Top 7 Benefits of Developing A Business Plan

Many people believe that business plans are developed only for startups, getting investors, or to backup loan applications. The truth, however, is that Business Plan Development Services offer significant benefits to everybody in the business.

Here are top 7 benefits of preparing a business plan:

See the Whole Business

Business planning, when done right, works to connect dots in your business and presents a better picture of the whole. A strategy is expected to relate to tactics with strategic alignment. Does that reflect in your plan? Do your sales connect well to your sales and marketing costs? Are your services or products right for the target market? Are you covering expenses such as product development, long-term fixed costs, and working capital needs? Wait for a moment and look at the larger picture.

Strategic Focus

Small business and startups are required to focus on their particular identities, the target market, and the services and products tailored to match.

Set Priorities

You cannot be involved with everything. Business planning complemented with top class Company Profiling Research services help you keep a record of the relevant things, and the vital elements. Allocate your efforts, time, and resources strategically.

Manage Change

With an excellent planning process, you often review assumptions, track progress, and catch the latest developments. Plan vs. actual analysis refers to the dashboard, and adjusting the plan means steering.

Develop Accountability

Well-designed planning process sets expectations and track results. It’s a tool used for regular review of what has happened and what expected. Decent work shows up. Disappointment also shows up. A well-run plan review with plan vs. actual combined turns into an impromptu review of tasks and accomplishments.

Manage Cash

Proper business planning connects the dots in class flow as well. Sometimes just watching benefits is enough. But when sales on account, purchasing assets, physical products, or repaying debts are included, cash flow takes management and planning. Profitable brands suffer when slow-paying clients and too much inventory blocks cash flow. Here is where when a plan helps you see the problems and adjust to it.

Strategic Alignment

Does your routine work fit with your core business tactics? Do these tactics match or complement your strategy? If so, you have strategic alignment. If not, the business planning will lead to hidden mismatches. For instance, if you are involved with a gourmet restaurant that has a drive-through window, you are out of the alignment.

So, these are the top 7 things a business plan can do for you. 

Contact Penterra Analytics to use business development, company profiling, Competitive Industry Analysis Services, and many other services related to market research and analytics. The agency has been in the business for years and has earned prestige in the market.

Top 4 Uses of Competitive Industry Analysis Services

Competitive intelligence refers to the act of data collection that focuses on the competitors of a business. Competitive Industry Analysis Services can help you devise a better marketing strategy, record the competitive actions, and analyze the data to reach conclusions. Competitive intelligence experts keep track of past activities of your competitors in the market, and this makes them forecast future actions. Analysis of the data collected allows experts to build business strategies and improve the financial operations.

Strategic intelligence emphasizes designing strategies for the future. A renowned intelligence agency plans the upcoming activities of a business. Their primary task is to study the current and past market conditions and predict the future trends. Therefore, foreseeing is an integral part of strategic intelligence. Here are top 4 uses of competitive intelligence:

Make Strategies

As mentioned above, Competitive Intelligence Analysis Services help in planning the future as well as the current strategies. They are qualitative when compared to other market research services.

Target Other Businesses

Recent research showed that the companies that invested more than one million dollars in competitive intelligence experienced a 10 percent total growth. Competitive intelligence works on a broader prospect. They strive to track potential competitors’ activities in the market and manufacturing techniques, helping businesses plan their movements.

Plan for Future Financial Circumstances

Competitive intelligence possesses a forward-looking perception. The strategies are planned for at least five years or more. All regions including Asia, Europe, and North America have registered a growth of more than five percent in their corporations after partnering with the firms providing competitive intelligence. The finance also remains mostly undisturbed even when there are changes in the financial cycles. This doesn’t mean that there are no damages at all, but there are significantly less.

Product Launch

Since Competitive Intelligence or Business Plan Development Services providers record the market trends, they also consider the demand and supply cycle. And, this proves useful when it comes to launching a product in the market. The research related to demand and supply rate enables businesses to have an idea about the success rate of their product in the future.

Competitive intelligence allows businesses not to lose vision of the goals. They help business owners to stay updated and keep up with their competitors and even overtake them.

So, if you are running a business and looking to use intelligence services, contact Penterra Analytics. Penterra Analytics is a top-ranked agency providing top class market research and analytics services.   

4 Things You Should Know About Competitive Industry Analysis

Business owners are required to have complete knowledge about the industries in which they operate as it enhances the success rate. A company that grows its revenues 5 percent every year may be considered doing well by some measures, but if other businesses in the same domain are notching 9 to 10 percent every year, that 5% looks puny.

Therefore, a smart business owner doesn’t wait for years but will conduct industry analyses routinely to know he is lagging behind. If the business is outperforming the industry, the owner should choose Competitive Industry Analysis Services to ascertain why he is ahead of the pack.

Performance

In general, a business performs well when the industry is performing. Hence, understanding how the industry changes is vital for predicting the performance of a company in the industry. For instance, if the cost of steel drops, a steel-object manufacturer may get the cheaper materials and make higher profits. To predict such changes, you can reach strategically.

Positioning

Knowing the industry and its competitors assist planners in positioning their companies in the market for their services, enabling them to determine how they differ from other companies in the same industry. Without Competitive Intelligence Analysis Services, a business will hardly be able to enter a market that’s too competitive.

Opportunities and Threats

Another good reason to choose industry analysis is that it helps you identify potential opportunities for the development of your business. It will also assist in identifying the threats that could prevent company growth. Being able to meet the need of a consumer that is otherwise underserved might be an opportunity; strict government regulations on exports and imports are some of the examples of possible threats in various industries.

Internal Preference

Though an industry analysis looks primary at the external factors affecting a company, it will help determine whether there is a fit between internal management and the business environment. If there is a disconnect, the business won’t survive as managers resist the forces that shape the industry. Here is where Business Plan Development Services and a thorough industry analysis may be combined with Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, which looks at internal and external factors to help analyze a company’s success in a given market.

Penterra Analytics is a renowned company that has been providing excellent competitive intelligence and business development services for a very long time.  

Top 4 Reasons Why You Need Competitive Intelligence Analysis for Your Business

Competitive intelligence refers to the collection of the market information to analyze and deduce a pattern from the competition which shows the market dynamics and how they change with the presence of your competitors.

Your competition may be providing more attractive schemes then you are, might be marketing its services and products better and more importantly might have a better brand image then your business. Since all of these competitive intelligence observations ask for an immediate implementation of techniques and tactics to beat the competition, choosing Competitive Intelligence Analysis services will become crucial.

Top companies and businesses are required to do this on a daily basis as they can’t survive if they don’t keep themselves updated with competition information. There are many sources from where you can gather intelligence. All of these sources provide you with the market and competitive intelligence.

However, you will need to analyze the data and find out which is the best course of action. In many cases, stay quiet can be an option whereas in others you may have to act very fast against the competition.

Gather competitive intelligence or using Competitive Industry Analysis Services is vital for your business due to the following 4 reasons:

•    You need it to be aware of the market dynamics and understand when you are being outsmarted or if you are outperforming the competition.

•    You need it to have maximum knowledge of the external business environment which may influence your marketing strategy and long-term view of the company.

•    You need it to assess the risk by knowing the changes taking place in the market and what kind of influence they will have on your business.

•    You need competitive intelligence for opportunity analysis wherein an opportunity ignored by your competitor can be taken over by your brand.

Hence, there can be plenty of reasons to carry out competitive intelligence analysis for your business regularly. Don’t forget; competitive intelligence is not only about making you stronger against the competition but also about analyzing yourself with regards to your market standing. Such analysis will eventually help your customers, channels, employees, and other stakeholders.

To use excellent competitive intelligence and Business Plan Development Services, you can contact Penterra Analytics. Penterra Analytics is a world-class company that has been providing numerous services related to market research and analytics for many years now.

Contact Penterra Analytics today!  

Top 4 Benefits of Using Business Plan Development Services

Choosing an agency for creating a business plan can help you identify potential risks and opportunities your business might encounter, get away with penalties, fines and other legal problems, adapt to the marketplace changes, and expand your reach. You can use Business Plan Development Services and share the plan with advisers, potential partners and sources of funding. Here are some advantages of developing a business plan:

Obtain Funding

Potential investors may ask a variety of questions about your existing business or startup. A well-designed plan will not only give them answers but also show that you are organized and have in mind all marketing, financial, legal and human resources aspects related to your business. A thorough business plan will enhance your chances of obtaining bank loans and venture capital.

Get Advice

Business professionals will give you more advice on your business if they can speak objectively on numbers, rather than giving you their personal opinion of your idea. Leading organizations and companies often give you free advice on commencing business and also assign an executive to read out your business plan and offer suggestions. In addition to that, Competitive Industry Analysis Services can efficiently compliment your business plan.

Identify Problems

A well-maintained business plan can address the area of starting and running your business plan. When you research the information you are planning to include in your business plan, you may find that suppositions you developed about your budgets, licensing and permitting, cost of materials, real estate, labor costs and other critical aspects of your business are incorrect.

Getting to know about this before launching your company provides you with the time to make adjustments before you sign contracts and commit funds.

Exit Strategy

Alongside providing a platform for success, a business plan sets realistic criteria for concluding the business to prevent your throwing valuable money after bad. Business failure can be disheartening and business owners hardly objective when facing this reality. Substantial numbers and data that tell you the business is untenable may help you make the final decision of shutting down the failing business easily.

So, these are the top 4 things how a business plan can help you. For Competitive Intelligence Analysis Services, business plan development, and other services related to market research and analytics, you can reach Penterra Analytics.

Penterra Analytics is a renowned company in the field of market research and analytics.

Understanding Competitive Industry Analysis and Its Benefits

Understanding and keeping an eye on your competitors is an excellent way of staying relevant in the market. This is extremely important for small business executives and entrepreneurs. Many companies outsource professionals to keep track of their competitors and re-assess the market at regular intervals.

Many people believe that it’s a complicated, time-intensive and financially overwhelming process, specifically with the amount of data available online. Here is where Competitive Industry Analysis Services become vital for business owners.

Competitive analysis is an investment by which a business can gain useful insight into the market around them. By analyzing your competitors, you will not only be able to know about their best practices but also avoid the mistakes they have made.

Advantages

Competitive analysis is required to be seen as a continuous process where your business keeps on understanding the weaknesses, strengths, threats, and opportunities related to your competition. Most companies prefer to collect information about their competition, but many small businesses don’t recognize it as a competitive analysis. What matters the most is the quality of information gained or lost by hiring an outside source.

There are many benefits of Competitive Intelligence Analysis Services, especially if you track prices, products, research, staffing, development, and other aspects of the competition. “This is a phenomenon where a business can understand the internal and external environments they are operating in,” says Andrew Garrison, CEO of the Society of Competitive Intelligence Professionals.

The business benefits can be acquired by getting specific insights into the arena of your niche market, mainly if the information is itemized. For instance, if you sell computer monitors, tracking your competitors’ products, price, staff levels, social media and promotion scheduling may offer valuable insight into their company.

Here are the top benefits that can be gleaned by conducting competition analysis:

•    Understanding the market

•    Market potential forecasting

•    Better targeting customers

•    Competitor product tracking

•    Economic climate tracking

•    Competitor pricing

•    Tertiary market possibilities

•    Competitor product tracking

•    Customer acquisition

Over the time, by systematically conducting competitive analysis and using Business Plan Development Services, your business will be able to track trends, allowing you to better adapt to your market, competition, and customer base.

Penterra Analytics is a well-known company which provides you with a complete range of market research and analytics services in India and that too at very reasonable prices.

Contact Penterra Analytics today!    

Top 4 Reasons You Need An Effective Business Plan

A business plan is an essential strategic tool for managing and growing your business. A well-designed business plan not only assists entrepreneurs in focusing on the specific ways necessary for their ideas to succeed but also helps them achieve their short-term as well as long-term goals. In the words of Benjamin Franklin, “If you fail to plan, you are planning to fail.” That’s the reason why reason why smart people opt for Business Plan Development Services.

While a business plan is vital to every entrepreneur, some entrepreneurs fail to see the need for it. You will also find many who are reluctant to have their plans recorded. In fact, there are several blogs online claiming that the business plan is irrelevant or dead. Of course, not everyone agrees with that. A large number of business experts believe that having a good business is insufficient. Even remarkable business ideals can be useless if you don’t formulate, execute and implement a strategic plan to make the idea work.

In case you are seeking funds from money lenders of institutional investors, remember having a business plan is extremely valuable. You need to have a business plan that speaks for itself. It should be easy to read and understand.

The following are top four reasons to make a business plan:

To arrange money for your business

Lenders and investors often ask for a written business plane before giving you the money. A mere description of the concept is not sufficient. Instead, you should have a thorough and financial plan that shows the likelihood of success and how much money you will need for your startup. People often choose Competitive Intelligence Analysis Services to make their business plan impressive.

To make sound decisions

A well-designed business plan assists you in defining your business ideas and strategies. With a business plan, you are not only able to focus on financial matters but also on human resource planning, management issues, technology and creating value for your customers.

To identify potential weaknesses

A business plan helps you identify potential shortcomings and pitfalls in your idea. You can also share your plan with others who can provide you with their opinions and advice. Contact experts who are in a position to give you advice.

To communicate with stakeholders

A business plan can be used as a communication tool to secure investment capital from lenders and financial institutions. You can also use it to convince people to work for you, to secure credit, and to attract potential customers.

Creating a business plan needs a lot of thought and efforts. You can reach Penterra Analytics, an expert business development agency, for an effective business plan and Competitive Industry Analysis Services. The agency can’t guarantee success, but it can go with you a long way towards minimizing the odds of failure.

Contact an expert business plan development team today at Penterra Analytics!

Top 3 Ways to Identify and Mitigate Risks in Your Business Environment

What do you think about Competitive Intelligence? You might have heard that Competitive Intelligence often depends on your organisation’s objectives. There are plenty of aspects of competitive intelligence, but, in this blog, we are going to shed some light on the risk intelligence, revealing how different industries are using competitive intelligence analysis services to detect and mitigate risks.

The definition of risk intelligence significantly varies by industry. It’s the process of taking into account every possible risk that can affect your organisation and create contingency plans, and communications strategies.

Some risks you may consider are:

•    Social

•    Economical

•    Legal

•    Technological

•    Geopolitical

•    Safety

•    Data Leaks by employees

Though specific risks may differ from industry to industry, the main purposes of using competitive intelligence for risk management are:

·  Getting accurate knowledge of the business environment and understanding where your weakness is.

·         Clearly defining your risks and keeping an eye on risks and factors that could cause risks.

·   Moving strategically to get away with the risk along with finding ways to prevent them, or boosting your response time and efficacy when the risk becomes a reality.

Plan

Different industries use Competitive Industry Analysis Services and Risk Intelligence for various reasons, but a company must use the same when establishing a competitive intelligence project in order to find and mitigate risks.

·        Brainstorm all possible risks that may affect your organisation, your industry, your partnership, country etc. Include as many employees from other units as possible, since they have a remarkable knowledge of your environment.

·         Once identified the risks, you can determine how these risks would affect you.

·         Design plans to mitigate these risks. Set your monitoring tasks to watch for these risks.

Choose larger yet specific topics

While monitoring the purposes of risks intelligence, your monitoring parameters will be considerably broader and specific. Competitive intelligence for risk is significantly different from other applications of competitive intelligence.

In case you are looking for the aims of risks management, you should watch for:

•    Industry news

•    Supplier news

•    New regulations

•    Security threats

•    Risks in the countries you operate in

•    Safety threats

•    Political changes

•    Innovations

•    Natural risks

•    Competitors

•    Economic risks

•    Industry changes

•    Cyber threats

Stay organised and use technology

As mentioned above, risk mapping is an excellent way to represent the risks based on how frequent they are to occur.

When working on a risk intelligence project, you should use data visualisation tools to keep a record of all of your information. By linking your monitoring tool to data visualisation tools, you will be able to establish a virtual risk management map, or a kind of risk management “war room” to observe when a section of the globe your monitor us getting a lot of attention from the news or social media. Imagine if you have all your information imported into a data visualisation map. If you see that the region your office is located in is suddenly lighting up, for example, you can check the associated mentions to outline and identify what risk is happening, and immediately execute your risk mitigating plans.

So these are some easy steps to understand Risk Intelligence and identify possible risks in your business environment. For more information on Competitive Intelligence and Business Plan Development Services, you can contact Penterra Analytics.

Penterra Analytics provides you with fast and effective market research and analytics solutions at a reasonable cost.

Why are business plan development services essential for your business?

Are you a start-up owner that is about to enter the marketplace or an established business planning to launch new products, services and investment?

If yes, you need expert-backed advanced business plan development services for your business. A solid business plan lays the foundation and future directions for your organisation to undertake to be successful.

Want to know how?

A business plan is made with extensive market research identifying potential risks, client’s perception, market trends, and other metrics by experts. A customised and data-driven comprehensive business plan is made assessing the potential market, client perception, market trends, and competitors suited for your company. In short, you will get an excellent market strategy needed to propel your growth and revenue in the future.

How to succeed in a competitive industry?

Succeeding in a competitive industry is a herculean task. However, businesses can find out opportunities and threats with research and analysis to face competition.

Business owners must know the industry they are operating in for continued success.  You need to study the industry to adapt, innovate and improve your strategies to survive in the competitive market.

Competing with top brands and businesses need effective approaches and marketing strategies. Competitive industry analysis services are the answers to this problem. Competitive analyses give information to predict changes and performance in a specific industry. Acquiring insights into the industry and competitors help to position your products and services in the market.

Businesses operating, such as banking firms, in an ultra-competitive market environment always face the pressure to reduce cost and gain profits increasing the sale of products and services while maintaining good reputation. Acquiring that delicate balance requires speed and accuracy for firms.

Taking sell-side research services is a cost-effective alternative method for firms to overcome numerous challenges coming in this operation. The sell-side research analysts help firms to overcome numerous challenges like communication, compliance regulations, etc in the global markets. Customised services like company analysis, sector reports, coverage reports, regulatory report, client management support, lead generation, and other services help sell-side firms to stay ahead of competitors and succeed in the market.

Every business needs customised research, data analytics, and how the market works. In the process, enterprises gain information and insights of the industry to align with marketing strategies and capitalise on new opportunities. These services are the secret ways for companies to reach to the target audience and generate revenues.

Want business development solutions for your company?

Penterra Analytics is a leading Indian company offering customised market research and knowledge services to small to big enterprises around the globe. Contact us to get services today.