Michael Newman’s latest ‘e-Wealth Daily’ article is titled “The Real Importance of a Business Plan”. [‘Importance of a Business Plan’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

The Real Importance of a Business Plan

Let’s get one thing straight: you’re in business to make sales, not change the world. Of course, it’s always a good thing to believe that your business truly has the ability to change the world or alter the way things are done, because it shows a passionate belief in what you are doing. But, at the end of the day, believing in something isn’t going to give you a successful business; selling it is.

Without a solid marketing plan, your business will never experience its full potential. It is essential to put together a specific strategy that outlines how your business plans to compete in the marketplace through fund allocation, an advertising strategy, a target market, and how your business will adapt to a changing marketplace. And, most importantly, it will outline how you plan to sell your business to customers successfully.

Of course, to many, it may seem like the issues addressed in a marketing plan are simply redundancies to the content of your overall business plan. However, under closer inspection, it appears that they are not.

For starters, your business plan is an outline of your entire operation and takes a much larger long-term approach to the overall operations and functioning of your business. Your marketing plan, on the other hand, possesses a more short-term scope. For a small business, it is usually put together annually, and reviewed frequently (quarterly, if not monthly).

That being said, your marketing plan should fall closely in line with your general business plan in order to provide a level of consistency. It should magnify the general marketing techniques outlined in your business plan.

If you have a small business, your marketing plan should focus on your efforts for the upcoming year, because that is usually the best way to approach your marketing. After all, it can be hard to predict market trends too far in advance. Not to mention, by focusing your efforts on the shorter term, you can easily adapt if your initial plan isn’t particularly working as you’d envisioned.

Tomorrow, I’ll begin to explain the specifics of putting together a successful marketing plan.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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