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A critical component of your business plan is a strategy for managing your company’s operations. A comprehensive operations plan needs to answer the following questions:
- Operations strategy
- How will operations add value?
- What will you emphasize – cost, quality, timeliness, flexibility?
- Does your process give you a competitive advantage?
- Scope of Operations
- In-house or outsource?
- Product and process design?
- Order fulfillment?
- Customer service/technology support?
- Describe how you will get off the ground running as a business
- Product/process development
- Intellectual property
- Rollout strategies – regions, products, channels
- Marketing strategy – advertising launch, activations, online
- Agreements with key customers/partners
- Strategic alliances
- Facilities and equipment installations
- Market tests or beta tests
- Key hires
- Describe the initial management team for the business
- Background and experience for each management team – a strong start off management is vital for investors
- Any holes in the management team? If so how do you plan to address it?
- Board of Directors or Advisory Board?
- Organizational chart
- Ownership structure
- Corporate Social Responsibility/Impact Investing
In summary, an operations plan should describe the process for producing and delivering your product/service and is a critical element of your business planning exercise.
Read Also: Key Components of a Business Plan I