Understanding your competition's strengths and weaknesses is certainly important, but defining a strategy that highlights your superiority in the market is just as essential. A business plan's Strategy and Implementation Summary emphasizes what makes your business concept compelling and how you will attract and maintain a client/customer base.
The first component of your Strategy and Implementation plan is a strategic position. A strategic position has many functions, but the most important is that it informs an investor that your business will not be all things to all people. That's not to say that sometime in the future you won't change your service or product offering, but for the purposes of your business plan, your strategic position must be focused. It must answer the questions, "what do you do?" and "what do you not do?" effortlessly.
The Strategy and Implementation Summary is also not merely advertising. A company can make inroads into a market through advertising, but your position demonstrates that you know your business's exact placement in the market. That means if you sell Widget Mark II, you won't have to worry about Wadget Mark IV, because you wouldn't be competing for its customers. Your business's Strategy and Implementation Summary has to always focus on being the absolute best at what it does within its target market.
The next stage of your business plan's Strategy and Implementation Summary is explaining exactly how you're going to maintain your customer base. For example, a B2C service-based business plan would emphasize customer service and support. The plan would emphasize building a long-lasting relationship with customers and even having them become dependent on the company for its specific products or services.
Another major component of this summary is actually delivering on the promises your business plan has made. This seems obvious, but the concept can easily become abstract. Saying your business provides exemplary customer service means that your company must always perform at that level of service. Customers (and investors) can always tell when a company has over-promised and under-served. Ensuring that the claims in your Strategy and Implementation Summary's claims are valid is a critical element of your business.
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