Business Plan For New Product

Business Plan For New Product-48
Late last year, a CEO who is currently looking to build out a new product line for his business approached me to get some help on a business plan.He has a great idea for a product that he believes will bring in the sales he wants but needed help in determining how to build a new business.

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Download the Business-in-a-Box software to instantly access the entire collection of 1,800 business and legal document templates!There are plenty of resources on the Internet that can assist you in creating a plan, but based on my experience of having launched 8 new products in the market and helped launch a startup, One Hive.com, I would highly recommend including the following, in some form, in your business plan.Gone are the days where a business strategy or plan written on the back of the napkin would get you the investment you seek.A Marketing Strategy Roadmap, to help the marketing team capture and communicate its department’s high-level goals and plans.If you’d like to see several additional example business roadmaps—for marketing, development, corporate IT, and product-related strategic initiatives—view our Roadmap Templates page.What is the ideal business plan and what should it include?How much information is necessary to provide enough context and content to get the investment you seek?Realistically, there is no ideal business investment plan because it all depends on 5 simple factors, 1 of which is not in your control: While it certainly can help to know more about your investment team or your leadership’s experience in funding the investment you seek, the reality is that it’s not a factor you can influence or control.Assuming that the investors are the most experienced you will ever find, you still need to do your best. PRODUCT…(Our thoughts: )If you’re a product manager or other type of entrepreneurial professional who’s responsible for bringing successful products to the market, we’re guessing your first thought when you read PRODUCT was, like ours, —and not some obscure type of document like, say, a “BUSINESS ROADMAP.”When we think of a document that helps capture and communicate a business’s big-picture goals, its strategy for achieving those goals, and its high-level plan for executing on that strategy, we almost always think immediately of a business plan.It’s typically a detailed document, often running dozens of pages, that explains down to a granular level what the business plans to do to achieve its goals.

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