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 toward the goals and objectives set for that fiscal 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 marketing driven as you have to look into the market, marketplace, products and services before you can look inside the company and finances.

Part of the business plan will include a marketing strategy, looking at how you will achieve growth, where to market, and who to market to. Many people see marketing as “selling,” but it’s 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 your 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 retail your customer on an ongoing basis, getting repeat customers, not just one time.

Because it is necessary?

Having a plan helps you define your company’s growth and expansion. 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 the format.

Here are some quick tips for researching and putting together your marketing strategy:

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

· Do your market research, who are 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 are you 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 be 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.

U-style

business balls

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