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Your business plan outlines what your business does and what you are trying to achieve.It explains what the market opportunity is, what makes your business special and how you will make it a success.Inquiries about rules and judging criteria should be directed to Carline Vuylsteke, NIBS Vice President.
You can also assess any threats posed by both new entrants to your market and current competitors.
This knowledge will help you to be realistic about how successful you can be.
The videos produced by these three teams are then shown during a special session held at the NIBS Annual Conference in May, where delegate votes help to determine the winner.
Participants in the Business Plan Competition benefit in a variety of ways: The entry fee for the 2020 Business Plan Competition is €150. If you have questions regarding competition logistics or the status of your registration/payment, please contact the Competition Coordinator, Ana De Plus.
The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls.
Harvey balls allow you to grade each customer benefit from zero to four, and to show a comparison of these benefits to your main competitor products.
Indeed, you could find yourself competing with businesses from other countries.
Your competitor could be a new business offering a substitute or similar product that makes your own redundant.
Underneath the comparison to the competition is made using Harvey balls on a rating of zero (blank circle) to four (completed circle).
The investor will want to understand that your product has the potential to take a major share of the chosen target market by being shown that it is sufficiently competitive for a number of key customer benefits.