{"id":3519,"date":"2020-09-28T05:31:37","date_gmt":"2020-09-28T05:31:37","guid":{"rendered":"https:\/\/www.businessincyprus.gov.cy\/%cf%83%cf%87%ce%b5%ce%b4%ce%b9%ce%ac%ce%b6%ce%bf%ce%bd%cf%84%ce%b1%cf%82-%cf%84%ce%b7%ce%bd-%ce%b5%cf%80%ce%b9%cf%87%ce%b5%ce%af%cf%81%ce%b7%cf%83%ce%ae-%cf%83%ce%b1%cf%82\/"},"modified":"2023-04-05T11:55:19","modified_gmt":"2023-04-05T11:55:19","slug":"plan-your-business","status":"publish","type":"page","link":"https:\/\/www.businessincyprus.gov.cy\/el\/doing-business-in-cyprus\/plan-your-business\/","title":{"rendered":"\u03a3\u03c7\u03b5\u03b4\u03b9\u03ac\u03b6\u03bf\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7\u03bd \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03ae \u03c3\u03b1\u03c2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3519\" class=\"elementor elementor-3519 elementor-707\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7393646 business-overview-accordion elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7393646\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7dd5e18\" data-id=\"7dd5e18\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aeca9d4 elementor-widget elementor-widget-accordion\" data-id=\"aeca9d4\" data-element_type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-accordion\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1831\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1831\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Planning for your business<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1831\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1831\"><p>Having a Solid Strategic Plan for your business\u2019s establishment and development means that you will be able identifying the right strategy as well as the necessary implementation tools. Furthermore, having a plan allows businessmen and women to identify the ideal debt financing, grant and\/or investment schemes that can be applied in their case. It is of vital importance to know well in advance what is expected and required, so as to start correctly and timely any business in Cyprus. Developing a Business Plan is the first and most important step in establishing and developing a business in Cyprus. This Business Plan, except of serving as a guide and benchmarking for the business\u2019s future development, will serve also as vehicle in acquiring financing, partners and governmental approvals. The Business Plan must include all the necessary information that are required universally in many different cases, whether it is related to bank loan processes, EU grant acquisition or other.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a1fada elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a1fada\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-327d1a7\" data-id=\"327d1a7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69af22d business-second-accordion elementor-widget elementor-widget-toggle\" data-id=\"69af22d\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1101\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1101\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Overview<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1101\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1101\"><div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan1\">\n<h3>Business planning<\/h3>\n<\/div>\n<div id=\"plan1\" class=\"collapse\">The feasibility of businesses lies nowadays in the development of both local as well as global ventures that serve both domestic as well as international markets. This type of business are called \u2018Glocal\u2019 and they are the type of ventures that have the highest potential of success, meaning that they can also \u2018absorb\u2019 faster and better financing tools either through loan, grant or private investments. Except in cases of specific businesses that aim to serve only the local market, (restaurants, hotels, advisory services etc.), having a global reach or potential is of vital importance.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan2\">\n<h3>Advice, Support and Resources<\/h3>\n<\/div>\n<div id=\"plan2\" class=\"collapse\">The Cypriot market is one of the main business service hubs in Europe, meaning that the necessary advice related to financing, tax planning and global venturing can be offered by local and multinational advisory groups that have their offices in Cyprus. Except of private advisory firms that could support any business implementation, the entrepreneurs can find support and additional information in Chambers of Commerce, and governmental authorities as suggested in the list below: <strong>Main Chambers of Commerce: <\/strong><\/p>\n<ul>\n<li>Cyprus Chamber of Commerce and Industry: <a href=\"https:\/\/ccci.org.cy\/\" target=\"_blank\" rel=\"noopener\">https:\/\/ccci.org.cy<\/a><\/li>\n<li>Nicosia Chamber of Commerce and Industry: <a href=\"http:\/\/www.ncci.org.cy\/ncci\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.ncci.org.cy\/ncci<\/a><\/li>\n<li>Limassol Chamber of Commerce and Industry: <a href=\"http:\/\/www.limassolchamber.eu\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.limassolchamber.eu<\/a><\/li>\n<li>Paphos Chamber of Commerce and Industry: <a href=\"https:\/\/pcci.org.cy\" target=\"_blank\" rel=\"noopener\">https:\/\/pcci.org.cy <\/a><\/li>\n<li>Famagusta Chamber of Commerce and Industry: <a href=\"https:\/\/famagustachamber.org.cy \" target=\"_blank\" rel=\"noopener\">https:\/\/famagustachamber.org.cy<\/a><\/li>\n<li>Larnaca Chamber of Commerce and Industry: <a href=\"http:\/\/www.larnakachamber.com.cy\" target=\"_blank\" rel=\"noopener\">http:\/\/www.larnakachamber.com.cy<\/a><\/li>\n<\/ul>\n<p>For statistical information related to official data about the Cypriot market you can visit the following website of the Cyprus Statistical Service: <a href=\"https:\/\/www.mof.gov.cy\/mof\/cystat\/statistics.nsf\/index_en\/index_en\" target=\"_blank\" rel=\"noopener\">https:\/\/www.mof.gov.cy\/mof\/cystat\/statistics.nsf\/index_en\/index_en<\/a> For Foreign investors, it is important to communicate during the planning period with the representative office of their home country. Foreign Embassies and trade commissions in Cyprus: <a href=\"http:\/\/www.mfa.gov.cy\/mfa\/mfa2016.nsf\/mfa51_en\/mfa51_en?OpenDocument\" target=\"_blank\" rel=\"noopener\">http:\/\/www.mfa.gov.cy\/mfa\/mfa2016.nsf\/mfa51_en\/mfa51_en?OpenDocument<\/a><\/div>\n<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf7391b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cf7391b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25c21a1\" data-id=\"25c21a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4f93e55 business-second-accordion elementor-widget elementor-widget-toggle\" data-id=\"4f93e55\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8341\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-8341\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Business plan<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8341\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-8341\"><div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan3\">\n<h3>Before writing your plan<\/h3>\n<\/div>\n<div id=\"plan3\" class=\"collapse\">The success of a business plan and the venture an entrepreneur is developing his plan for, demands a preparatory phase, where the businessmen and women examine the data that will show the basic elements of its future success. Before writing a business plan it is important to examine the following elements: a) Identify the consumer need (Business to Consumer and\/or Business to Business) the venture will satisfy and the reasons it has not been solved in the market until the planning day. b) Identify and quantify the potential market (domestic and international) and the tools or channels that are necessary to be used so as to penetrate successfully the market. c) Find the support that is necessary in terms of expertise so as to build a solid venture that creates a sustainable competitive advantage. Identify the type of experts and professionals needed for this venture and examine their availability as well as cost in the market during the planning period. d) Identify the sources of capital, debt financing, grant schemes and their relevant cost that could be applied to the case of the venture. e) Create your financial model in an effort to identify the sources of revenue (revenue streams), the different types of costs as well as the ratios and cash flows related to the future business. f) Think and plan whether your could create a Minimal Viable Product (MVP) so as to collect feedback from users and find the right strategy and final form of the product \/ service to be launched in the market. g) Design the implementation strategy (in brief steps) so as to identify the technical and financial feasibility of the project.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan4\">\n<h3>Why do I need a business plan?<\/h3>\n<\/div>\n<div id=\"plan4\" class=\"collapse\">The business plan is very important prior to the establishment of any business because it allows to plan correctly, to create a strategy and an implementation plan and also it is very useful as benchmarking to assess the development of the business throughout the years. The business plan is the lighthouse guiding any new or established venture. Except of its internal use, the business plan can be used for various reasons. It is the document that allows attracting investors, applying and eventually acquiring funding through grants and debt financing and a tool for setting the base for valuating any business\u2019s present and future value.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan5\">\n<h3>Research your Market before hatching a Business Plan<\/h3>\n<\/div>\n<div id=\"plan5\" class=\"collapse\">Identifying the different categories of potential clients (segments) and the volume of customers and\/or relevant transactions is very important prior to any venture\u2019s implementation. It is important to perform customer segmentation (categorization) and to identify the distinctive elements that define the customer groups\u2019 behaviour so as to be able to create a fully adapted communication, promotion and marketing strategy that will maximise the venture\u2019s client reach and acquisition.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan6\">\n<h3>How to write a business plan<\/h3>\n<\/div>\n<div id=\"plan6\" class=\"collapse\">There are several formats of business planning and different requirements coming from each category of recipients \/ examiners. In order to create a complete business plan that could be used for all purposes it should ideally contain the following elements: <strong>Chapter 1: Company Background &#8211; Analysis<\/strong> 1.1 Analysis of Company Background (including owners\u2019 Profile analysis) and current internal conditions 1.2 Physical Location Analysis by several criteria 1.3 Company Assets Analysis 1.4 Available Human Resources Analysis 1.5 Market Opportunities 1.6 Future developments and strategy to be adopted <strong>Chapter 2: Products \/ Services and Business Model<\/strong> 2.1 Detailed Analysis of the Product \/ Service 2.2 Business Model Canvas Analysis 2.3 Secondary \/ Supporting services 2.4 Analysis and road map for licenses and procedures to undertake (if necessary) <strong>Chapter 3: Market Analysis <\/strong> 3.1 Consumer Segmentation and Target Groups Analysis 3.2 Market Conditions and Competition Analysis (Including Statistics) 3.3 Conduct a fully detailed PEST Environment Analysis 3.4 Conduct a Porter Five Forces analysis 3.5 Conduct a SWOT Analysis <strong>Chapter 4: Develop sales strategy (roadmap) and set-up basis for promotion and marketing <\/strong> 4.1 Establish the company\u2019s mission and vision statements 4.2 Conduct a fully detailed Marketing Plan with customized strategy (Marketing Mix 7Ps) a) Product b) Price c) Place d) Physical Evidence e) People f) Promotion g) Process <strong>Chapter 5: Financial Analysis<\/strong> 5.1 Conduct a Costs Analysis for the project\u2019s current and future position a) Investment Costs b) Fixed Costs c) Variable Costs (Cost of Sales) 5.2 Sales Forecast Analysis by service and consumer category 5.3 Income Statement (Profit &amp; Loss Analysis) 5.4 Break Even Analysis 5.5 Financial Ratios Analysis 5.6 Cash Flow Analysis<\/div>\n<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cabaee6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cabaee6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10a2f44\" data-id=\"10a2f44\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f7c3f05 business-second-accordion elementor-widget elementor-widget-toggle\" data-id=\"f7c3f05\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2591\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2591\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Financial plan<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2591\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2591\"><div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan7\">\n<h3>Why do I need a financial plan?<\/h3>\n<\/div>\n<div id=\"plan7\" class=\"collapse\">The financial Plan is the image of the venture\u2019s future development, potential and feasibility. All the elements contained in a financial plan allow assessing the solidity of a project\u2019s business model and its potential to yield revenues and profits. The financial plan is able to indicate whether there are wrong estimations or expectations from a venture\u2019s business model (Business Model Canvas) and the elements that could be pivoted in order to reinforce the potential of the company. The Financial plan can serve as vehicle for acquiring the most optimal possible terms in the case of debt acquisition and grant support and providing grounds for a company valuation prior and post investment.<\/div>\n<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0c8a949 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0c8a949\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-559660a\" data-id=\"559660a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-56b2741 business-second-accordion elementor-widget elementor-widget-toggle\" data-id=\"56b2741\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-9091\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-9091\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Marketing Plan<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-9091\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-9091\"><div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan8\">\n<h3><strong>Why do I need a marketing plan?\u00a0<\/strong><\/h3>\n<\/div>\n<div id=\"plan8\" class=\"collapse\">The Marketing Plan is extremely important because it indicates three main elements: a) The Strategy of the company for acquiring a maximum of customers. b) The budget that is necessary for the expected \/ forecasted client acquisition. c) The decisions of the company based on the results of market research and how the company makes sure to deliver its value to the market through various channels.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan9\">\n<h3><strong>Develop a Strategic Marketing Plan<\/strong><\/h3>\n<\/div>\n<div id=\"plan9\" class=\"collapse\">Before deciding on the different actions that have to be implemented for the full promotion of the venture, it is important to decide on the strategic direction this plan must take. The Marketing Strategy takes into account the basic pillars of promotion and the way that the company will be addressing the market so as to gain an identifiable and branded position in both the domestic and eventually the international market. The Market Research section or chapter allows the entrepreneurs to identify the needs of the market and the existence of competitive solutions. Based on these elements, the businessman or woman can decide the different actions that are required in order to disseminate the existence and benefits offered by the product or service of the venture. The methodology for developing a marketing plan is by following a gradual analysis resumed as: a) Promotion Targets b) Promotion Tools identification c) Promotion Budget establishment d) Implementation \/ timing plan.<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan10\">\n<h3><strong>The Marketing Mix \u2013 7Ps Model<\/strong><\/h3>\n<\/div>\n<div id=\"plan10\" class=\"collapse\">One of the most renowned and vaguely used methods of marketing planning is the \u2018Marketing Mix \u2013 7Ps\u2019. The 7 categories of propositions classification allow entrepreneurs to imagine, conceive, select and present their marketing plan.When developing a business related to a physical product, the entrepreneurs are using the first 4 Ps and when developing a service related business or a venture proposing a product supported by services are using the 7Ps. Following in order the 7Ps model, allows to discover the potential elements of promotion and to create a complete plan without weaknesses or omissions. In the table below, you can see the requirements of each \u2018P\u2019 and the elements that have to be presented in each section (examples):<\/p>\n<table width=\"784\">\n<tbody>\n<tr>\n<td width=\"104\"><strong>PRODUCT<\/strong><\/td>\n<td width=\"104\"><strong>PLACE<\/strong><\/td>\n<td width=\"104\"><strong>PRICE<\/strong><\/td>\n<td width=\"123\"><strong>PROMOTION<\/strong><\/td>\n<td width=\"113\"><strong>PROCESS<\/strong><\/td>\n<td width=\"104\"><strong>PEOPLE<\/strong><\/td>\n<td width=\"132\"><strong>PHYSICAL EVIDENCE<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Design Technology Usefulness Value Quality Packaging Accessories Warranties<\/td>\n<td width=\"104\">Retail Wholesale Online Multi-channel Peer-to-Peer<\/td>\n<td width=\"104\">Cost-plus Penetration Loss-leader Discounts Loyalty prices<\/td>\n<td width=\"123\">Advertising Direct mailing Newsletters Leaflets Posters Free gifts Competitions TV Spots<\/td>\n<td width=\"113\">Consumption method User friendly Automated tools UX\/ UI Payment Safety<\/td>\n<td width=\"104\">Culture Customer Services Management Training Appearance<\/td>\n<td width=\"132\">Design Interface Endorsements Rating Comfort Facilities<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan11\">\n<h3><strong>Positioning your business<\/strong><\/h3>\n<\/div>\n<div id=\"plan11\" class=\"collapse\">Positioning a product or service is related to what a venture must do so as to market its product or service to potential customers. This is also related to the image of the product in the market, what it stands for and resumes its differentiation from competitive products or services. Positioning is basically the dissemination of the company\u2019s identity and real value towards the market within the eyes of the purchaser. Before positioning any product, service or company entrepreneurs should answer the following strategic questions:<\/p>\n<ul>\n<li>What the customers are really buying from the enterprise?<\/li>\n<li>How&#8217;s the product(s) and\/or services(s) different from those of the competitors?<\/li>\n<li>What makes the product(s) and\/or service(s) unique?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"lv2\">\n<div class=\"accordion-title collapsed\" data-toggle=\"collapse\" data-target=\"#plan12\">\n<h3><strong>Legal obligations of Marketing<\/strong><\/h3>\n<\/div>\n<div id=\"plan12\" class=\"collapse\">In the marketing efforts of each company, there are some basic obligations that have to be followed in order to be able to reach a maximum of audience without breaking the law. The different obligations are briefly presented below:<strong>Competitions<\/strong> Competitions, lotteries or promotions are regulated by the Cypriot government and often they require a specialized permit. If applicable please visit <a href=\"https:\/\/nba.gov.cy\/en\/\" target=\"_blank\" rel=\"noopener\">https:\/\/nba.gov.cy\/en\/<\/a><strong>Direct marketing<\/strong> Before you conduct direct marketing, check that you comply with the privacy legislation and spam regulations. Information can be found in the website of the Office of the Commissioner for Personal Data Protection: <a href=\"http:\/\/www.dataprotection.gov.cy\/dataprotection\" target=\"_blank\" rel=\"noopener\">http:\/\/www.dataprotection.gov.cy\/dataprotection<strong>Privacy<\/strong> As a business owner, you\u2019re responsible for protecting your customers\u2019 personal information. Take care when you collect, use, secure and disclose a customer&#8217;s information that you comply with the applicable laws also found in the previous link.<\/a><strong>Intellectual property<\/strong> Whether you use your own names, brands and logos or the ones belonging to another business entity, it is important to follow and comply with the regulations of Intellectual Property Protection.In order to check the available brand names for creating a trademark and the regulations concerning any IP rights protection, the official authority in Cyprus is The Department of Registrar of Companies and Official Receiver.The competent department\u2019s direct link is: <a href=\"https:\/\/www.intellectualproperty.gov.cy\/en\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.intellectualproperty.gov.cy\/en\/<\/a> <strong>Trade mark laws<\/strong> The trademark must create the conditions to differentiate the products and\/or services of any firm from the rest of the businesses. Furthermore, it must absolutely describe the object of protection that is acquired for its owner clearly and without doubts. Since Cyprus belongs to the EU, protecting one\u2019s trademark at European level maximizes the scope of protection with limited costs. The cost of protection is not only connected to the number of regions or countries that the trademark is applied, but also from the width of the scope of the brand name\u2019s activities (activity classes). <strong>International regulations<\/strong> When you export or expand overseas, it&#8217;s important to follow all the relevant rules, depending on the type and eventual use of the product that is marketed. The competent authority is the Ministry of Energy, Commerce and Industry and more information regarding rules and online licenses applications can be found in: <a href=\"http:\/\/www.mcit.gov.cy\/mcit\/trade\/ts.nsf\/ts08_en\/ts08_en?OpenDocument\" target=\"_blank\" rel=\"noopener\">http:\/\/www.mcit.gov.cy\/mcit\/trade\/ts.nsf\/ts08_en\/ts08_en?OpenDocument<\/a> <strong>European Union (EU) General Data Protection Regulation (GDPR)<\/strong> The European Union (EU) General Data Protection Regulation (GDPR) is a set of data protection requirements. Any venture is likely to have to comply with the said requirements if:<\/p>\n<ul>\n<li>has an establishment in any country of the EU<\/li>\n<li>offers goods or services inside the EU markets<\/li>\n<li>has a website that is aiming to acquire EU customers (either by permitting to order goods or services in a European language (other than English) or accepting any monetary payment in Euros)<\/li>\n<li>has websites that mention any of its EU customers or users<\/li>\n<\/ul>\n<p>More information about this vital topic, can be found in: <a href=\"http:\/\/www.dataprotection.gov.cy\/dataprotection\/dataprotection.nsf\/page3g_en\/page3g_en?opendocument\" target=\"_blank\" rel=\"noopener\">http:\/\/www.dataprotection.gov.cy\/dataprotection\/dataprotection.nsf\/page3g_en\/page3g_en?opendocument<\/a><\/div>\n<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Planning for your business Having a Solid Strategic Plan for your business\u2019s establishment and development means that you will be able identifying the right strategy as well as the necessary implementation tools. Furthermore, having a plan allows businessmen and women to identify the ideal debt financing, grant and\/or investment schemes that can be applied in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3731,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"business-page.php","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u03a3\u03c7\u03b5\u03b4\u03b9\u03ac\u03b6\u03bf\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7\u03bd \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03ae \u03c3\u03b1\u03c2 | Financial Plan | businessincyprus.goc.cy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.businessincyprus.gov.cy\/el\/doing-business-in-cyprus\/plan-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"el_GR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u03a3\u03c7\u03b5\u03b4\u03b9\u03ac\u03b6\u03bf\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7\u03bd \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03ae \u03c3\u03b1\u03c2 | Financial Plan | businessincyprus.goc.cy\" \/>\n<meta property=\"og:description\" content=\"Planning for your business Having a Solid Strategic Plan for your business\u2019s establishment and development means that you will be able identifying the right strategy as well as the necessary implementation tools. 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