How to put together a strategic business plan

What is a business plan?

Most people assume that you only need to write a business plan if you are going to seek capital from a bank or other lending institution. This is not always the case.

Most plans are driven by market needs and goals. The importance of having a business plan is to ensure that your business stays on track towards the goals and objectives set for that fiscal year and beyond. 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 at the market, the marketplace, the products, and the services before you can look inside the company and the finances.

Part of the business plan will include a marketing strategy, looking 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’s about ‘branding’, image and building trust in the marketplace, about identifying the people you need to market to. It’s all about customer engagement and identifying their niche and where they hang out. Marketing strategy also looks at product development, customer service, ongoing training, the marketing system used to capture lead generation, and how to retail to your customer on an ongoing basis, gaining repeat customers, not just one time.

Because it is necessary?

Having a plan helps you define your company’s growth and expansion. It 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 putting together your marketing strategy:

Determine your company values ​​or ‘mission statement’, this will help you stay on track as it’s easy to get distracted without a mission statement.

· Do your market research, who is your audience? Your competitors? Who are your products for? Where do they hang out?

· What is your unique selling point? What makes you stand out from your competitors?

What is the activity of your competitors? How do they compare to yours?

What is it that you are trying to achieve in your company/business? What are your goals?

Are your products or services competitive? Do they stand out?

How is your level of customer service? Compared to your competitors?

· Do you have your marketing strategy right?

Have you determined your advertising budget, your company brand, etc.?

· Market expansion: any plans for this?

What will your business look like in 3 to 5 years? Financial and product growth plan, extensive 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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