muzeumuzaby-cz

© plantoo47

The best business plans will address five critical questions which should help you to focus on your long term goals while giving you the flexibility to adjust your day to day operations to changing business conditions. Business plans should address questions about pricing, hiring and other routine business challenges that are always evolving.

By creating a detailed business plan and revising it often, you can stay ahead of these changes and manage them successfully to steer your company in the direction you want to go. One of the key questions your business plan should answer is on the issue of pricing, and specifically whether your price is right for the current market conditions. For example, if you are offering a high end product you should keep your pricing in line with the quality of the product and not cut too much which risks confusing your target market.

© Infusionsoft

Effective small business plans on marketing is all about differentiation. Marketing experts suggest that to effectively differentiate your product or service from others which are similar, you should create a storyline that will make it easy for consumers to identify with your brand. You can also differentiate your product through better service, faster delivery or a wider range of product choices. There are many opportunities for every company to differentiate their products and services.

For example, you can find a better way to do billing, or provide superior customer service or a faster ship time. The key focus should be on how you can differentiate yourself in terms of your interactions with the consumer. Your goal should be to give them a memorable experience regardless of what product or service you sell.

© John Hall & Associates

John "Zack" Kline was the winner of the Salisbury University 2011 Bernstein Achievement Award. The senior took home a prize of $5000 in potential seed money to fund the business plan he presented for the competition, which was for an Atmosphere Improvement and Renewal (AIR) Lawn Care kit, which Kline wants to provide as an environmentally-friendly and sustainable residential landscaping option.

A total of four students won cash awards in the competition this year, including senior John Stockel, who was selected for his RiteTrak university bike rental service idea. It was based on bike-sharing programs he witnessed while studying abroad in Paris and London, and he created the company with his fiance Emilie Godard who graduated with an MBA from SU in 2009. Christopher Maxa, who is pursuing his master's degree in geographical information systems management, also won for creating Maxa GIS Consulting, to assist small and medium-sized organizations in using geographic information systems technology.