Has the marketing section of your business plan been updated with your Internet marketing strategy? If not, does your business even have a business plan? A common mistake by many small business owners is that they fail to create and maintain a relevant business plan. Many business owners believe that a plan is only needed when trying to obtain financing, but this in not true. According to SCORE, a network of volunteer business owners, executives and corporate leaders, "The real value of doing a business plan is not having the finished product in hand; rather, the value lies in the process of research and thinking about your business in systematic way. The act of planning helps you to think things through thoroughly, to study and research when you are not sure of the facts, and to look at your ideas critically. " No matter what type of business you have a well developed plan is a must if you want to have a clear concise picture of where you've been, where you want to go, and how you plan to get there.
A vital part of that plan is your plan and strategy for marketing. Have you thoroughly browsed your past and current marketing efforts? If so, where were you must successful? What areas need more attention: Are there areas that have blown your marketing budget? Do you even have a marketing budget? If you are struggling with the answers to these questions, then you should take some time to develop or refine your marketing plan. In particular what is your plan in regards to Internet marketing? Does it include a website? Does it include social media? How much are they costing you in relation to finances and time? Is your plan effective? How well or how is its effectiveness being measured? All of these things should be thought about and answered through the course of developing your marketing plan.
Ideally, a marketing plan should be done prior to deploying your marketing strategy, but if you have not and you are still in business, it's not too late. Create, refine, and update your marketing plan to maintain its relevance. Incorporate your marketing plan into your overall business plan. Set goals and measurements and adjust them accordingly as you work toward your goals. If you need assistance SCORE offers free assistance as well as the SBDC Network for your particular state. If you are ready to create or refine your plan today you can use the SCORE templates for a start-up business or an established business.
