Step 2: List your competitors’ strengths and weaknesses. Identify your primary competition within your industry and marketplace, Know the company profile of your competitors, Identify the geographic location in which competitors operate, Identify competitor’s market share and profitability, Know and understand your competition’s strategies and objectives, Identify benefits, such as increased customer awareness, derived from your competitors’ marketing, How to identify and understand competitor strategies that are successful and those that are not, How to anticipate your competition’s response to implementation of your strategies and plans, Learn how to turn your competition’s anticipated response to your benefit, Create a list of your current and future competitors, Gather data and information about your competitors, their products, and their marketing and pricing strategies, Create a list of your competitors’ strengths and weaknesses, Create strategies to take advantage of competitors’ weaknesses while a minimizing threats posed by their strengths. An industry analysis conducted before you begin to write a business plan will help you to: Industry analysis is specific to the particular industry in which a business is currently operating or plans to venture. Growth strategy builds upon a product’s success by introducing it to different users or into new markets. The operations plan is closely tied to the team and management plan section of a business plan. It lays out the route for the future our business and set up standards of success. partnership. Remember that even though it might be the last thing you write for your business plan, the executive summary is the first thing people will read. Business planning is an ongoing process that does not begin and end with writing a business plan. People love passionate business owners. If it does, develop a strategy and implement it. The business description section of a business plan should not be overly long. For example, If you start a business, you expect that it will be profitable and succeed. Office of the Comptroller of the Currency. The operational plan of our establishment will take care of matters such as Human resources, location, restaurant hours, suppliers, advertising strategy, registration and certification of the business along with other requirements The operational plan will also be shedding some light on ways of creating a strategic work plan that will formulate ways to achieve targets in the most reasonable amount of time. What factors influence consumers to purchase this product or service? All our heavy equipment which is our fridges, freezers, fryers, furniture and any other heavy equipment for the restaurant and kitchen will be ordered through a company called LOCK HART on lease as long as we make an order above a £1000 worth. We will be ordering our raw halal meat, spices, confectionary and all cooking items from a company called 3663. Thus this will give us a competitive advantage as competition within restaurants will be low. The best feature gets one point while the other product’s feature gets no points. You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan. We will be hiring a sous chef who must have at least 3 years of sous chef experience and be able to prepare dishes under pressure and should be able to work on his own initiative. Another source of information on the product is the internet. External environmental factors might include government activities such as laws and regulatory actions, economic changes such as recessions, social trends and movements that shift consumer preferences, and innovations in technology that can help or damage a business’s profitability and productivity.