You hear people talk about marketing plans and you hear people talk about business plans. What’s the difference? Why would you need both? A business plan is a detailed presentation or report that discusses:
- Company Goals
- Products/Services
- Operations/Management
- Product Development
- Financial Position
- Income Statements, Cash Flow, Expenses
A marketing plan, which may be included in part within a business plan, focuses more on the marketing and promotion of the products or services a company offers.
So, do you need both? Yes ... use both types of plans as benchmarks throughout the year to ensure you’re on track to meeting your goals.
The Dark side
Did you know there is a dark side to creating a business and marketing plan? The thing about developing your plan is that you not only define your company's strengths, you uncover its weaknesses, as well. Be prepared to face them head on and either neutralize them or transform them into strengths.
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