Every business needs to have a Marketing Plan.
While I was in college, I was taking a business class, and we had to create a Business Plan, and within the Business Plan, we needed to have a Marketing Plan outline. Back then it was no big deal, it was just an outline. Little did I know that 3 years later I would be starting my own business and having to create my own legit Marketing Plan. Talk about nerve racking!
What is a Marketing Plan?
A Marketing Plan is a detailed outline of a business’s marketing strategy. This will keep you organized and help you realize what works and what doesn’t. When thinking of a marketing plan, you will need time. It is not something that takes a few minutes of your time. Don’t think about as a one and done deal. When it comes to the marketing plan it is something that you will come back to and change. This is because not everything you think about for your marketing plan will work.
In 2014, I found an online course on creating a Marketing Plan. I took what I could from this course to help me set up the foundation for my Marketing Plan. Over the years, I have tweaked the format and simplified the process, this helped me to understand why people need a Marketing Plan.
Why should I bother my Accountant with my Marketing Plan?
Quite simple, they need a value for your annual budget. You’ll be surprised about how many times I meet with business owners, and they ask about buying equipment, vehicles, and other large ticket items to help them lower their Net Profit. And I always tell them “NO!” and that if they need to spend a large amount of money, then spend it on Advertising or Marketing.
With a lot of small businesses, they might not be able to go out and spend a lot on advertising or marketing, so here is the advice I gave; I tell them to go out and sponsor an event in their local community. Sponsor a youth sports program or a youth church trip. Not only are you giving back to your community, but you are getting recognized! Eventually, it can turn into that famous “Return on Investment” (ROI)! It might be a year or two later, but trust me, people will remember.
Think back to an event that you have enjoyed. Did that event have some meaning to you? If it did, talk to the organizer about sponsoring the event. Do you have school aged children? If so, are they in sports or some type of school program? Talk to their coach/teacher and see if they need sponsorships (99.9% of the time, they do). And if the event that you enjoy doesn’t exist in your community, start it up. Don’t wait for people to come to you, go to them!
Talk to your Accountant and create a plan to spend some Advertising/Marketing dollars and see where the best ROI will be.
If you need some help, schedule an appointment with us, and we can get your started on the right path.