However well you think you know about a business, you’ll never have a full grasp of its running without setting a strategy for its running. This is what a telephone answering service business plan helps you achieve.
Large companies and businesses have found efficient ways of outsourcing non-essential work to smaller businesses. One of such is a telephone answering service.
If you’re interested in starting one, then you should also be interested in having a plan in place. We are talking about a business plan.
TELEPHONE ANSWERING SERVICE BUSINESS PLAN TEMPLATE
Consider this article a guide on how to piece together a good business plan.
By putting all the needed work, you’ll have yourself to thank when you begin to reap its benefits. Without further delay, let’s get into the business for which we’re here for.
BUSINESS PLAN OUTLINE
This is one of the first things you need to know before commencing your telephone answering service business plan.
By “pattern” we’re simply referring to the systematic arrangement of your business plan. There are basic sections you cannot exclude. They include the following;
The executive summary, company description, products and services, and market analysis. Others are strategy & implementation, organization & management team, and also the financial plan & projections.
These components of a plan are useless without further information on how they should be written.
i. Executive Summary
A business plan, whatever it is for, will never be complete without an executive summary section. Consider this a brief introduction to your telephone answering service business plan.
Provides a highlight of the entire plan and should be so written to hold the reader’s attention.
The executive summary is best written last. Although this is the case, it’s the section that appears first in your plan for good reason. The reader should know what your business is about among some basic information.
The summary also has its own sections for better comprehension and coverage. These include business name and location, services offered, mission and vision statements, and also its purpose.
Business Name & Location
To be taken seriously, your telephone answering service will need to go by a business name. Also, its location counts.
Your audience will seek to know what location your business is situated. This is a way to give a brief picture of your operations.
As a service-based business, you’ll be handling a lot of calls for large businesses.
Therefore, you’ll need to include all such services. Whatever you need to offer your clients should be captured in this section.
Mission & Vision Statements
Where do you see your telephone answering service in some years from now? You should state your company’s goals and why you offer your current services.
In the case of a vision statement, you won’t give a picture of what you intend for your business to achieve in the future.
In other words, the vision statement should encapsulate all the necessary information about where the business is headed.
Purpose of the Plan
Without purpose, operating a business will be futile.
With this knowledge, ensure that you include the purpose of the plan. Doing this gives more drive and direction to your business.
ii. Company Description
As the name suggests, this section is all about describing your telephone answering service. It covers key areas of operation as well as your business goals. This should feature information relating to the legal structure it will take, as well as the history (this should be short).
Additional contents of the company description should include a clear demand for the service you offer. You should also include details of all the services you wish to provide. Also, add the clients you wish to serve.
If your telephone answering service has been in existence for some time, including a summary of company growth.
Such a summary should capture the market or financial highlights. What more? Proceed to add your short and long-term goals. More importantly, you should be able to show how your business will earn profits.
iii. Products & Services
Services are the major focus here as telephone answering is service-based. Give an in-depth description of your service with specific reference to how it will benefit your clients.
Does your telephone answering service have a market role? What exactly is such a role and state the edge you have over other competitors.
iv. Market Analysis
This is where you need to demonstrate your knowledge of the telephone answering industry.
Here, you should have a clear sketch of your target clients. Include an industry description as well as outlook and also provide the past, current, and projected marketing data.
Your competitors are a key part of the equation. Therefore, you’ll need to include an assessment of their strengths and weaknesses.
v. Strategy & Implementation
Marketing strategy is key to winning outsourced call contracts. Therefore, include information on how you intend to sell your telephone answering business to clients.
Here, cost details, promotion, and pricing will have to be fully unveiled.
Which sources of labor are you counting on and how many employees do you wish to hire? Operating hours will need to be clearly stated too.
vi. Organization & Management Team
An effective organizational structure promotes efficiency.
Therefore, you’ll need to provide details in the form of an organizational chart. This chart should include important management staff. A profile of these management team members is needed including names, roles played as well as prior experience.
For the owner(s), names should be included as well as their percentage ownership (in the case of a partnership).
What’s their extent of involvement? Include this piece of information too.
vii. Financial Plan & Projections
For your telephone answering service to be lucrative, it needs to have a financial plan as well as projections. If you aren’t a financial expert, writing this section will be difficult. As such, consider seeking the help of financial experts.
This part of your telephone answering service should include historical financial data. This is applicable if you’ve been in operation for some time. This historical financial data consists of income statements, cash flow statements, and balance sheets.
Information on projected financial goals must be included. This includes forecasted balance sheets, income statements, budget, and capital expenditure for a period covering 5 years.
With these sections all included, your telephone answering service business plan is complete and ready for implementation.