Steps for determining your information needs in preparation of a business plan

1. Review the elements of a basic business plan.

Look at the larger picture to determine which pieces are filled in and which pieces need more attention. Depending on your business venture, you may not need to devote as much attention to some parts of a business plan as others, but be sure each section is addressed as fully as needed. For example, Laszlo emphasized the marketing concerns of PCC because they were the critical success factors. The operating plan, however, had fewer variables and received less attention.

2. Define the categories of information you need.

As you develop your business plan, you might find that you are focusing on your own business without stepping back to look at the broader picture of the competitive industry. For example, you may have all the information you need about producing your own product, but you don't know what your competitors' production costs are. This information is important to ensure the cost competitiveness of your product. 

Another area that may not be given adequate attention is the regulatory arena. Are you fully informed about government tax or regulatory issues that may affect your business? For example, if you are planning to trade internationally, then you should check on the trade regulations of both your home country and the foreign country.

3. Determine the critical information you have.

Don't waste your time and efforts on finished work. Checking that you have complete information on certain critical areas will allow you to devote your energies to those areas that need further work. For example, if you already have distribution choices identified, then move on to other concerns such as researching OSHA requirements on the production floor.

4. Determine the information you need to retrieve.

As you are making this assessment, keep in mind that you should focus only on the critical areas of information you need. Typically, these areas will be outside of your expertise. If you are a marketer, then the finance or production information may be lacking. 

Get help to determine information needs. Since the gaps will generally lie in unfamiliar territory, find someone on your team or hire a consultant to guide you through the process of determining what and how much information you need in that region.

5. Explore where and how will you get it.

In many ways, access to information is becoming easier and easier. The Internet continues to grow exponentially, providing information at a keystroke. Use search engines to find the Web sites for government, industry, marketing, and company information. For example: 

• The Small Business Administration (SBA) has a wealth of information on its Web site, and other government agencies offer regulatory and tax information online.
• Accounting firms have Web sites that can help you develop your financial plans.
• Company Web sites can give you competitive and market information.

Industry publications - newsletters, journals, etc. - are a rich source of information. Check out these resources for your own industry and the industries involved in the process of producing your product or service. For example, if the distribution of your product requires trucking, you might want to read some trucking industry journals.

Market research may require professional help. If you need more information about the buying patterns of your target market, then a marketing consultant could develop a research program to find the answers you need.

Have you located the resources or potential strategic partnerships that are available? Don't forget the resources of the SBA—it's one arm of the government that can provide help, information, and services for new business ventures.