By Markus Schmid at January 18 2020 08:14:31
You can concentrate so much on essential financials and supply logistics, but overlook other issues like marketing or opening times. By showing the plan to someone you trust, they can have a look and see what might be missing or worth developing more. Getting that valuable second opinion on how robust your idea is will put you in a much better position to start and keep going successfully.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
Marketing Plan: Marketing plan lays down the strategies of marketing which can lead to the success of business. These strategies are in terms of marketing mix (product, price, place and promotion). From the market feasibility study and marketing research, potential/ present demands of customers are determined which helps in understanding the profile of customers and hence help in laying down the strategies for segmentation of the market, identification of the target market laying down strategies for target market.
A business that makes sense and is going to be sustainable in the future is one that has that clear vision within which all the smaller parts contribute to make it successful.