Develop Non_Capital Initiatives: Each project initiative should have a corresponding project plan that monitors whether it will be completed on_time and on_budget. The importance of the detailed project plan is to accomplish the following: a) identify all the steps to be completed; b) establish a realistic timeline for each step; c) identify and allocate the necessary resources for accomplishing the initiative; d) ensure that the initiative has been vetted for departmental inter_dependencies and potential conflicts; and e) ensure that the initiative is in alignment with the overall strategic plan.
I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.