8Dec
Step 1) Have a VISION for your Small Business. What exactly do you want to do? What is the specific niche or demographic do you want to go after? The vision should be focused, clear, concise, and very specific. Without a clear vision for your small business, you’ll be shooting hither and thither. You need to spend a good deal of time and deep thought creating a clear vision for your small business. Large businesses–and if you become a large business–have the luxury of marketing themselves to many demographics. Think of how many demographics Coca Cola markets to. You, on the other hand, as a small business owner, need to go after one or two very specific niches in order to be successful. That brings us to step 2.
Step 2) Create MONTHLY FINANCIAL OBJECTIVES. How much money do you need to make in January? in February? In all subsequent months of the year in order to make your investment worth your while? These need to be realistic financial objectives based upon marketing objectives. Have a goal with each marketing strategy you undertake and track your goals to see if they come to fruition. If not, modify the means of achieving the goals. Don’t be a pie-in-the-sky dreamer who thinks that their 15 flyers in local grocery stores is going to bring in $10,000 in revenue in the month of December for example. Entrepreneurialism is for realists–not idealists. That brings us to step 3.
Step 3) Detail your MONTHLY EXPENSES. What will your expenses be in January? in February? in all subsequent months of the year? These expenses needs to be as detailed and as accurate as possible. Set up different categories and subcategories for each expense. That brings us to step 4.
Step 4) Be ACCOUNTABLE to your business plan for the whole year, especially to your monthly and yearly revenue as well as your expenses. Modifying your marketing strategy is understandable if it’s not hitting your goals after 3 months; however, your yearly financial goals need to remain consistent. We’re in small business to provide a good service and make a good living so, by all means, don’t sacrifice one for the other.
I’m a professional business book how to writer. I meet with a lot of professionals in different industries to research and write the how to books. One thing remains the same: all owners advise writing and keeping to business plans. Business plans keep you grounded and accountable, enough said.
9Sep
A Business plan template is a guide for a business owner. It organizes everything in order and makes certain and definite goals. It also a review and feasibility study to prepare for the future of the business. Each business owner should have a business plan template to help their business prosper.
The first thing is to indicate the business name on the first page. This is also the title of the business template so that whenever you want to search for a particular business topic and you have several businesses you can look to the directory and just search for the name. All of the information; physical address, resource person and contact numbers must be place in the page too.
Now before moving to the main topic, a table of contents must be in place just to have a guide when you search for a particular topic of the business plan template. Your investors will also have an easy time to quickly find the information that they are looking for.
When writing the content it is good to have an introduction so that readers would know the business background and history. Then you can discuss the company information and marketing strategy. There it is explain the nature of business and the target market and expected size and growth.
Showing the benefits of the company will sweeten the pot and attract more attention. Explain how the company will be of help to the community, how will the business help its employees and the jobs created by the business. Be honest when telling about business competitors and what ways to overwhelmed them.
And since where in the 21st century and most companies rely on new technology; your business should be in touch with e-business opportunities. The use of the Internet and all of the aspect that is connected to it should be linked with your business because you’re business should be targeting globally. Using the Internet is the best method to do it.
The main concern of the investors is how will they get their money back or better yet how will they make profit from this investment. So don’t tell lies in fact show them all of the possible problems of the business could encounter so that investors will know that your business is living in a reality.
It means that your business will have its ups and downs but overall it will make profit one way or the other.
12Aug
Planning is an integral part of any business and the same goes with a Christmas light installing business as well. If you want your business to run efficiently, you will need to chalk out every detail and plan meticulously much beforehand. The three things you must plan are the marketing strategy, the number of people you need to hire and the amount of material you will need.
You will also require a small amount of capital to start your business with. Always ensure you purchase materials and equipment beforehand because light distributors and importers generally raise the prices of products as the winter season becomes closer.
The quicker you plan your marketing strategy, the bigger the advantage you will have over your competitors and the greater the money you will earn. Once the marketing strategy planning is done, you can chalk out a schedule for light installation.
About two weeks before Christmas, all your planning should have been done. By then, all your preliminary work should have been completed such as the hiring of workers, purchasing of materials and equipment and scheduled your customers. Christmas lights can be installed once the month of November ends.
Once the summer is done, you do not want to be stuck in a predicament where you have not planned anything. You want to earn a lot of money and run your business smoothly and hence planning early is of paramount importance. In conclusion, planning must be done by November and installation can begin by the end of November.
16Jul
When starting a business up or expanding a current business the most important thing to have is a business plan which can be a rather large undertaking in itself. With all that you will have to do in regards to setting up or expanding your new business, writing a business plan and then executing a marketing strategy for that business is probably the last thing on your mind. However, having a well written plan is vital in order to do anything financially such as secure loans or have vendors work with you.
A great solution to your dilemma may be for you to hire a business plan service. This will of course come with a cost and there will be a certain process that needs to be followed in order to ensure that the process of your plan being written and what happens afterward goes smoothly.
The overall cost of what you can expect to pay for such services will all depend on how much of the services you utilize. Many business plan services will offer a variety of services for you to choose from. You can choose to have them write your plan only, write our plan and come up with a marketing strategy, and more. Most services will offer a free consultation as well as a free quote so that you know exactly what you are getting into and what you can expect in return for you money.
The process for using a business plan service is typically the same, but can vary between companies. Here is the typical process of a service which usually starts with the actual creation of your plan:
11Jun
The importance of an efficient marketing plan has been fully recognized. The search for a suitable marketing planer or software has already begun. The concerned resources are in place. The time frames have been worked out; competition analysis is already taking shape. Target identification, product dimensions, campaign managements, communication planning are all in place. But has anything been left out? Well yes, a clear pricing strategy has been side lined. The positive enthusiasm and energy towards succeeding could well end in a situation where lack of careful price management could tie you down.
Price or MRP i.e. Maximum Retail Price or sales price is what you get when you sell a product. This sole factor along with its derivative i.e. corresponding profits determines your survival. Charity is great but mismanagement or lack of planning should not be attributed to the same. At no stage should your long-term expenses soar beyond the firm’s earning capacity. Whatever language you use but the only means to survive in a business community is by earning or making profits. This undoubted fact obviously implies a diligent look into the pricing strategy while working out the marketing plan.
Pricing and Marketing??
The link between the two terms is quite strong. The price of your offerings decides the level, kind and scope of your marketing initiatives. The prices themselves are however dependent on various factors, the lower end being marked by your cost while the upper end depends upon the competitors’ offerings and consumer’s willingness to pay.
Setting up a price acts as an important indicator of the firm’s marketing objectives. For instance, deciding the prices in consonance with your competitors, referred to as competitive pricing, is included in the overall marketing strategy to curb competition. Similarly, an exceptionally low price in a specific area or segment to capture the bulk of the market share falls under the preview of penetration strategy. A reliable and an economical product calls for less marketing attention while a high end, high priced product meant for a cream section certainly demands a carefully designed marketing plan to back it up.
The correlation among the two firms though not directly visible, is so strong that any decision in a department cannot be isolated from the other. Budgeting, an important component in devising the marketing plan also works on the earnings and eventual profits earned by a firm which in turn depend upon the pricing strategy.
Priding strategy and marketing planning go hand in hand where organizations are concerned. None can be worked out in isolation. A minor change in one implies a corresponding change in the other. It is hence, impossible to ignore the pricing aspect while making a marketing plan and vice versa, which is rightly so. A clear price definition and cost estimation assists in making more practical marketing plans which in turn help achieve the planned profits for a firm.