What is a Business Plan?
Business Plan Basics
When I review marketing planning with my graduate students, I remind them that the marketing plan is a subsection of the business plan. Business planning comes first. It is impossible to credibly plan in a strategic way until you have identified the specifics of your business in a clear and concise way. Trust me, I’ve tried.
What is a Business Plan?
In many ways, a business plan is a marketing plan. Marketing really encompasses all the aspects of how you run your business internally and externally. Because business success depends on communication in every instance, knowing in advance how you will navigate the waters of your business through communication sets your business up for success at every turn. A marketing plan is an extension of your business plan.
Do I Need a Business Plan?
The short answer is yes and no.
Are you hoping and aiming for long-term success? If yes, then yes.
Do you ever see yourself scaling your business to include employees, multiple product or service lines, or geographic and digital expansion? If yes, then yes.
Do you want your business to be seen as credible by your community and your industry? If yes, then yes.
If no, then, no.
Take a look at some of the most successful businesses in the world. I can guarantee that each of them has a business plan and a marketing plan. Large companies will create separate sets of plans for brand extensions or business segments, which are an extension of the overall business plan. Everything works together through checks and balances to make sure everyone in the boat is rowing in the same direction. If business planning is that important to successful companies, what makes any of us think we can be successful without it?
Start the Process with a Business Consultant
For more information about what a Business Consultant can do for your business, set up a free initial consultation with us at Leap Year Marketing Strategies. You can call anytime at 603-344-8843 or email us at joanne@leapyearmarketing.com.
Learn more about our founder, Joanne Randall, here.
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