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004 Business Planssignment3part2businessplandraftthisassignmentconsistsoftwo2sectionsadraftofyourbusinessplanandanin Thumbnail Sections Of

004 Business Planssignment3part2businessplandraftthisassignmentconsistsoftwo2sectionsadraftofyourbusinessplanandanin Thumbnail Sections Of Wondrous 3 A Plan

That is a great thing to make sure you have in your business plan, that your business will be built around those real customer wants. Do not make callous assumptions, or statements like "I know what people want", "People are going to love this", and so on. Have you done your research? Do you really know that the people you will be targeting want your product / service, and crucially do they want it AT THE PRICE that you will be offering it at? Whilst confidence in your plan is fantastic, you must make sure that it does not lead you down a blind alley along a path that is not desired by your target market. Don't assume what customers want, do your research and make sure that is clear from the start in your business plan.

So how would you go about calculating all this? There is quite a bit of calculations and you should know a little about business principles but it isn't that complicated. So first let's look at figuring out your future needed sales with this formula: Projected sales = fixed expenses divided by Ƒ_(var exp % of existing sales + mat cost % of existing sales + lab cost % of existing sales + desired net prof %)) So, let's say you existing sales is 迲ꯠ annually, your fixed expenses are 足ꯠ, variable expenses is ็ꯠ or 6Ǒ% of the 迲ꯠ, material cost is 趌ꯠ or 27ǔ%, labor cost is 贍ꯠ or 12ǔ%, and your existing profit margin is 赏ꯠ or 20ǒ%. Now let's say next year you want to have a profit margin of 25% so what would your sales need to be to give you that profit margin? Now you might think you would simply tack on 4ǐ% more to sales ྐྵ% _ 20ǒ%) and you would have it. Well not quiet. it doesn't work that way because you are going to have the additional variable expenses, material cost, and labor cost too. Remember, the more sales the more each of these expenses and cost will be.

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013 Business Planbusinessplanincludesfivesections3aexecutivesummary Sections Of Wondrous 3 A Plan 320

013 Business Planbusinessplanincludesfivesections3aexecutivesumma

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020 Sections Of Business Plan Page 5
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004 Business Planssignment3part2businessplandraftthisassignmentconsistsoftwo2sectionsadraftofyourbusinessplanandanin Thumbnail Sections Of Wondrous 3 A Plan 320

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