This is where you review your market, your products, your competitors, your goals and how you plan to achieve those goals.
Think about the arena in which you operate: your customers, market forces facing your business, suppliers, competition and market trends. Compare your strengths and weaknesses with those of your competitors, and identify opportunities.
What are your customers' needs and is your company's vision aligned with those needs? Look at your products and your delivery and distribution channels. Identify reasons why your customers choose your business over your competitors. Match your strengths and weaknesses with opportunities. What challenges could result from the actions of others? What will you need to do to take advantage of opportunities and deal with the challenges?
Objectives, Strategies, and Plans
State your business objectives in measurable terms. Be specific. Plan how and when you will measure results (business volume increases, improved financial returns, market share gains, superior service level, enhanced delivery capability, etc.) How do you plan to meet your goals? What strategies will you use? What tactics will you use to implement those strategies? Are there implications to your business, such as organisational changes, cutbacks or financing requirements?
The CIBC FirstCaribbean Small Business Resource Centre is a simplified tool that provides general information only, and reflects the information that you have inputted. This CIBC FirstCaribbean Small Business Resource Centre is not a loan qualifier. Accordingly, CIBC FirstCaribbean is not liable for calculator's results, nor for anything you may do in reliance on the results. For specific suggestions respecting your corporate or financial or cash flow situation, you may consult a CIBC FirstCaribbean Small Business Officer.