34. Competitor ArrayBy Roger Bryan
Competition array refers to the plethora of competition in the same niche as your business. Under most circumstances, the competition array is framed after a detailed market analysis has been carried out. There are some core aspects which need to be looked into to draft this section of the business plan.
Firstly, look into the type of competition that your business may face. This could be direct or indirect. Direct competition is the business which has the same customer base as you do while indirect competition may or may not have overlapping priorities. In your business plan, you should create a list of different competitors that you have and generalize them into specific categories.
It is also a very good idea to look into the strength and weakness of your competitor. How good are they? How is the quality of their products? Do they have good customer support? Are their products popular with the masses? If yes, then why? How can you improve on what they currently offer? These are some of the many questions which you should be answering your business plan with respect to the competition array.
However, the place where you business plan can really shine is by projecting something substantial which these businesses do not have on offer. Why would you win in the current scenario? The better you answer this question; the better is your business plan.