into it.The more releveant, accurate, and comprehensive the information,the better the conclusions and strategies you will formulate as a result. There is nothing that will turn off a bank or an investor more than a poorly researched business plan document.

Here are a few starting points for doing the necessary research to help you make your plan a winner!

Most industries have organized associations that serve their respective members. The association typically has or disseminates information through magazines that relates to the industry. Membership lists may be made available to the public, or made available for a fee. This information will help you with the Industry, Trends, and Competitive Analysis sections of your business plan.

Our experience has shown that one of the weakest components of the business plans we have reviewed is the competitive analysis. A thorough competitive analysis will give you vital information about marketing and operational standards in your industry. You can then determine what to replicate, and what to improve upon, so as to establish your positioning (how your best customers perceive you), and ultimately form your competitive advantages.
The following links will start you off on the process of identifying potential competitors. More specific information can be gleaned from competitors marketing media (web sites, brochures, and advertisements), by ghost shopping (posing as a potential client and phoning orvisiting the business), or through secondary sources such as trade or association magazines.

Industry Tradeshows are another source of industry intelligence. Information on industry trends, competitors, and suppliers can be readily available. Event calendars are usually available through industry associations, or through local or regional convention centres.

Financial benchmarks provide you with a reference point for your projected financial statements. Industry statistics are compiled providing models such as a typical Income Statement with cost breakdowns (in percentage terms), or financial ratios, so that you can compare your financial projections to the industry norms.