October 17, 2008, Newsletter Issue #181: What’s the Plan?

Tip of the Week

Even if the best-laid plans sometimes go awry, it’s still necessary to have a plan in the first place. Just because your business is growing in leaps and bounds, don’t think you can get away without a marketing plan. You must have a marketing plan that establishes what your company goals are. Otherwise, you will end up with a ball of knotted yarn down the road.

Strengths and Weaknesses
An effective marketing plan should lay out what your company’s strengths and weaknesses are. Sometimes we get so wrapped up in the operations of our business that we don’t see the bigger picture. By writing it out, you can easily see how you can play up your assets and compensate for your Achilles heel.

Opportunities and Threats
With your nose to the grindstone, you’ll never see the opportunities that are right in front of you. But if your marketing plan assesses what’s going on in your industry, you may see new possibilities appear.

Analyzing your business means analyzing your competitors. If you know how they operate, you can devise a plan for how you can rise above them and corner your market.

Timeline
In developing your marketing plan, set a timeline for your goals to be met, and follow up every month or quarter to chart progress. You can always make changes to your marketing plan, but if you keep your eye on where your development falls in relation to the plan, the changes will be only minor.

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