7 Points: How to Write a Business plan for your Marketing Business
An entrepreneur before commencing the operations of a new venture needs to formulate the roadmap detailing the goal and the intended means for achieving it. The importance of this document lies in the fact that not only does it serve as the guide for different aspects of the organization but also in securing required investments. It has to be detailed but concise and readable and a common mistake that people commit is drafting a generic document irrespective of the nature of their corporation. In this article, we will proffer a few suggestions for devising a business plan for marketing firms.
1. Research Before Writing
A thorough analysis of the new business, the target audience and the expertise that you hold in the domain must be conducted before the drafting of the plan. Try to understand the mindset of the potential customer and the dynamics of the market in order to comprehend the challenges before you. All this information will help in writing about the solutions offered by the organization which will be of special interest to any reader. Studying your own company will help in crafting a suitable introduction of the firm that will assist in creating a favorable impression.
2. Establish Your Purpose
Determine the motive behind the formulation as that will help in the composition of the paper. Ask yourself whether the document will be used as a blueprint for the functioning of the entity or will it be presented to investors or banks for getting appropriate funding. A positive answer to the latter question means that you will have to provide information about your present financial status and detailed assumptions like break-even analysis, profit & loss projections and business ratios. Your company is not producing a tangible product and instead offering a service, so proving the viability of your consultancy business with proper market estimation figures is important.
3. Mention Your Team
An integral part of these papers is the management of the organization that will be responsible for bringing the plan to fruition. Introducing the team who will be tasked with the core operations of the enterprise is a standard feature but as the nature of the business is human resource intensive, a summary of your compensation plan for the staff besides the outline of the hiring strategy as you expand the operations must be included. The success of a marketing firm depends upon the employed personnel and the retention policy also assumes significance in this regard not only for possible investors but also for the owner as well.
4. Explain Your Operations
In comparison to devising a business plan for marketing companies, it is easier to compose one for a manufacturing company as the crucial part of product/services offered can be easily explained. Focus on your sales strategy and business approach by describing how you plan to earn revenue. The research done earlier would have armed you with details like the size and nature of an average project and the income it will generate apart from the average time taken to bag a deal. Estimate cash flow projections based on this data accounting for factors such as delayed payments. Explain the methodology that will be employed by the sales team to generate business in a few brief steps along with the budget amount expectedly needed by them.
5. List the Opportunities
The new business setup may be introduced as a marketing services company but initially, it will have to focus on a specific segment like digital or telemarketing to establish itself. The analysis done before starting the creation of the document would have made you aware of the target audience according to the area you intend to focus on in the beginning. Describe the nature of your potential customer base with facts like the vertical they belong to and the size and scale of their operations in addition to the probable challenges expected to arise while providing services to them.
6. Double Check Your Figures
Any banker or fund manager will closely look at all the statistics and estimation figures contained in the blueprint for obvious reasons. Make sure that the numbers you arrived at are free from errors as even a minor mistake may prove to be immensely costly. Take expert assistance in the gathering of data and its analysis for devising an appropriate projection model that will give a near-perfect idea about the assumptions.
7. Identify your Uniqueness
While providing pertinent data about the corporation and the individuals associated with them and other relevant numbers and projections, do not forget to mention the qualities or practices that set you apart from the rest of the field. The thought that propels most individuals to begin a new venture besides generating profits is to provide service in a different way. Elaborate on what is the novelty you are offering, whether by way of a new promotional strategy or by designing a new process for better results.
These points for the designing of an effective business plan for marketing companies will surely help any entrepreneur by giving a complete and honest overview of the new enterprise and its operations.
George Dille holds many years of experience as a Business advisor at BusinessVenturesIndia; an unlisted company registration service provider. He assists startups and small businesses to grow by contributing his writing skills in Business and marketing, insurance, entrepreneurship and small business growth.