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A technology company creates and sells technology, setting it apart from companies that simply use or expand on existing technology. There are several large, successful technology companies like Microsoft and Apple in existence today, and they started with business plans. Since a technology company is a state-of-the-art business, it requires a state-of-the-art business plan. Developing an Executive Summary that clearly and succinctly conveys the new products and services that represent applied scientific knowledge is absolutely critical.
The effectiveness of the business plan depends on being able to present complex information that keeps the interest of funders and provides clear direction for management in a complex environment.
The business description, market business strategies, competitive analysis and management plans have to be written in a way that make it possible for the reader to quickly grasp the mission, goals and planned strategies, which encourages a variety of potential funders from venture capitalists to traditional lenders to take an interest in the company or project.
- What hi-tech sector will the business venture operate in, i.e. software/hardware, medical, green energy, telecommunications, etc.?
- How will competition be identified and defined?
- How will branding set the technology company apart from a crowded field of global technology businesses?
- What continuous process improvement will be instituted to ensure long-term viability?
- Are there plans for outsourcing elements of product development or services delivery?
- Will marketing focus on business clients (B2B) or consumers?
- Are the targeted markets domestic or global?
- What pricing structure will be put in place and how will competitive rates be maintained?
A successful technology business plan will identify the specific market needs and present the solutions the startup or existing company has developed. Given the thousands of hi-tech companies started every year, it is critical that the market benefits of the proposed solutions are carefully and thoroughly explained. The technology industry is characterized by rapid advances, and a startup or new project seeking funding must be able to show how its state-of-the-art products and services fulfill consumer or commercial market needs.
A professional and attractive business plan also highlights market entry strategies, sales models and financial projections. However, given the volatility of the technology market, the business plan must also address risk factors associated with rapid technology changes and ease of market entry for competitors. Professional business consultants at OGS Capital have extensive experience in addressing the unique characteristics of the technology business in the business plan. Completing the simple form to the right will put you in contact with experts who can provide assistance with business development, including market research and industry analysis.
Download Technology Business Plan Highlights Hi-Tech Opportunities Sample in pdf
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