What is a business plan?
Most people assume that they only have to write a business plan if they are seeking capital from a bank or other lending institution. This is not always the case.
Most plans are based on the needs and objectives of the market. The importance of having a business plan is ensuring that your business stays within the goals and objectives set for that financial year and for the future. There is no real difference between a business plan and a “strategic business plan.” It could be said that every plan is strategic.
Most plans are driven by marketing, as you have to look outward at the marketplace, marketplace, products, and services before you can look inward at the business and finances.
Part of the business plan will include a marketing strategy, which looks at how you will achieve growth, where to market, and to whom to market. Many people see marketing as “selling”, but it is more than that. It is about “brand”, image and generation of trust in the market, about identifying the people to whom you need to market. It’s about engaging the customer and identifying their niche and where they hang out. The marketing strategy also looks at product development, customer service, ongoing training, the marketing system used to capture lead generation, and how to sell to your customer on an ongoing basis, getting repeat customers, not just once. .
Because it is necessary?
Having a plan helps you define the growth and expansion of your business. Helps you stay focused and on track.
Writing a business plan is not as complex as most people think, there are many templates on the market that can help with formatting.
Here are some quick tips for researching and crafting your marketing strategy:
Determine your company values or ‘mission statement’, this will help you stay on track as it is easy to get distracted without a mission statement.
· Do your market research, who is your audience? Your competitors? Who are your products aimed at? Where do they hang out?
· What is your unique selling point? What distinguishes you from your competitors?
· What is the activity of your competitors? How do they compare to yours?
What are you trying to achieve in your company / business? What are your goals?
· Are your products or services competitive? Do they stand out?
· What is your level of customer service? Compared to your competitors?
· Is your marketing strategy good?
· Have you determined your advertising budget, your company brand, etc.?
· Market expansion: any plans for this?
What will your business be like in 3 to 5 years? Plan for financial and product growth, across the entire service.
Here are some great sites that offer more information on business planning and templates you can use when producing a business plan.
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