In a previous article, we explained the steps you need to take to put together a cosmetic retail business plan, which is a crucial document for any company. Once you’ve put together that business plan, you then need to present it to upper management if you want to get their buy-in.
In this article, we will explain the approach you need to take to be able to ensure they understand your plan, to get their support, and to help them understand the benefits of your proposal.
Present an executive summary
It’s important to be able to explain the purpose of your business plan clearly and succinctly so you grab the attention of upper management. You can do this in the form of an executive summary, which highlights key points and explains what you will be addressing in the rest of the plan.
Some important information to include here includes financial forecasts such as profit and loss, the story behind how you decided on this trend or ingredient, product creation, and manufacturing plans, and the USP of your cosmetic products.
You can even send this summary in advance via email so management already has an idea of what your business plan is about.
Be ready for objections
Management will go through your cosmetic retail business plan with a fine-tooth comb and will probably have a lot of questions. You need to think about the kind of questions they will ask before so you can have answers prepared to overcome their objections.
No business plan is perfect, but the more aware you are of any issues, the more likely you are to succeed. For example, if you plan to produce a vegan line and sell it to Generation Z, you need to think about how you will ensure that you can manufacture these products using vegan ingredients and be able to sell them at an affordable price point.
Have a goal in mind
Make sure you know what your goal is when you present the plan. If you want them to commission a product line, approve a marketing strategy, or something else entirely, ensure you’ve made the purpose of your meeting clear beforehand. Also, ask for a commitment during the meeting and make sure you leave with a clear idea of what the next steps are. If helpful, you could put this in writing.
Follow up afterward
Upper management will be busy with a lot of different projects, so make sure your cosmetic retail business plan doesn’t slip off their radar by following up on the meeting via email. You should send an email within a day after the meeting, thanking them for their time and reminding them of the next steps you agreed.
If you haven’t heard from them within a couple of weeks, get back in touch to remind them of your proposal and ask if they know when they might be able to respond. Be persistent but not pushy.
Want to learn more?
As a company with decades of experience in contract manufacturing, Schwartz Natural Cosmetics is an expert in getting new products off the ground. Get in touch with us to review your contract manufacturing needs, or to ask about our wholesale products. We can even send you samples of our products upon request. Talk to us to learn how you can gain from over 50 years of experience.
This blog post is for educational purposes only.