In the last few years, we have helped people from various industrial sectors around the world improve as well as grow their businesses, In which included Transport, Ecommerce, Education, Healthcare, NGO, Media, etc., and many more.
It has a privilege to work for all of them. Meeting people from different fields, knowing their problems, and working with in-depth analysis on all these gave me and my team a much better experience.
Based on those great experiences, we will tell you in this article how you can easily make effective plans to take the business forward.
1. Set goals and timelines.
The first step should be to set your goal in planning the business, along with in how many months or years you are going to achieve that goal and what problems you may face in the present as well as the future in achieving that goal.
2. Make a well list of information about your Business.
Including your business name, what your product or service will be, who will be your target customers, in which geographical area your product or service will be sold, what will be the profit margin, monthly expenses and total profit, how much will be your minimum monthly sales target? what will be the backup plan in case of loss, etc?
3. Divide the business plan into two parts.
(A) In the first part of the Business plan Product development and launching.
How your product or service will be ready to reach the target customers, how many employs will be required to make it, who will be the team members and what are their skills, how is their educational background or technical knowledge lining, how is the previous experience, In which skills they take expertise and how their skills will help in your business, what will be the responsibilities of the team members and which members will do the particular work, where will you get the raw material? at what price will you get it, Can the price of raw material increase at any particular time, what will be the total operating cost for the entire month in making of your product or service, what will be the scale of quality control, legal claim, in case of an emergency if your team member will cheat with you then how you will handle the situation? etc.
(B) The second part of the Business Plan is to create a powerful marketing strategy.
What will you do to promote and advertise your business? Why will people why leave your competitors and join you? how is your product better than your competitors, what is the good thing in your product that makes you different from others, how will you make sales, etc. It is said that marketing is the main backbone of any business. By spending in an organized manner on marketing, you can achieve your revenue target within a specific time frame. By making a marketing plan for your business, it ensures that through whatever money you are spending, your marketing message is reaching your target customers.
Now let’s understand what to do at the beginning for marketing.
First of all, determine the total budget for marketing, as well as decide how much money you are going to spend per month and on which channels, social platforms, or other mediums.
Before spending money in marketing, look at some ways where you can get your work done for free, like make a channel partner – in this way many people promote your product or service who have to share some profit after the sale.
Create an affiliate link to the product and contact the people writing the blog. In this, many bloggers place advertisement links of your product on their website, where there is a good amount of traffic, your product is visible to the people. When a customer follows the link and purchases your product, then you have to pay some commission which is normal.
You can present your product in many seminars where you do not have to pay any fees and can get good profit. Also, do cross-sell. In this, pitch those traders whose customers can be your customers but they are not competitive in your business where you promote each other’s product but do not pay each other any fee in return.
Organize online webnars.
Once you see working on free marketing methods, then you get a lot of experience. One also gets to experience which method has a higher conversion rate as well as how economical it is.
Later you can do paid digital marketing.
You can also do video ads, banners, etc. on different platforms like Facebook, Google.
Keep in mind that in the initial time, never spend all the money on a single channel.
4. Decide how long your business will reach break-even.
How long your business will reach no profit no loss means that you will not have to spend money from your main investment capital for the operational cost of your business.
5. Focus on ROI.
It is very important to have an ROI (Return on Investment) tracking so this is how you will start planning it and calculating it. How much cash flow is happening in the business continuously? Which marketing channels do you invest in and what is the profitability with those conversion rates?
Is the business running in profit or in loss? If profit is going on, how can it be made better and if there is loss then where is it happening, how can it be corrected?
It is better for all these CRM (Customer Relationship Management) using it, you can know everything very easily in graphical format.
6. Make the plan in writing.
The entire plan of the business should be made in writing step by step and its time period also when you are going to execute it. This helps you a lot in the execution of your entire plan.