Written by Vineet Sethi
I’ve seen many new business owners come into my office, looking for help with their marketing plans. But what they really need is a business plan first.
Why?
Because before you develop any marketing strategy, you should have a firm grasp on how your business operates and what its goals are–and that requires having a clear vision and understanding of your brand.
We often receive requests for business and marketing plans, but sometimes entrepreneurs and business owners need clarification about which one is required.
There are some apparent differences between these two documents:
- A marketing plan is generally more focused on describing what you’re going to do. In contrast, a business plan focuses on how your company will be run.
- Business plans tend to have sections on finances and strategy, while marketing plans focus more on tactics like advertising and promotion.
- Business plans focus more on information about your firm and its financial goals. In contrast, marketing plans may include statistics about the market (how many people there are to sell to).
A business plan identifies the first steps to creating a business.
It helps you focus on the most important things, stay on track and measure your progress. It also helps identify and solve problems, allowing for better decisions.
Not having a business plan is a common mistake; only some businesses can succeed long-term without one. There is value in developing (and following) a comprehensive business strategy. These include the capacity to weigh the pros and cons of a new venture before committing significant resources to it and the ability to anticipate and address challenges that may arise along the way.
Marketing plans can be found in a variety of formats.
Marketing plans are a tool for success. They help you to understand your industry and how it’s changing, set goals for your company, and measure whether or not you’re on track to meet them.
They also ensure that everyone involved in the business is working towards the same goals, which can be especially helpful when multiple people are running things.
In the same way that there are a variety of marketing plans, there are also a variety of formats in which you can find them. Some are more formal than others, some more detailed, and others more strategic or tactical.
Think about your objectives, strengths, weaknesses, and areas for improvement.
Identify what you want to achieve and your strengths, weaknesses, and areas for improvement. This will help you decide where to focus on developing the business first. For example, when a new business is just starting, it might be best to focus on learning how to run the company rather than worrying about marketing until a solid foundation has been built.
Suppose some specific metrics or goals have already been set for the company. In that case, they must be clearly defined for everyone who works at the company (including yourself) to understand precisely what needs to be accomplished for those metrics or goals to be met and exceeded!
If a marketing plan is what you need, then take time to think through your strategy before making one.
It’s tempting to jump into a plan without thinking it through, but don’t do that. It would be best if you had the correct information and perspective, which can be gained only by researching and reflecting on your business goals.
Think about what works for other businesses in your industry, but also ensure you know how those companies measure success. If you want different results than they do, wait to follow their lead; instead, figure out which metrics will help you achieve them.
Conclusion
If you still need to decide if you need a business or a marketing plan, we recommend you talk with an expert to help you decide which is best for your needs. Once this decision is made, it’s essential to implement the right plan at the right time so that your business has enough time to grow before taking on additional risks such as expansion or investment capital.
At Beyond The Panorama, we work with businesses to develop their digital brand presence; a big part is content writing for various channels. If you want help organizing this business function, we would love to have a conversation and set it up! Reach out to us at hello@beyondthepanorama.com on our social media channels.
(Picture credits: Pexels)
