EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS : EXECUTIVE SUMMARY

Samuel Okon Ekpo has been seriously engaged with the food business for quite a long while. In spite of the fact that applauded for the nature of a large number of the things on their menu, Extravagant Foods have achieved an extraordinary reputation for their treats. Following quite a while of frozens for their enhanced whipped cream fixings, they have chosen to seek after showcasing these items independently from the eateries (restaurants).

Extravagant Foods have built up a few plans for an enhanced whipped cream beating. They incorporate chocolate, raspberry, cinnamon almond, and strawberry.

The evaluated timeframe of the realistic usability of the item is 21 days at refrigeration temperatures and up to six months when frozen.

The likes plan to showcase this item in its frozen state in 8 and 12-ounce plastic tubs. They additionally mean to have the items accessible in six-ounce pressurized

jars. Exceptional consideration has been given to building up an appealing mark that will pressure the gourmet/ specialty to fame nature of the items.

Table of Contents EXECUTIVE SUMMARY BACKGROUND AND HISTORY DESCRIPTION OF PRODUCTS MARKET DESCRIPTION COMPETITION MARKETING STRATEGIES MANUFACTURING PLANS FINANCIAL PROJECTIONS CONTINGENCY PLANS EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: BACKGROUND AND HISTORY

Samuel Okon Ekpo has been seriously engaged with the food business for quite a long while. In spite of the fact that applauded for the nature of a large number of the things on their menu, Extravagant Foods have achieved an extraordinary reputation for their treats. Following quite a while of frozens for their enhanced whipped cream fixings, they have chosen to seek after showcasing these items independently from the eateries (restaurants).

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EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: DESCRIPTION OF PRODUCTS Extravagant Foods have built up a few plans for an enhanced whipped cream beating. They incorporate chocolate, raspberry, cinnamon almond, and strawberry.

The evaluated timeframe of the realistic usability of the item is 21 days at refrigeration temperatures and up to six months when frozen.

The likes plan to showcase this item in its frozen state in 8 and 12-ounce plastic tubs. They additionally mean to have the items accessible in six-ounce pressurized jars. Exceptional consideration has been given to building up an appealing mark that will pressure the gourmet/ specialty to fame nature of the items.

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: MARKET DESCRIPTION

The flavored whipped toppings that Extravagant Foods will market will fall into two distinct categories: Dairy products and gourmet/specialty foods. This business plan will look at these two markets separately.

Gourmet/Specialty Products: Kalorama Information LLC, a market research firm based in New York, indicates that the gourmet/specialty foods market will continue a fast paced growth well into the next decade. This $39-billion domestic industry has doubled since 1992, and is expected to continue double-digit growth through 2002. While demographic information indicates that this sector of the industry is strongest in metropolitan areas, there are also growth opportunities in smaller communities. Packaging and point of purchase marketing efforts are especially important in this market, and special attention will be given to these aspects of Whipped Dream.

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: COMPETITION There are a few brands of whipped besting accessible in the retail outlets. There are additionally dry blends accessible; however, these are not immediate rivalry for Whipped Dream. As per marketing projections at basic food item outlets, roughly 65% of the national brand arranged whipped beating is sold in frozen tub structure, while the staying 35% is in pressurized can shape.

The qualities of these items are their market shares and distribution channels. They are available in virtually any retail staple outlet and have increased solid market acknowledgment. They are additionally circulated with other refrigerated and solidified dairy items. Finally, they are evaluated at 800-1050 for each 8-ounce tub

or 6-ounce pressurized can, a bit of leeway when contrasted with the recommended retail cost of Whipped Dream.

The weakness of these products is the lack of variety. None of these companies produce or market a flavored topping. Several of the products are also classified as ‘whipped topping’, but are actually not dairy-based.

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EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: MARKETING STRATEGIES Growing a business isn't easy. First, you need a viable idea. From there, you need to discover a profitable niche, define a target demographic and have something of value to sell them. Whether you're peddling products, services or information, getting the word out has become increasingly burdensome. And without the right marketing strategies to fuel your growth, churning a profit and staying afloat is virtually impossible.

However, identifying the right strategies to market your business is often likened to rocket science. How do you get your message to the right audience and do it effectively? How do you boost visibility and increase sales while sustaining a profit with a converting offer? Today, with so much vying for our attention from social media, to search engine optimization, blogging and pay-per-click advertising, it's easy to see why most are ready to pull their hair out.

The truth is that what got you to this point in business is likely not going to get you to the next level. If you're feeling stuck, join the fray. Most entrepreneurs are so busy working "in" their businesses that they fail to work "on" their businesses. As a result of dealing with the day-to-day operations of a company that includes customer hand-holding, supply-chain demands and more, we often neglect to wield the right marketing strategies that will help fuel our business's growth.

What does it take to do that? Simply put, you have to take a step back for a moment. You have to analyze and understand the basic mechanics of your message and how to effectively reach a larger audience without losing your shirt. The secret to all of this? No matter what marketing strategy you use, if you don't have an effective sales funnel and optimize your conversions, you'll just be throwing money away.

What are the best marketing strategies to use?

Most businesses are faced with a conundrum. It's a Catch-22. There's a clear need for increased visibility to drastically improve sales. But in order to get more visibility, businesses have to spend more money. When that well runs dry, what are you supposed to do?

There is no obvious and clear answer to that question that covers all situations. But there are things that can be done today, right now, even on a shoestring budget, to reach more customers without breaking the bank. However, it all boils down to time. If you lack the money, you sure better have the time to put in the sweat equity.

Either way you slice it, as long as the fundamentals of a sound business are there and you're working tirelessly to build an authentic relationship with the consumer

by sincerely trying to add value, then there are 10 go-to strategies you can use to market any business online.

Succeeding as a small business often comes down to the effectiveness of your marketing campaigns. You will need to employ many powerful marketing strategies Long-terms success means consistent revenue. However, continued success for small businesses is not just a numbers game; it acquires greater depth. From a marketing point-of-view, long-term success is achieved if you’re able to consistently maximize ROI from your campaigns.

But now let’s get down to the business plan and the marketing strategy at hand locally Distribution of Extravagant Foods Whipped Dream product will begin in the local Gwagwalada area council. The Fancy’s have an established name and reputation in this area, and product introduction should encounter little resistance.

Special attention has been given to developing an attractive label that will stress the gourmet/specialty nature of the products. A copy of the label is attached in the appendices. James Michaels, a business planning and marketing specialist at the Food and Agricultural Products Research and Technology Center at Kogi State assisted with developing the label, and conducted a focus group study to evaluate the image projected by the label as well as the packaging.

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EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: MANUFACTURING PLANS Extravagant Foods has a 50-gallon high speed mixer, a pressurized tank in which the product can be gassed with nitrous oxide, and a 10-foot by 10-foot walk-in freezer, enabling them to both produce and store frozen tubs of Whipped Dream.

This process is already established on a commercial scale. They are in fact already making Whipped Dream for use in their restaurant, and storing it in the freezer.

Sadiya Ibrahim feel that the specialty nature of the product will lend itself well to the pressurized can, and this was confirmed by the focus group conducted. To pursue that opportunity, Extravagant Foods has contracted production of the pressurized 6-ounce cans with Farm Fresh, adairy processing firm. A noncompetition/non-disclosure agreement is in place, and a copy of this document is included in the appendices.

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: FINANCIAL PROJECTIONS The following pages include multi year projections for income, cash flow, balance statement, as well as estimated financial ratios. These projections are for the Whipped Dream division of Extravagant Foods LLC only. Historical financial information on Extravagant Foods restaurants is available upon request.

EASY STEPS TO WRITE A BUSINESS PLAN FOR YOUR BUSINESS: CONTINGENCY PLANS

While careful planning was involved in setting the strategic goals for Whipped Dream, it may be that these goals are not met. The Fancy’s decided to set a zone of acceptability for meeting sales and financial objectives. For both sales and financial objectives, a 10% negative deviation from expected sales and projected returns on assets will be accepted. However, if sales objectives and returns on investment are less than 90% of projections, certain actions will be taken. These actions include: 1. For unacceptable sales levels during the first year: Extravagant Foods will combat this problem by doubling in-store promotions of Whipped Dream in Gwagwalada area council. Sadiya will personally arrange and carry out these promotions on weekends at peak shopping times. If sales do not increase within one month of the in-store promotions, Extravagant Foods will advertise in the weekly shopping circulars of the stores for one month.

2. For unacceptable sales level: After 6 months of marketing products in these two metropolitan areas, sales will be evaluated. If not meeting acceptable sales levels, Extravagant Foods will consider contracting with local marketing specialists in Abuja City to carry out the in-store promotions and push the products to the stores. This contractual relationship will be based upon sales commissions (to be determined by the specialists and Extravagant Foods ), thereby providing incentive for the specialists to generate sales of Whipped Dream.

3. For unacceptable business liquidity: In the event that the business lacks liquidity, Extravagant Foods will examine their accounts receivable procedures to ensure that payment periods are just and that payments are

being received in a timely manner. Also, cash flow projections will be reviewed to determine if unforeseen cash layouts/expenses are undermining the financial health of the enterprise.

4. For unacceptable returns on equity: If returns on assets and owners’ equity fall below acceptable levels, Extravagant Foods will first examine and compare the per-unit costs of production and marketing with sales prices. If the margins are too thin, a price increase for products sold in specialty/gourmet shops will be considered. However, because established non-flavored substitutes already exist at lower prices, the lost sales resulting from a price increase may make this option unsuitable for products sold in general food stores. Extravagant Foods will therefore assess opportunities for minimizing production costs and examine different marketing/distribution a lternatives.

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