Service Business Plan – Differences From a Product Business Plan

When creating a service business plan, either start with a business plan template created specifically for a service business to save time and worry, or take great care to adjust the plan to be appropriate for a service rather than a product. These are a few elements of the plan that will require changes.TerminologyCertainly, a plan with focuses on “product”, “product design” and “product development” must have those terms adjusted. Within the marketing section, “place” is often discussed as one of the 4 Ps (product, promotion, price and place). In a service business plan, “place” should refer to both the location where the service will be delivered to customers (whether this is a physical location or a website) and the methods of delivery (such as sales by phone, over the internet, in person, etc).InventoryFor a pure service, there generally is no inventory. The “product” of service is created at the same time as it is consumed. For that reason, operations management terms like “inventory management” do not apply. Mentions in the balance sheet of inventory may need to be removed to show that you are focused on a business service and demonstrate that you are not using a “cookie cutter” financial model (even if you did start out with a model template).Exit StrategyWhen a pure service business is designed around the work of the entrepreneur (for example, a consulting or brokerage business), exit strategy as it normally exists in other plans becomes more challenging. This is because the exit strategy for many small businesses is a strategic sale of the company to a larger business that values its resources. However, if most of the key resources of the business are in the entrepreneur, larger businesses would rather hire the entrepreneur away than buy the business itself. In this case, the entrepreneur may profit to a certain extent, but value does not flow to investors to provide them a return for the capital they put in. Take this into account and either show other assets being developed in the company (i.e. proprietary systems) or consider a different type of exit.

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What Makes a Good Digital Signage Company?

Having digital signage is almost mandatory for business owners nowadays. If you are not yet using electronic signage, you could be left behind by your competitors. Using this type of signage offers a great opportunity for companies to get the word out about their products and services.There are many companies that offer electronic signage services but, of course, not all of them are created equal. Choosing a provider can be difficult, especially if you don’t know the difference between a good company and a bad one. Below are just some of the characteristics of a good digital signage company.Tailor-fitted serviceDifferent businesses have different advertising needs. A good digital signage company acknowledges this. Some companies have a single solution for all types of industries. But this approach simply does not work. Go for a company that offers tailor fitted services. The best thing about such a company is that you can be sure that it will spend time to know and understand what your business really needs. It is good to work with companies that communicate well with their clients and are truly concerned with their success.Different packages for different budgetsApart from the needs of clients, another consideration is the budget or the money people are willing to spend on an electronic signage campaign. While it is tempting to offer services for affluent companies, a good company does not ignore the needs of small players and upstarts. This is the reason why the best companies out there offer different packages. If you are small business owner then you should choose a company that offers affordable packages. Advertising is important but it should not take most of your budget.Plenty of optionsA good company should be able to offer their clients plenty of options. There are actually many kinds of digital signage systems available and a good company should be able to offer most if not all of them. A good company should also be clear about the features as well as the advantages and disadvantages of each system and communicate them well to you.State-of-the-art systemsA good company offers state of the art systems. Competition in business is tough nowadays that’s why you need to use the best methods to reach potential clients. A good digital signage company can help you gain an advantage over your competition with cutting edge systems that will definitely get your brand noticed.

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