Transportation Management System – An Introduction

A Transportation Management System (TMS) is a software that is aimed at helping business and organizations to effectively manage its logistics supply chain, it helps organizing and tracking the movements of the products and materials. A Transportation Management System also helps in managing shipping units, outbound and inbound shipment scheduling, transportation mode selection, freight bill auditing, payment and processing of loss and damage claims etc.

Some of the basic functions and advantages of a transportation management system are shipment load planning and shipment routing optimization, routing guide, execution management and carrier communication, shipment tracking, freight bill audit & payment, business intelligence and reporting, claims management, returns management, appointment scheduling etc.

The shipment load planning and routing optimization helps the shippers to plan the loading and then find a suitable and optimized routes as per their requirements. This helps to save a lot of money and time and as a results makes it easy for the shippers to manage.

The routing guide is another feature of a TMS which helps the vendors to get an idea about the inbound routing guides for better cost management. The execution management and carrier communication helps the shippers to find the tools needed to help them in selecting the right carriers along with shipping cost calculation. The TMS also helps you in getting an accurate freight bill audit and also in implementing the payment part. As with any other tools, a transportation management solution also offers business intelligence reporting, which helps you to get more idea about your business and ways to improve it.

A TMS or a logistics management system can also be used as an effective vehicle routing software which helps you in the effective utilization of vehicles used for your transportation purposes. It identifies areas where the vehicles can be utilized effectively without spending much time and money. Since the TMS identifies the shortest route, it will result in reduced fuel consumption and enhanced fleet management and utilization.

For small companies which have a remarkable small transportation operations, the use of such a tool is not recommended, as they might not have any difficulty in managing all their transportation activities manually. But for a big company with a large number of vehicles and transportation activities, it is a better idea to avail the services of a transport management system, as it will ease their management activities and help them to save a lot money.

More and more companies have started using logistic management system and hence the demand and competition have increased considerably. So the number of companies providing customized transportation management system or freight management systems has increased. Some of the software offered are not having the expected quality and one must be sure to select the right and the best transportation management system for their company. There are also many software having advanced options such as GPS vehicle tracking or GPS fleet tracking system. So while purchasing the transportation scheduling software, make sure that you have spend the money on the right tool.

Management of Risk – An Art or a Science?

BUSINESS RISK is a term that explains the difference between the expectation of return on investment and actual realization. In CAPITAL BUDGETING, several alternatives of investments are examined before taking an investment decision and only then the Managing Director of the firm along with financial executives gear up for investing in a project that is sound and feasible. Even then the project may not become viable and may not work to our expectations owing to the fluctuations in the economic environment.

So, the million dollar question arises, Whether to invest and if invested, will it fetch me profit? See, you cannot have the cake and eat it too. Risk factor prevails in all kinds of environment and we try to over react in a business arena since it involves huge investments. But remember, MONEY WILL MULTIPLY IF YOU MANIPULATE IT WITH CARE.

Business firms commit large sums of money each year for capital expenditure. It is therefore essential that a careful FINANCIAL APPRAISAL of each and every project which involves large investments is carried out before acceptance or execution of the project. These capital budgeting decisions generally fall under the consideration of highest level of management.

Factors of risk to be considered before investing:

  • Time value of money
  • Pay back period
  • Rate of return on investment(ROI)
  • Uncertainties in the market
  • Cost of debt
  • Cost of equity
  • Cost of retained earnings

Factors to be monitored after investing:

  • Maximising profit after taxes
  • Maximising earnings per share
  • Maintaining the share prices
  • Issue of dividends
  • Ensuring management control
  • Financial structuring

Cost of capital refers to the opportunity cost of the funds to the firm i. e., the return to the firm had it invested these funds elsewhere. Thinking businessmen like RATAN TATA, DHIRUBHAI AMBANI and the like have also mastered the art of capturing the market by INNOVATIVE THINKING THAT PROVES GOOD TO THE MASSES.

While making the decisions regarding investment and financing, the Finance Manager seeks to achieve the right balance between risk and return. If the firm borrows heavily to finance its operations, then the surplus generated out of operations should be sufficient to “SERVICE THE DEBT” in the form of interest and principal payments. Th e surplus would be greatly reduced to the owners as there would be heavy Debt Servicing. If things do not work out as planned, the situation becomes worse, as the firm will not be in a position to meet its obligations and is even exposed to the “DANGER OF INSOLVENCY“.

Considering all these factors, we have to come to the conclusion that FINANCIAL MANAGEMENT is like the BACKBONE of a business firm and WORKING CAPITAL MANAGEMENT will be the blood flow infused into the body. Risks arise ONLY IF WE MISMANAGE, otherwise in a business everything goes as planned and I feel that luck does not favor anybody who is poor in planning and not ready to work hard.

A Career As Restaurant Owner Vs Restaurant Manager

There is a big difference between a career as a restaurant owner and a career as a restaurant manager. Restaurant managers sometimes go on to own their own restaurants, restaurant owners often do a great deal of managerial work and both are heavily invested in the success of the restaurant and involved in its daily operations, but the general similarities end there. The specific roles and responsibilities of a restaurant owner vs. a restaurant manager will be explained in further detail below.

A Career as a Restaurant Owner

Restaurant owners are responsible for overseeing the entire operations of a restaurant, even when they hire someone else to manage it. They make an initial investment and either buys the restaurant from someone else or starts his or her own restaurant. Owners must make additional investments down the line when the restaurant needs new equipment and supplies, or when the business has outgrown its location and needs to move or expand, and they will also be responsible for cleaning up the mess if the business fails. The owner has a vested interest in the success of the restaurant, not just because it’s his or her job, but because it’s his or her investment, brainchild and often a dream come true. The owner takes the most financial risk, but he or she also gets the biggest payoff if the restaurant is a success.

They vary in their level of responsibility in the kitchen and on the floor. Some owners hire other people to do everything and trust they will make the right decisions, while others are there every day, interacting with customers and staff and taking on managerial duties. Many of them must work long hours every day of the week as they get their business off the ground, but if it becomes a success, they get the opportunity to sit back and relax a bit.

A Career as a Restaurant Manager

They work closely with restaurant owners to ensure that the business runs smoothly. They also have a vested interest in making sure the restaurant is operating at a profit; in fact, this is their primary concern. The manager has pay increases, bonuses and profit shares to entice him or her to succeed, and the fear of losing his or her job to entice him or her to avoid failure. This career requires skills in budgeting, leadership, communication, analysis and planning, as well as a knowledge and appreciation of the culinary arts and customer service.

Does Your Website Follow “The Iron Law of Marketing?”

Many websites unwittingly ignore ‘The Iron Law’ of Marketing. They begin by explaining features about the company, e.g. how long they’ve been in business, what their premises look like, etc. The truth is that most visitors to your website couldn’t give a hoot about the features of your company! What they primarily care about is WIIFM.

WIIFM stands for ‘What’s In It For Me’. It’s ‘The Iron Law of Marketing’. Unless visitors to your website can quickly see what your business can do for them, the chances are that they’ll be gone quickly, typically in seconds. Once they’re gone, they’re gone – probably never to return.

WIIFM – ‘What’s in it for me’. Are we really so self-centred? Well, yes, I’m afraid that we are. Please don’t feel guilty – it’s just the way we’re hard-wired. Sure, farther down the line, we care about others. But, first and foremost, we’re concerned about how we survive and thrive. That’s simple evolutionary common sense.

If you want your visitor to stay on your website, you need to heed ‘The Iron Law of Marketing’. You need to give your visitors WIIFM – ‘What’s in it for me’. But the paradox is this: the ‘me’ shouldn’t be you (i.e. your premises, etc). It should be them – your visitors.

You need to put yourself in your visitors’ shoes and address what they’re interested in, what they might want, how you may be able to help them.

Most companies are concerned to get ‘targeted traffic’ (i.e. potential clients to their sites) through SEO (Search Engine Optimisation) and other clever stuff. And this is important – very important indeed.

But if most of your prospective clients leave your website in a few seconds, isn’t that just a little bit silly? (And we’ve all done it, me too!) Isn’t that rather like filling a bucket with water… which just runs out of all the holes in the bottom?

It’s not rocket science! We simply need to show visitors to our websites the benefits of doing business with us. And we need to do it in a fun, interesting manner.

If possible, we should pack our websites with ‘FREE gifts’, so that visitors derive immediate benefit. One of the most valued gifts is FREE information which you give to your visitors and which will help them.

I’m amazed when I see websites created and run by people ten times more clever than me… yet doomed to failure because they broke ‘The Iron Law of Marketing’ – WIIFM, ‘What’s In It For Me’.

Often it just needs a change in focus and some alterations for your website to be much more successful. If you disregard WIIFM, it will become your worst enemy. If you take heed, it will become your best friend.

Knowing These Can Turn Your Prospect Into Rabid Customer!

No matter who you are or what you do, there’s a common force that’s driving that shapes your emotions and behavior. It determines how you live, the quality of life and ultimately your destiny.

This universal force is the human need. Irrespective of where you are in the world, what culture you are from, what color, status, background, we are universally driven by our human needs. We can break it down to 6 areas of human needs. They are unconscious needs that automatically drive us.

Of these 6 needs, you can view them into two broad categories. One group is the primal need and the other spiritual need.

There are 4 human needs in the Primal needs group. These are the needs you would seek to fulfill as a base and drives every one of us.

First need is the need of Certainty. Everyone wants stability about their basic necessities like food, shelter and other material resources. When people cannot control their physical circumstances, they seek certainty through a state of mind such as religious faith or positive affirmations.

Second need is the need for Variety. People have a need to change their state to exercise their body and emotions. They seek variety through different ways like change of environment, physical activity, mood change, change of people they interact with, entertainment and others. The need for variety sometimes runs into conflict with the need for certainty.

The 3rd need is the need for Significance. Everyone needs to feel special and important in some way. People seek significance through recognition from others or from themselves. Some people meet this need in a paradoxical way. Some people when they feel insignificant or helpless will go out to get others to recognize how significant their problems are and how helpless they are. This ironically raises their significance, just by getting people to acknowledge the enormity of their problem and their helplessness.

The 4th need is the need for Love and Connection. We all need to feel connected with someone or something be it a person, an ideal, a sense of identity. Connection may take the form of love or just engagement. One can still be connected by means of an aggressive interaction.

That was the 4 Primal needs. The next 2 are classified more in Spiritual needs.

The 5th need is the need for growth. Everything in the universe is either growing or dying. Many are not satisfied spiritually unless our capacities are expanding.

The 6th need is the need for Contribution. Just as we survive through the contribution of others (our parents for example), we seek to be spiritually fulfilled through contribution.

The fulfillment of the spiritual needs gives rise to more sustainable joy versus momentary pleasure associated with just fulfilling the primal needs.

There are many ways that people find to meet these needs whether they are positive, negative or neutral ways. We unconsciously act to fulfill our needs and some actions may fulfill a subset of these needs or all of them. When we have a behavior that fulfills at least 3 of these needs, these actions are considered strongly addictive or sometimes known as habits as they fulfill more than half of your needs. Again, these actions can sometimes be positive, negative or neutral to ourselves.

So how do we use this knowledge in marketing?

In evaluating what you are providing, look at if you are fulfilling any of these human needs and especially if you are able to meet at least 2 to 3 of the 6 at a high level. That’s when you have a compelling story or offer that fulfills a person’s strongest desire.

Look at how they market a high end car like a BMW. You are sold on just how great the engineering of the car and how its handling gives you unsurpassed confidence (CERTAINTY) in any condition on the road. Its safety features protect you (CERTAINTY) like none other. Its various controls, gadgets and funky designs allows you to change your experience (VARIETY) whilst you are driving. The name of a BMW says something about you being an owner and driver who is discerning (SIGNIFICANCE) and accords you with some stature. You will be part of a BMW Club (CONNECTION) where you get to meet other owners and go on driving trips or specially, exclusive invited events (SIGNIFICANCE).

Another message that is put forward “By buying a BMW, you are actually doing yourself and your family a great favor by providing them the best technology and safety for their transport” (Contribution and Certainty). If you want to upgrade your skills as a driver, you can be provided a special free pass to BMW Driving School (Growth). They have showroom with high class touches like a private cafe and lounge (Significance) where staff greet you by name and cater to you one on one.

I am just taking this an example of how I see the marketing of a marquee car hits on the different human needs and I took some liberties in some of the offers to illustrate the point. I live in Singapore where these cars are selling like hotcakes and yet we are one of the most expensive markets for cars in the world due to the taxes. So knowing the keys to market to the human needs can set you apart in providing value to a customer even in the most competitive market niche and create a rabid, loyal following, just like drivers of BMW.

Note: I do not represent the view of the manufacturer or have anything to do with BMW.

Copyright 2006 Alvin Toh

A Career As Restaurant Owner Vs Restaurant Manager

There is a big difference between a career as a restaurant owner and a career as a restaurant manager. Restaurant managers sometimes go on to own their own restaurants, restaurant owners often do a great deal of managerial work and both are heavily invested in the success of the restaurant and involved in its daily operations, but the general similarities end there. The specific roles and responsibilities of a restaurant owner vs. a restaurant manager will be explained in further detail below.

A Career as a Restaurant Owner

Restaurant owners are responsible for overseeing the entire operations of a restaurant, even when they hire someone else to manage it. They make an initial investment and either buys the restaurant from someone else or starts his or her own restaurant. Owners must make additional investments down the line when the restaurant needs new equipment and supplies, or when the business has outgrown its location and needs to move or expand, and they will also be responsible for cleaning up the mess if the business fails. The owner has a vested interest in the success of the restaurant, not just because it’s his or her job, but because it’s his or her investment, brainchild and often a dream come true. The owner takes the most financial risk, but he or she also gets the biggest payoff if the restaurant is a success.

They vary in their level of responsibility in the kitchen and on the floor. Some owners hire other people to do everything and trust they will make the right decisions, while others are there every day, interacting with customers and staff and taking on managerial duties. Many of them must work long hours every day of the week as they get their business off the ground, but if it becomes a success, they get the opportunity to sit back and relax a bit.

A Career as a Restaurant Manager

They work closely with restaurant owners to ensure that the business runs smoothly. They also have a vested interest in making sure the restaurant is operating at a profit; in fact, this is their primary concern. The manager has pay increases, bonuses and profit shares to entice him or her to succeed, and the fear of losing his or her job to entice him or her to avoid failure. This career requires skills in budgeting, leadership, communication, analysis and planning, as well as a knowledge and appreciation of the culinary arts and customer service.

Types of Participants in Marketing Channels

Before a company undertakes the web version of marketing management and any channel partner strategy that would be involved, the person in charge should first know the basics of management training. A marketing channel is a group of exercises and other necessary tasks needed in order to transport or relocate the ownership of one product from one certain point of production to the final phase of consumption. Basically, it is the whole transfer of the merchandise from the manufacturer down right to the end user. This consists of all the people, groups and marketing activities, such as advertising and selling, that is within the process of transfer.

The process, however, can widely vary according to a number of factors like the type of industry, the channel partner strategy employed, how production is done and as well as the groups and people who are playing both against and with the manufacturer. The participants can be classified into two types: direct and indirect.

Direct Participants

Direct Participants are called as such because of their straight connection with the source or the manufacturer. They can do the whole advertising and selling of the merchandise from the producer without having to go through other means of doing the process.

The direct channel participants can be categorized into two, the merchants and the agents. Merchants are basically those who are not only direct from the company but is also within the terms of the company. Sample members are individuals from the manufacturing, producing and marketing teams. Retailers, dealers and branches of the company also fall under this category. Agents are those who have a direct connection with the manufacturer but could also be outside the terms of company. Members of this category are brokers, commission agents and other manufacturing representatives.

Indirect Participants

Indirect Participants are simply those groups and organizations that are part of the process but are out of the company’s full grip as well as the second hand source of the merchandise. They are either a whole entity of their own, when as such employed by the company but is not restricted from its own conditions, or a partner company alongside the manufacturer. The members of these groups are called facilitators because what they primarily do is “host” the selling of the product by their own means approved. They are usually chosen by the manufacturer.

The members of the group under the category are wholesalers, distributors, sales promotions agencies and advertising agencies. Some manufacturers take a different stance and employ merchandising specialists, public relations firms and transportation companies along side the first group of members to be mentioned. Other group members that are usually but not all the time used and agreed upon by the manufacturer and the selling organization involved is the use of public warehousing coupled by storage companies, Insurance firms, Service Groups and Market Research Agencies.

While most conventional means of marketing have been said, there are other functions which have not been taken and used. In fact, the creativity of the producers as well as the marketers will help these marketing channels evolve further.

Benefits Of Future Technology

In this write up, the readers will get information on future technology and learn to what extent modern technology has been developed to assist the growth of human civilization.

Technology of the Future would be more sophisticated and user friendly. The rapid technological advancement will make technology more convenient and usable. New technology should be used for the benefit of the society. Now, it is better to say to what extent science and technology have been acceptable to the present generation. In comparison to conventional devices and equipment, future technology news states that ultramodern devices are more workable and powerful in their functionality. According to scientists and researchers, modern technology can make modification and upgrading of common things for their proper usage applying modern methods. The world will be more glamorous and attractive with newer technology and without any trace of carbon footprint.

If you check future technology news, you will find that there are newly launched products and technical accessories which have multifunctional features. For instance, recently Kevin Cheng invented Solar Planter which protects the natural green resources of nature. Plants will be highly protected using the Solar Planter which artificially creates solar energy to preserve green plants in a perfect way. The device is also equipped with powerful exhaust fans to clean out stagnant air from within the Solar Planter. Air will be circulated well inside the planter for the safe keeping of trees and plants. The Solar Planter is also energy efficient and environment friendly. According to future technology news nature will be completely protected from pollution using these new technologies as it will not produce any lethal or hazardous chemical solvents or gasoline products into the air.

In the sphere of the telecommunication, future and modern technology is very powerful and has contributed extensively for the betterment of the communication system. The invention of the humanoid robot is a burning example. Future technology news say that this robotic structure will be sent to out of the planet to strengthen the communication system. Experiments are still going on the upgrade of this robot.

Concept Cloud Blackberry is a sophisticated mobile phone which is both eco friendly and pollution free. This mobile is activated by liquid fuel which does not disturb the peace of nature. Future technology will bring a lot more inventions and accessories to upgrade human lifestyles. The scientists believe that modern science is very effective to make the world green. Future technology must be more user friendly and should not hamper the natural growth of the human race. It must not disturb nature or the society.

Science is a boon and man needs to utilize this for the overall development of the world. Future technology these days not concentrated only on the benefit of humans. Scientists are trying to create technology that will be beneficial to the earth as well.

Conclusion: To get updated information on latest technology, you can check future technology news on the Internet. There are new discoveries and upgrades available every day.

Laundromat Business Plan – Sample Layout

These days most experts will advise you to create a business plan before you decide to take the risks that are associated with starting a business. A laundromat is typically a little more complicated than other small business models so the need for research, planning and a clear direction are even more essential for entrepreneurs entering the coin operated laundry industry.

A laundromat business plan will help you to prove to yourself that your ideas are viable. With a plan in place you will be able to set clear goals and map out a path towards achieving them in an organized manner. A sound business plan may become essential if you have to show it to financiers or investors prior to getting the startup funds that you need. Lastly it will help you to be more realistic and to ask yourself some tough questions about your ideas.

In this article we have set out a sample laundromat business plan layout. We have set out some examples of titles and content that you might consider using. Feel free to use it as a template as you proceed to put your own plan together.

Cover Letter

Your plan should be set out neatly in a folder with a cover that outlines what the report is about and who contributed to it. It is likely that many different parties will read your plan so you may consider attaching a cover letter to each one that addresses the reader specifically, highlighting the concerns that they will have.

Contents Page

If the plan is any longer than a couple of pages you should include a table of contents. This includes a list of all headings and sub-headings together with a page reference so that the information can be located quickly by the reader.

Executive Summary

An executive summary is a simple introduction to the report. Give the reader a brief introduction to your business plan and summarize each of the sections in the plan.

Mission Statement

While not essential, some businesses like to set out a mission statement which outlines their purpose or business philosophy. It usually covers non-financial motives. For a laundromat you might say that you strive to provide the best service to your customers or that you want to provide a clean, safe and efficient way for them to do their laundry. Your mission should be to do your best for the customer and to be better than your competitors.

Background

Provide readers with some background information on yourself and any other individuals who are involved with the proposed laundromat. Readers may want to know what your qualifications are and if you have had any experience in business or in the coin laundry industry.

Provide a background on the local coin laundry industry so that readers get a better understanding of the opportunities that are available.

If your planning has been in progress for a while then you might want to update the reader on what stage you are at. If you are considering purchasing an existing laundromat then you will want to outline the history of the business in this section too.

Business Description

Offer readers a basic description of the proposed coin laundry business. When will your new unit open for business? Where will it be located? Will you have an attendant on-site at the laundromat all day or only part-time?

Goals and Targets

Set out a list of realistic targets that you want to achieve with the business in the first year or two. Such targets could be financial and relate to gross or net profits on a monthly basis. They could also be related to other metrics such as membership numbers or customer satisfaction rates. Thinking longer term you may also set goals to expand into new locations.

Startup Requirements

Before you can launch your new laundromat business you must know exactly what you are going to need and how much it will cost. Costs will include everything from equipment purchases, renovations and marketing along with professional fees and compliance costs.

Once you have listed everything out you can then work out the total startup cost. From here you can mention some of the options that you have for funding the laundromat. Mention how much you will be able to contribute yourself and how much external funding you will require.

Products and Services

Go through the services that you plan on offering to customers. As well as a basic machine laundry service with washers and dryers you may also offer more upmarket services like ironing or dry cleaning. Make a note of the products that will be vended onsite. Obviously you will sell washing related products like soap powder and fabric softener but you may also offer non-related products like coffee and soda.

Market Analysis

As a prerequisite to writing a plan you should have done at least a little market research around the area where you propose to open your coin laundry. You can present your findings in this section of the plan.

In your research you should attempt to discover if there is sufficient demand for a laundromat in the area in question and if so, exactly what kind of services the people within this target market want.

You also need to consider the competition that you have in the local area. Produce a map that shows your customer catchment area bearing in mind that customers will usually go to the laundromat that is more convenient for them to get to. Look at the strengths and weaknesses of your competitors. Is it going to be possible to pull customers from the catchment area of competing laundromats? Can you make your service that much more attractive than theirs?

Marketing Plan

Set out a plan to bring new customers into your laundromat and to convert them into regulars. The marketing component of your plan should cover everything from the development of your brand, pricing, advertising, other marketing methods and customer service.

Remember that in the laundromat business you will be relying on building long term relationships with regular customers. You not only need to focus on bringing in new customers but you also have to focus on satisfying and ‘over delivering’ to your existing customer base. If you retain your customers and please them then you will also benefit by referrals and ‘word of mouth’.

Business Operations

Set out a plan for the daily operation of your laundromat. Make a note of the equipment that you will have in place and how the demands for water and energy will be met. Mention how you plan on maintaining the machines.

Discuss your daily staff requirements. What role will you, as the owner take in the daily running of the laundromat? How many employees will you need and what will their responsibilities be?

What other systems will you have in place to ensure that the laundromat runs smoothly on a daily basis and that you can control and manage the business efficiently. Will you have a computer system to keep track of stock and cash flows? What about a security system?

Financial Analysis

Lastly, but most importantly, a sound business plan will include detailed financial forecasts over a period of two to three years. This data is best displayed in spreadsheets so that you can set up a column for each month. Some businesses include more than one spreadsheet to allow for different situations. You may consider including one as a best case scenario and others that show revenue growing at a slower rate than is expected.

Try to identify a break even point where the business would basically be running without making a profit, but without losing money at the same time. Then you will have an idea of the customer volume that you will have to aim for. To calculate break even point you need to assume an average customer spend per visit and then calculate the number of customer visits needed on a monthly basis.

If you are borrowing money to start the business you should also include a repayment schedule to show how fast the loan will be paid back.

Appendix

Many assumptions are made in business plans so it is important to be able to give reasons as to why you made such assumptions. Rather than guessing you should try to include data that backs up your theories. Include an appendix at the end of your plan that includes all supporting materials that don’t fit conveniently into the pages of the report. These could include maps, pictures, spreadsheets, tables and lists of references and sources to name just a few examples.

Preparing a Business Plan – 4 Important Factors to Consider

A business plan is a written outline about a whole new project that tends to deliver something new or unique in addition to keeping in mind the economic and practical feasibility of that project.

Having said that these plans about a project should be feasible in all aspects, preparing it would take lot of accurate calculations. So, here are some of the important things to be taken care of while preparing a business plan.

The readers should understand that it is a decision-making tool. So, everything should be accurate, to the point and absolutely possible. For example, the objective of the project should be clearly mentioned and the all aspects in the particular plan should be working towards achieving the object. It should not deviate even one bit. The presentation of the plan should be clearly understandable.

When you prepare a business plan, it is very important that you do not look it from your own perspective. It is the global market that you are going to concentrate when you present a plan. So, try to bring in facts, details and calculations about the competitor in the same field and how your plan is better than the competitor.

The main aim of your plan is to get someone to support your new venture. If you are clear about the competitor and the market, it is invariably true that you will impress the audience.

Another important thing to keep in mind while preparing a business plan is to never make assumptions or to give baseless calculations. The people analyzing your plan are highly qualified and aware of every tiny bit of information you give during your plan presentation.