\n <\/a>\n <\/div>\n Download our free PDF download \u2013 Understanding different types of marketing plan guide <\/strong><\/p>\n This download and our other free templates is for anyone who wants to improve their knowledge of marketing planning with a few to gaining more senior roles.<\/p>\n Access the How to structure different types of marketing plans<\/a><\/p>\n <\/div>\n <\/div><\/p>\n A business plan is a formal document that outlines organizational objectives and the strategies required to achieve those objectives. \u00a0It identifies how you drive your organization\u2019s future. \u00a0It aims to answer the question: How do we plan to make our business a success?<\/em> \u00a0It is a written record of goals, coupled with a track record of delivering against those goals.<\/p>\n As outlined in the Smart Insights\u00a0Quick Win Guide and Template \u2013 Create a Multi-Channel Marketing Plan<\/a>, the purpose of a business plan is to define strategies for growing profitability over a long-term period. The scope of a Business Plan is typically 12 months to three years and content usually includes:<\/p>\n The purpose of a business plan is to match targeted opportunities with resources, focused activity, and strategies. It supports in guiding and directing different areas of your organization to ensure that you are all working towards the same objectives.<\/p>\n If you're looking to optimize your business plan, integrate your digital activities, or just need some help prioritizing next steps to grow your business, why not book a free 1-2-1 consultation call with the team? <\/span><\/p>\n Our business consultation calls are designed to put you in the driver's seat and talk through your opportunities using the RACE Framework, so you can make an informed decision about the best strategy for your business. Book your call to find out more. <\/span> Book your free 1-2-1 consultation to develop your new strategy with the RACE Framework<\/p>Book consultation<\/a><\/div> A business plan is used by organizations for establishing and monitoring continuous business growth, remaining competitive, and in achieving specific goals. \u00a0Business plans are typically utilized by organizations when:<\/p>\n Organizations seeking funding require business plans to demonstrate the strength of the business and its future to investors.<\/p>\n A business plan typically defines how an organization will change to become more competitive in the future. It typically includes:<\/p>\n A business plan is an effective way of monitoring progress as it establishes targets in all areas of your business; from sales and expenses to staff recruitment and financial requirements. \u00a0Once established, these targets translate into performance goals.<\/p>\n A solid business plan has:<\/p>\n Looking for a winning marketing plan to drive the results your business needs? Our Smart Insights consultation calls are designed to help you discuss your marketing challenges and opportunities through the context of our popular RACE Framework, a strategic marketing structure designed to win you more customers. Book your free 1-2-1 consultation to develop your new strategy with the RACE Framework<\/p>Book consultation<\/a><\/div> To make sure your business plan has all the essential features, I recommend the SOSTAC\u00ae structure developed by PR Smith\u2014Dave Chaffey\u2019s co-author of the printed book\u00a0Digital Marketing Excellence<\/em>.<\/p>\n PR Smith\u2019s SOSTAC\u00ae<\/a> is a great template for structuring a business, marketing or digital marketing plans since it\u2019s relatively simple and logical, so it\u2019s easy to remember and to explain to colleagues or agencies. SOSTAC\u00ae is a strategic planning process framework that gives you a clear structure to work through to create and manage your plan.<\/p>\n Here\u2019s a summary of how different multichannel marketing activities map to different sections of SOSTAC\u00ae.\u00a0Smart Insights premium members can download PR Smith's SOSTAC\u00ae guide to your Perfect Digital Marketing Plan<\/a>.<\/p>\n Situation<\/strong>\u00a0analysis means \u2018Where are we now?<\/em>\u2019 For business planners, questions include:<\/p>\n Objectives<\/strong>\u00a0mean \u2018Where do we want to be<\/em>?\u2019 What is the growth forecast? What are the top-level goals 5 Ss (Sell, Serve, Speak, Save, and Sizzle)? Here we can build specific and measurable business plan targets. Good objectives are quantified against timescales.<\/p>\n Strategy<\/strong>\u00a0means \u2018How do we get there?<\/em>\u2019 Strategy summarizes how to fulfill the objectives. It is the shortest part of the plan, but arguably, the most important, as it gives direction to all the subsequent tactics. It answers questions including: how do we position ourselves to gain a competitive advantage? How will business plan targets be achieved?<\/p>\n Tactics<\/strong>\u00a0are the\u00a0details of the strategy<\/em>. They highlight in a business plan exactly which tactics occur when. To recruit new staff, for example, we would include what methods we will implement to improve our employer brand.<\/p>\n Action<\/strong>\u00a0is the\u00a0detailed planning of tactics<\/em>. Who does what, when, and how? What processes and activities are required to make things happen?<\/p>\n Control<\/strong>\u00a0identifies what you need to measure when, a review process and corrective action when you\u2019re not hitting your targets. The Control section of the plan ensures you know if you are succeeding or failing \u2013 and you can make adjustments \u2013 before it is too late.<\/p>\n A common perception is that business plans are formulated by cash-starved start-ups seeking investment to launch a new venture, but a business plan can and should be utilized by businesses of any size, type, and at any stage of existence.<\/p>\n Even though the techniques for business planning may vary between different sizes and types of organization, the objective is always the same: to define targeted opportunities to become more competitive with resources, focused activity, and strategies.<\/p>\n In smaller organizations, the business planning process may be more straightforward than for larger organizations with distinct business areas and who may need to make some difficult decisions regarding resource allocations and strategic priorities. This may lead to internal uncertainty and conflict. The business planning process, however, can also be a good opportunity to gather employee feedback on potential ideas and improvements. You could hold a brainstorming session to gather knowledge and get your employee\u2019s support, for example. They will value the opportunity to contribute to the business.<\/p>\n For already established businesses, a business plan will enable you to objectively look at what is working well and areas for improvement. Many business plans are formulated by organizations that are long past the start-up stage. There may be a need for a formalized plan to manage rapid growth, stakeholder expectations, or to secure funding for growth.<\/p>\n Plan your marketing activities using the RACE Framework to identify challenges and opportunities for your business. Book your call to get started today Book your free 1-2-1 consultation to develop your new strategy with the RACE Framework<\/p>Book consultation<\/a><\/div> A business plan outlines the long-term corporate strategy of a business, which informs and influences other plans within an organization. It is at the top of the business planning hierarchy, covering systems, procedures, resources,<\/p>\n and structure. A marketing plan, however, covers the sales, distribution, communications, and delivery of a product or service, intending to achieve the corporate objectives set out in the business plan.<\/p>\n Integrated with a business plan may be, for example, a marketing plan, a digital marketing plan, multi-channel marketing plan, and\/or a campaign plan. The business plan informs these plans and vice-versa.<\/p>\n Different organizations will utilize differing plans, covering different areas and timeframes. What is crucial in a business is that the plans being utilized, the timeframes allocated, and how they integrate are collectively established.<\/p>\n To find out more about how different types of marketing plans and how to structure them, download our free Understanding different marketing plans guide<\/a>, which includes campaign planning, digital transformation plans, and multichannel plans.<\/p>\nWhat is a business plan?<\/h3>\n
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Need a winning marketing strategy?<\/h3>
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<\/div><\/span><\/p>\nWhen to use a business plan?<\/h3>\n
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What should be included? \/ How should the plan be structured?<\/h3>\n
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Optimize your business marketing plan<\/h3>\n
Need a winning marketing strategy?<\/h3>
<\/div><\/span><\/p>\n![\"Sostac(R)](\"http:\/\/www.smartinsights.com\/wp-content\/uploads\/2017\/09\/sostac-marketing-growth-wheel-550x614.png\")
<\/a><\/p>\nSo, what does SOSTAC\u00ae stand for?<\/h3>\n
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Which type of business is it most suited for?<\/h3>\n
Need a winning marketing strategy?<\/h3>
<\/div><\/span><\/p>\nHow does it relate to other plans?<\/h3>\n