Your goal in completing the business planning process is to honestly assess the viability of your business idea. Sometimes you’ll find that the business doesn’t appear to be one that will generate as much profit as you had hoped. This doesn’t necessarily mean that the idea is not viable or that it won’t be attractive to potential investors. You should use all of the information you’ve obtained during your research and planning to look for opportunities to improve the profit picture for your business idea.

When reviewing the strategic decisions you’ve made about your potential business, ask yourself:

• Can I generate more revenue from my target market by charging a higher price or by offering additional products or services?

• Can my product or service meet the needs of a larger group of people?

• Might I be able to produce a larger volume of my product or service?

• Is there a way I can increase my market opportunity?

• Can I lower the cost of delivering my product or service to the consumer?

• Is there a way to better distinguish myself from my competition?

• Can I market more successfully to my target consumers?

• Might I expand or contract the geography I plan on serving?

What Next: Click "What do the experts have to say about assessing and adjusting an operating model?"

When you're done, click the "Do your work" button at the top of the page to get started with your work.