January 23, 2009, Newsletter Issue #195: Marketing vs. Business Plan: Do I Need Both?

Tip of the Week

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.

Not everyone needs both a marketing and business plan, but it’s always a good idea to have one if not both to better understand your company’s strategies and goals. Use them as benchmarks throughout the year to ensure you’re on track to meeting your goals.

If you plan to seek financing from investors, you absolutely need a business plan that is well laid out and provides a professional presentation. A marketing plan is optional to investors, in most cases.

If you’re a small company and don’t plan on applying for a loan or other financing, you don’t have to rush out and create a business or marketing plan, but having one can help you stay in line with your business. Consider creating both plans at the beginning of the year when you’re starting with a clean slate for your company’s goals and strategies.

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