Success Starts with a Great Plan!
Too many people think strategic business and marketing planning is something only meant for big businesses. The fact is that every business can reap the benefits by taking the time to construct an effective business and marketing plan. By clearly understanding both concepts, a business has the potential to reach its goals. It is important to have this sound strategic foundation to carry out necessary actions in a way that makes sense. Sticking to a strategic business plan can increase available resources like time and money. If your company adheres to its plan instead of always trying new techniques, you will gain the ability to test and measure each phase of your plan. Testing and measuring your results reduces the chances of throwing money away on practices you hope might work.
BUSINESS PLAN:
A business plan is the foundation on which to establish and grow a business. It serves as an essential tool for companies to map out goals and mission statements for internal use, as well as for viewing the business through an investor’s eyes. Whether you are planning on starting a landscaping business and are looking into using landscape software to help grow your business or are thinking of opening a bakery and want to create a website, write it down in your business plan. At least this way, you’ll have a goal to work towards, along with a solution. When it comes to your business, it is good to find solutions to a problem before they happen. A business plan will provide a logical framework within which a business can develop and pursue business strategies. It can serve as a basic discussion with third parties such as shareholders, agencies, banks and investors. A business plan also offers a benchmark against which actual performance can be measured and reviewed
This plan does not consist of day-by-day detail. Instead, it contains components of mission and vision statements, your economic resources, business prospects and goals. But it is important to look into how you can prevent and solve any potential issues that may occur within your business. One way to do this is by making sure you have the right insurance for your business. For any business, you can get public liability insurance from Tradesman Saver, as some accidents can be unavoidable. There are many situations where public liability would be necessary. It is important to take every factor into consideration. No matter that industry you aim to work in, a business plan is essential. From looking into using outsourced CFO services, to thinking of ways of how you can build your social media platforms, every aspect of your business needs to be considered, in order for it to run effectively. Evaluate and change your plan as much as you want.
MARKETING PLAN:
A marketing plan is a written document that details the necessary actions needed to achieve a company’s marketing objectives. The essence of this process moves from general to specific and from the overall objectives of the organization down to the individual action plan for a part of a marketing program. A good marketing action plan contains specific day-by-day marketing activities. It should include a definitive description of your customers, market size, characteristics, growth prospects, trends and sales potential per product/service category.
STEPS:
(1) Evaluate market and competition. Consider brand names, service levels, price positioning, distribution channels, technology, personnel and leadership. Research competitors’ strengths and weaknesses to determine your competitive advantage.
(2) Identify the ideal client. Determine the demographics and psychographics of your ideal client.
(3) Set marketing strategy. Determine specific marketing objectives and goals. What does your business want to accomplish through marketing.
(4) Plan your marketing mix. Put together a blend of four key marketing initiatives:
Product and Service .Consider the features and benefits you want to offer and how they will satisfy customer’s needs.
Pricing. Explore your pricing structure in relation to demand as well as the ideal client’s evaluation of your price and their ability to purchase),
Marketing Channels. Plan your distribution based on availability, future developments and innovation.
Promotion. Determine a budget; construct promotional objectives and strategies utilizing advertising, personal selling and a set promotional schedule).
(5) Evaluate results and make adjustments. Obtain feedback and evaluate success based on previous goals and make adjustments to try to gain the best results from your plan.
During this process, it is important to continue to do Step 1 and make adjustments accordingly. The market is constantly changing along with the economy technology. Keeping up with the times can give you the edge over your competition.
STRATEGIC PLANNING
Strategic planning is matching the strengths of your business to available opportunities. By determining your company’s strengths and weaknesses, you will gain a clear understanding of what you want your business and marketing plans to achieve. Having solid marketing and business plans provides the foundation your business needs to achieve its goals.
John Bernhoft – Principal