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Part 2 Identifying the Problem and Solution in Your Business Plan

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Part 2 Identifying the Problem and Solution in Your Business Plan

In the first Part of this outline of the business plan, we covered the role of the executive summary and identified the different section to include in such an executive summary. In this second part, we will look at the problem and the solution of the business plan

The problem and the solution element of the business plan are the most invaluable element as they are the basis for the success of the business. Concisely the role of problem and the solution boils down to how best one will meet the needs of your market.

We have divided this section in to two threads as shown below.

Problem worth Solving

The issues that are covered in this section are a comprehensive description of the key problem or unmet need that you will address for your customers. For the common businesses, such as a restaurant or nail salon, one is required to provide an explanation of why the customers need your particular restaurant or nail salon. Some of the questions that will be pointers are;

·         Do you offer lower prices?

·         More convenient hours?

·         A better location?

·         A specialty that is not otherwise available in your area, such as a Moroccan restaurant or a late-night taco truck.

For a company that is doing something new and different, explain why the world needs your innovation. What is it about the existing solutions that are subpar? Maybe your new medical device avoids the need for invasive surgery to treat a serious medical condition. Or maybe you are improving on a mediocre product category creating a better hospital gown, an easier way to de-wrinkle clothing, a more convenient way to outsource your tax preparation, and so on.

If your company solves several distinct customer problems, describe them all here. You may want to rename the topic to be plural: "Problems worth Solving”.

Our Solution:

The second part of this section is the solution section, which will help you Explain how your company will address the problem you identified above. What products or services do you offer, and how do they meet your customers’ need? For example, if the problem is that parking near the local college is expensive and hard to find, your solution might be a bike rental service with designated pickup and drop-off locations near both classrooms and off-campus student housing.

If your company is tackling several distinct problems, describe your solutions individually here. You may want to rename the topic to be plural too: "Our Solutions”.

Solutions are simply the light bulbs for your problems

The problem and the respective solution will be precursor in developing the goals, the strategies, the objectives, and any other approach to adopt to better address the market needs. There is always the need to identify the specific component that will directly translate to how customers and your employees interact to help identify and fashion specific solution.

This explains why this section is important in a business plan.

Part 2 Identifying the Problem and Solution in Your Business Plan

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