The executive summary covers all about your business competition. What should be your budget, your competition, and your targeted audience? Easy steps to writing an executive summary are:
Step 1 Background:
In the first step, write about your business and your USP (unique selling point), which makes you different from other businesses that fall in your same niche. After this, explain how your App business model will be persuasive to your target audience.
Step 2 Objective:
In the second step, you have to write about your objectives, what you want to achieve in one year or two years, or choose the timeline you think is best for you to achieve your goal.
Step 3 Target Audience:
In the third step, choose your target audience. The easy way to choose your target audience is to make an audience avatar using five W and one H models: Who, What, When, Where, Why, and How. Along with the WH model, you have to make your user journey which includes operational journey and users journey.
Step 4 Budget selection:
This step is the budget acquisition, where you have to spend your budget to achieve your goal includes it may be ATL (Above the line) or BTL (Below the line) activity. For budget allocation, you have to consider one product or service life cycle and your niche market share.
Situational analysis is the process of evaluating internal and external conditions that affect your business. For complete situational analysis, easy steps are:
Step 1 SWOT Analysis:
Swot stands for Strength Weakness Opportunities and threads. In SWOT analysis, write about your strength, including what unique resources you can draw on? What do others see as your strength? What do you do well?. After this, write about your weaknesses, opportunities, and Threads for you
Step 2 Market Mix:
Marketing mixes are important because they help you understand your product or service offers to your customers. Four easy steps of the marketing plan are Product, Price, Place, and Promotion. In the Product part, think about Functionality, Appearance, Quality, Packaging, Brand, Warranty, and Service/Support. In Price, think about List Price, Discounts, Allowances, and Financing. In-Place part, think about Channel Members, Channel Motivation, Marketing coverage, Location, Logistics, and Service level. In promotion, think about Advertising, personal selling, public relation, and Message Media
Step 3 Category Analysis:
In this step, write about niche category analysis. Suppose you are working in the footwear industry, so write about the growth of your niche and project forecast of revenue of your niche.
Step 4 Competitor Analysis:
Competitor analysis is the most important part of a business plan for an app because you can analyze what your competitors are doing for promotion and which additional services they are offering.
Evaluation of Business Plan
In evaluating a business plan, you have to make the KPIs because it will make it easy to evaluate all outcomes of your activities. Four steps help you to create your KPIs:
Step 1 Initiatives:
This step will cover what initiatives you took for your business, such as employee hiring, channel acquisition, new regional activity, Etc
In this part, we will discuss initiatives that we'll take. It helps us to enhance our capabilities. So for 2022, [Your Company] initiatives would be:
- We will open new offices in 2 different countries, one UK and the second in Canada
- We will hire more than 25 more developers
- We will increase our marketing budget by 50% more
- We will buy more referral positions.
- We will hire 11 project managers.
- We will get ten more influencer awards.
- The sales team will contact old clients to make upsell.
- We don't have any permanent Native American resources, so for 2022, we will hire five resources, especially for USA Region
- Our Website UI is not up to the mark. We will make a new website layout.
- We don't have a good marketing team. So, we will hire a new marketing manager along with three resources.
- By using proper SMM techniques, we will enhance our Brand Awareness.
- We will make multiple Government partners. As I mentioned that we are 8a certified.
- Multiple new startups and existing companies are the biggest threat. To counter this threat, we will new affordable buying plans.
Step 2 Capabilities:
This step covers whether your capabilities increased or decreased after taking these initiatives.
After taking these initiatives, [Your Company] capabilities will be increased 50% more. This time our capabilities are:
- New hiring must be done within the first 3-month Jan to March.
- Website User interface work must be done within one month.
- Budget allocation for new offices must be set for 2021 December.
- Outreach of new referral marketing is the marketing team's responsibility, and they have to do this before the first 3 months of 2022.
- Targeting small businesses is very important for this marketing team will run new affordable packages. It helps us to encounter new IT startups.
Step 4 Impact:
This is the final step of KPIs; here, you have to write the impact of all activities.
KPIs, which are mentioned in the Actions part. If [Your Company] successfully achieves them before the end of 2022, it will greatly impact company progress in the IT industry. Results of these efforts, which are mentioned in the actions and initiatives parts, are:
- The hiring of developers will be helpful for App Maisters to overcome the workload of existing developers.
- Social Media Marketing will help increase brand Awareness Moreover it's the best way to educate the cold and warm audience.
- The hiring of a project manager will be helpful for App Masters to resolve client issues more efficiently.
- Increasing referrals will increase brand trust at the enterprise level.
- Betterment in the Website's User interface will make it a fast-loading web.
- New Government projects and partners will boast the company earning 50%.
- The new opening of 2 offices in Canada and United Kingdom will be helpful to explore two new markets moreover it will increase the number of clients.