Venture Checklists

Last Verified: 2005-10-07

Summary

The following checklists are meant to assist you in assessing each point against your business plan.

Marketing

Nature of the Market

• number of potential buyers, by region;
• number of existing buyers, by region;
• profile of buyers . . . by age, income, occupation, education, sex, family size, etc. by region;
• profile of users (if buyers and users are different) by region;
• where buyers and users live . . . by region, city size, urban, suburban, rural;
• where buyers buy . . . urban, suburban, rural, trading centre, local, type of store;
• size of purchases;
• when buyers buy . . . time of day, week, month, year, and frequency of purchase;
• how buyers buy . . . name brand specifications or not, impulse, planned, comparison, personal inspection, cash/credit;
• why buyers buy . . . attitudes, motivation, trends, styles;
• who influences buying decisions . . . by type of product and brand, uses of product;
• unfavourable attitudes of buyers and brand;
• indications of changes in buying habits.

Structure of Your Market

• number of competitors;
• number of brands . . . national, regional, local;
• share of market by brands . . . total, regional, city size, type of store;
• characteristics of leading brands;
• differentiation of own brand from leading brands . . . strength, weakness, opportunity, threat analysis;
• policies, presentation, methods and tools of principal competitors.

Product Profile

Product

• quality . . . materials, design, durability, safety, method of manufacture and workmanship;
• models, sizes, colours, flavours, etc.;
• luxury, standard, essential;
• convenience of shopping.

Package

• protection . . . shipping, handling, theft, tampering, spoilage, etc.;
• utility . . . measures, closure, reseal, disposable, reusable, etc.;
• identification . . . universal product code, visual exposure, colour, label;
• display . . . versatility for stacking, hanging, filing, etc.

Name Brand

• legal . . . logo, trademark, copyright, industrial design, song;
• image . . . memory value, goodwill value, recognition, suggestiveness, pleasingness, generic original.

Service

• installation . . . who, when, cost, delivery;
• maintenance . . . who, when, cost, convenience;
• repair . . . who, when, cost;
• warranty . . . who, when, how long;
• accessories . . . aftermarket, compatible.

Place in the Market

Distribution Channels

• number of retailers . . . each type by region;
• number of wholesalers . . . each type by region;
• per cent of retailers . . . each type, handling brand by region;
• aggressiveness of retailers, co-operation by region, store type and city size;
• indications of shift in relative importance of channels.

Promotion

Personal Selling

• recruiting and selection . . . methods, qualifications, standards;
• training . . . methods, skill development, motivation;
• supervision . . . performance reviews, development;
• compensation . . . commission, bonus, benefit plans.

Advertising

• effectiveness . . . comparison of spaces purchased, timing, appeals and themes, black and white vs. colour;
• cost effectiveness . . . various media, style, background, placement;
• product effectiveness . . . feature products, merchandising.

Sales Promotion

• co-operative advertising;
• deals, premiums, coupons, discounts, bonus gifts, displays.

Publicity

• announcements, press releases, mentions.

Price

• from factory . . . volume capacity vs. demand;
• to wholesalers . . . by type, size and region;
• to retailers . . . by type, size and region;
• discounts . . . functional, volume, cash, other;
• allowance and deals;
• service charges;
• price stability . . . commodity influences such as energy, labour, weather, technology.

Strategy

• selection of a target market;
• development of a marketing mix (product, price, place, promotion);
• implementation and monitoring strategies.

Operation

Finances

Organization

Staff

• skilled;
• unskilled;
• professional;
• supervisory;
• qualification standards;
• job descriptions;
• wages and salaries;
• performance standards;
• staff benefits;
• staff training;
• employee evaluation and appraisal standards.

Management

• Can management prepare and implement a sound business plan?
• Does management have adequate authority and control to fulfill its responsibility?
• Do training programs encourage personal skill development towards increased responsibility?
• Can management change be introduced as required to benefit the business? Even if the changes require a new manager?
• Does the manager have the qualities of time, character, stamina, planning, control, development, leadership, decision-making, confidence, practical realism? And commitment?

Preparation and Commitment

• Have you obtained independent legal advice on all contracts?
• Are all financial commitments finalized? In writing?
• Does the business plan have time in its favour?
• Are you prepared to lose your business investment?
• Are you prepared to succeed?

Prepared by: Saskatchewan Regional Economic and Co-operative Development