Episode A2.003 Business & Marketing Plans

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Introduction
Your business plan is the foundation of your business.

Having a business plan is a must, whether your goal is to start a one-person solo business or a multi-million dollar enterprise. If you are looking to start a simple product or service business as a sole proprietor or one-person corporation you don't need a huge 50-100 page business plan. A shorter plan will suffice. A quick and easy one-page business plan can be sufficient for you.

Show Objectives
We will talk about the importance of  Business and marketing plans and the need for startups. Many startups, especially small businesses do not spend much time in developing a business plan and then a marketing plan. It is in their head. Well what is in your mind needs to be on paper. Obviously if you are looking for funding then you do need a full fledged business plan. Even if you are self-funded it is imperative to have these plans and as we will progress I will show you the importance of the plans, what these plans need to include and who should be seeing these. 

Key Issues

1. Traditional Business Plan - Is needed  or preferred if you want a comprehensive plan or plan to request financing from traditional sources
2. One Page Business Plan - A one-page business plan needs to provide concise answers to several basic questions that must be addressed such as:

•    What is the need for your product or service?
•    What is your competition and how will you differentiate yourself in the marketplace?
•    How will you make money, for example, in terms of sales versus expenses?
•    How will you market your business?

Marketing Plan

A marketing plan is a report that outlines your marketing strategy for the coming year, quarter or month. Typically, a marketing plan includes:
•    An overview of your business’s marketing and advertising goals.
•    A description of your business’s current marketing position.
•    A timeline of when tasks within your strategy will be completed.
•    Key performance indicators (KPIs) you will be tracking.
•    A description of your business’s target market and customer needs.

What You Need to Do

1. Be Flexible
2. Business Plan is a guide, build flexibility in it
3. A basic business plan should include
   1. Executive summary -- a snapshot of your business
   2. Company description -- describes what you do
   3. Market analysis - research on your industry, market and competitors
4. Review your plans at least every quarter to see if you are on track 
5. Business plans and marketing plans help you brainstorm and keep you one step ahead
6. A business plan should have your vision and how you envision your startup not someone else. 
7. Even if you are not asking for funding, a business plan is a must to guide you, so create a simple plan with the financials and a forecast.

Shows
Previous:  Episode A2.002 Goals & Mindset

Next: Episode A2.004 Understand the Four phases of Business

Written by Raj Kapur

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