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e)Sales strategiesYou should also detail the promotional strategies you’re using now, along withstrategies you hope to implement in the future. This includes your social mediaefforts and how you raise your brand awareness. Your sales strategy sectionshould include information on your web development efforts and your searchengine optimization plan.f)Funding requirements
This section will outline how much money your small business will need so thatyou can make an accurate funding request. Make sure you are as realistic aspossible. You can create a range of numbers if you don’t want to try to pinpointan exact number. Include information for a best-case scenario and a worst-casescenario. You should also put together a timeline, so your potential investorshave an idea of what to expect.g)Financial projectionsFinally, the last section of your business plan should include financial projections.Your forward-looking projections should be based on information about yourrevenue growth and market trends. You want to be able to use information aboutwhat’s happening, combined with your sales strategies, to create realisticprojections that let others know when they can expect to see returns.4.Outline three areas that the initial business planning process may address.Seek Expert OpinionsSometimes the best business advice comes from outside perspectives. If youhave a friend or family member who has experience with entrepreneurship, askthem their opinion of your idea. With experience in starting a business, theseindividuals will be able to point out things to expect, problems that may arise andways to avoid them.Observe CompetitionOne of the best ways to test your idea and plan your business is to observe yourcompetition. Several ways to observe competition exist and are a large part ofthe market research step of the planning process. Spend time in the store. Takenotes on its appearance, including cleanliness, decor and layout, as well asspeed of service, items and pricing. Observe the positives, negatives andconsider the things you would do differently.Focus GroupsA focus group is a group of individuals selected from a wide range of consumersto give their thoughts, ideas, perceptions and beliefs about a certain realm ofbusiness or a certain industry. Forming a focus group provides valuable marketresearch about your product or service, along with people's perception of youridea.
5.Outline the purpose of a SWOT analysis in a business planning process. The purpose of a SWOT analysis is to get managers thinking about everything thatcould potentially impact the success of a new project. Failure to consider a keystrength, weakness, threat or opportunity could lead to poor business decisions. Forexample, if the tech company with the patent for a new processor did not recognizethe threat that its competitors were developing similar products, it might overestimatethe sales potential of the new processor and take on debt to fund the development of