As someone who is intimately involved in studying market trends and consumer behavior, it always amazes me how little small businesses learn and identify with their target customers. I mean, it’s wonderful if you’re a small business owner and you’re able to sell your product or service in fine numbers month in and out. But what if you’re leaving more money on the table than you bring in because you haven’t attracted the people willing to spend most for your product or service?
I’ve played a key role in some of Asia’s (and the world’s) largest companies – helping them fine-tune their strategies and marketing messages to their customers’ expectations. Some of these big businesses “get it”. They know that studying their customers and those of their competitors helps them better understand consumer expectations and their ever-changing needs.
Identifying and studying your target market is arguably the most critical step any business can take to succeeding. Yes, a strong sales strategy implemented effectively is equally important. But they are like hand and glove – there’s no point in selling a glove to the wrong hand.
Which is why it’s no surprise that any serious investor or financier of a business, large or small, is going to want to look at a business plan which demonstrates a careful and thorough analysis of the target market.
Is market research flawless? No – definitely not. But the flaws of market research are a poor excuse for not doing market research, because the flaws of that are far greater.
We are well into the era in which businesses that do not understand their customers well will fail. It’s as simple as that.
Who am I and why did I make this site?
My name is Adil Vellani, and I developed this site to help small business owners, new and experienced, put together a strong and credible business plan. There’s a lot of noise on the internet about business planning and how easy it is to get funding from a bank or to get venture capital.
Through my own careful research, it was clear that several new business owners were unclear about how to prepare a business plan. For the most part, these are people who need funding to start or grow their business and have concluded that they need a business plan to attract that funding.
Their conclusion is correct for the most part. Your chances of winning funding greatly increase with the existence of a business plan. But the business plan has to be good to get noticed!
I’ve written several successful business plans for a wide range of clients across several industries. And I’ve written some that failed. Business planning is part art, part science. You will be better off to follow an accepted standard for banks and other lending institutions, and the same is true for potential investors in your business.
At the same time, your main goal is to attract funding to your business, which means you need to do something with your business plan that makes it stand apart from the pile of business plans that are fated to the shredder pile.
But leave funding alone for now. A business plan is a powerful tool and blueprint for your business. You owe it to yourself and to your business to create a meaningful blueprint that you can use to grow your business and measure your performance.
In a nutshell – you and your business can truly benefit from preparing a solid and carefully constructed business plan backed by strong and relevant market research.