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Published: July 23, 2024
Without planning, marketing can get messy. It’s hard to estimate budget for projects, hiring, and outsourcing over the course of a year — especially if you don't have a marketing plan, email schedule, or social media marketing plan template.
To make creating your plan easier, I've put together a list of what to include. I’ve also compiled a few different strategic marketing plan templates where you can easily fill in the blanks.
In this article, we're going to discuss:
How to create a marketing plan, hubspot’s free marketing plan template, one-page marketing plan template.
Outline your company's marketing strategy in one simple, coherent plan.
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Click this link to access this resource at any time.
A marketing plan is a roadmap that businesses like yours use to organize, execute, and track their marketing strategy over a given period.
The marketing plan outline we discuss will help you create an effective plan that easily generates buy-in from stakeholders.
Download This Marketing Plan Outline for Free
Marketing plans can get quite granular depending on your industry and how big your digital presence is. This is true whether you're selling to consumers (B2C) or other businesses (B2B).
Despite these nuances, here are the essentials I’ve found should be present in every marketing plan or marketing planner template:
Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform
Want to make costly marketing errors and waste time and resources? Start without a marketing plan.
A marketing plan is not only an essential part of your business plan, but it is the roadmap that will provide your team focus and direction in all their marketing efforts.
A good marketing plan is backed by research and facts. Below, we’ve covered the steps you need to follow when creating a marketing plan that will help you attract potential customers to your product and services and convince them to buy.
Set your smart marketing goals, outline your marketing processes, set a budget for your marketing activities.
Ready to create your own marketing plan.
Pricing, promoting and creating brand messages , all depend on your current market and your position in it.
When understanding your current market position, there are a few things that you need to look into;
This is where you look into the strengths, weaknesses, opportunities, and threats associated with your product.
With your team and a SWOT analysis , this will take only a few hours. Once you understand your product in terms of these four areas, it’ll be easier to understand your market position.
To create a SWOT analysis template for Marketing Plan:
Everything – from what words you use to communicate your message to what marketing channels you use to promote your product – depends on who your customer is.
How old are they? Are they employed? What are their interests? While you need both quantitative and qualitative data on your customers, you can collect them via email surveys, direct interviews, questionnaires, and research.
Using the data you collect, create several user personas based on user segments. You can refer to these whenever you are developing a marketing strategy.
To create a buyer persona template for Marketing Plan:
This is where you identify your top competition, assess their strengths and weaknesses and analyze their marketing strategies in the market. The information you collect can be used to build effective strategies to improve your competitive advantage.
Once you conduct research, gather and analyze data on your competitors, you’d be able to understand whether you are a leader or a follower in the market.
To create a competitor analysis template for Marketing Plan:
Your brand position is how you want your customers to perceive your brand. In order to determine this, you need to
Hence, your brand positioning should resonate with your consumers, can be delivered by you and should be different from that of your competitors. Keep these in mind when you are setting your marketing goals.
Compare your brand with the average brands in the market by scoring each of the following five brand asset categories using a 20-point scale with a maximum possible score of 100. This way you can derive a score that indicates the relative strength of your brand against your competitors.
To create a brand asset scorecard template for Marketing Plan:
Now that you know where you stand in the market, it’s time to define your marketing goals. They are the only way to measure the success of the effort your marketing team is putting in.
Based on your current performance and your marketing objectives, your goals might change, but make sure that they align with the SMART goal criteria .
To create a SMART marketing goal template for Marketing Plan:
Once you know the goals you want to achieve, you can easily outline the steps that you need to take to accomplish them.
With a process map or flowchart , you can map the tasks you need to complete in order to achieve each of your goals. Once you’ve diagrammed your strategy, you can share it with your team and analyze whether the process needs to be improved or not.
Whether it is to run a social media campaign or to get an ad published in a newspaper, you need to spend money.
Now that you have identified the tasks/ steps you need to take, figure out how much money you’ll have to spend on each activity and where you’d take the money from. Having planned how you spend money earlier will help you keep track of your finances.
Before winding up, let’s also take a look at popular marketing strategies and tactics you can use and implement along with a marketing plan.
Different marketing strategies and tactics may be more effective depending on your industry, target market, and business goals. It’s important to regularly assess the effectiveness of your marketing initiatives, make any necessary adjustments, and monitor results. Here are some examples of marketing strategies and tactics commonly used by businesses.
Based on demographics, psychographics, or other relevant factors, divide your overall market into smaller, more manageable categories. Customize your marketing messaging and strategies to engage and effectively reach each category.
Content Marketing
To attract and engage your target audience, produce and distribute relevant material, such as blog posts, videos, infographics, or whitepapers. Focus on delivering helpful information, resolving issues, and building your reputation as an industry expert.
Social Media Marketing
Use well-known social media sites like Facebook, Instagram, Twitter, or LinkedIn to promote your goods or services, build brand awareness, and interact with your audience. To achieve your marketing objectives, combine organic posts with sponsored adverts, influencer partnerships, and community engagement.
Search Engine Optimization (SEO)
Increase the visibility of your website and online content by optimizing it. To increase your website’s visibility and organic traffic, conduct keyword research, provide high-quality content, optimize meta tags and descriptions, and develop quality backlinks.
Pay-Per-Click (PPC) Advertising
Run targeted internet advertising where you only pay when someone clicks on them on search engines (like Google advertising) or social media platforms (like Facebook Ads). For your campaigns to be as effective as possible, set specified budgets, target keywords, demographics, or interests, and keep an eye on them.
Email Marketing
Create an email list of prospective or current clients and send them targeted, customized emails. To cultivate leads, promote conversions, and increase customer loyalty, use email newsletters, promotional offers, product updates, or automated drip campaigns.
Influencer Marketing
To promote your business or products, collaborate with influential individuals or popular social media personalities in your industry. These influencers can create content, share reviews, or endorse your offerings, helping you reach their dedicated audience and increase brand awareness.
Referral Programs
You can encourage your current clients to recommend your company to their friends, relatives, or coworkers by providing rewards or incentives. Create referral programs that give discounts, exclusive access, or loyalty points to both the referrer and the new consumer.
Event Marketing
Participate in or organize trade exhibitions, conferences, events, or webinars that are relevant to your field. These events provide opportunities to network, showcase your products, share knowledge, and generate leads.
Personalization and Customer Segmentation
Tailor your marketing messages and offers to individual customers or specific customer segments based on their preferences, behavior, or purchase history. Deliver personalized experiences across numerous channels by utilizing customer data, analytics, and marketing automation tools.
Advanced strategies require a deep understanding of your target audience, extensive data analysis, and ongoing experimentation. To ensure optimal performance and maintain an edge over the competition, it’s critical to regularly assess the outcomes, iterate, and change your methods.
A marketing plan doesn’t necessarily need to contain hundreds of pages. What is important is that it provides your marketing team the roadmap to get started.
Make use of the visualization techniques we looked at when discussing each step to make things clearer to your team.
And don’t forget to share your ideas on how to create a marketing plan with us.
Join over thousands of organizations that use Creately to brainstorm, plan, analyze, and execute their projects successfully.
What is a marketing plan, why is a marketing plan important for a business.
While the components of a marketing plan can vary, here are some common key elements:
To measure and track the effectiveness of a marketing plan, consider the following approaches,
Addressing these challenges requires flexibility, ongoing monitoring, agility, and effective communication within the marketing team and across the organization.
Amanda Athuraliya is the communication specialist/content writer at Creately, online diagramming and collaboration tool. She is an avid reader, a budding writer and a passionate researcher who loves to write about all kinds of topics.
A document that lays out the marketing efforts of a business in an upcoming period
A marketing plan is a document that lays out the marketing efforts of a business in an upcoming period, which is usually a year. It outlines the marketing strategy, promotional, and advertising activities planned for the period.
A marketing plan will typically include the following elements:
Marketing objectives of the business : The objectives should be attainable and measurable – two goals associated with SMART, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound.
Current business marketing positioning : An analysis of the current state of the organization concerning its marketing positioning.
Market research : Detailed research about current market trends, customer needs, industry sales volumes, and expected direction.
Outline of the business target market : Business target market demographics.
Marketing activities : A list of any actions concerning marketing goals that are scheduled for the period and the indicated timelines.
Key performance indicators (KPIs) to be tracked
Marketing mix : A combination of factors that may influence customers to purchase products. It should be appropriate for the organization and will largely be centered on the 4Ps of marketing – i.e., product, price, promotion, and place.
Competition : Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share .
Marketing strategies : The development of marketing strategies to be employed in the coming period. These strategies will include promotional strategies, advertising, and other marketing tools at the disposal of the organization.
Marketing budget : A detailed outline of the organization’s allocation of financial resources to marketing activities. The activities will need to be carried out within the marketing budget .
Monitoring and performance mechanism : A plan should be in place to identify if the marketing tools in place are bearing fruit or need to be revised based on the past, current, and expected future state of the organization, industry, and the overall business environment.
A marketing plan should observe the 80:20 rule – i.e., for maximum impact, it should focus on the 20% of products and services that account for 80% of volumes and the 20% of customers that bring in 80% of revenue.
The purpose of a marketing plan includes the following:
The structure of a marketing plan can include the following sections:
This section outlines the expected outcome of the marketing plan with clear, concise, realistic, and attainable objectives. It contains specific targets and time frames.
Metrics, such as target market share, the target number of customers to be attained, penetration rate, usage rate, sales volumes targeted, etc. should be used.
Market analysis includes topics such as market definition, market size, industry structure, market share and trends, and competitor analysis. Consumer analysis includes the target market demographics and what influences their buying decisions – e.g., loyalty, motivation, and expectations.
This defines the target customers by their demographic profile, such as gender, race, age, and psychographic profile, such as their interests. This will assist in the correct marketing mix for the target market segments.
A SWOT analysis will look at the organization’s internal strengths and weaknesses and external opportunities and threats. SWOT analysis includes the following:
The marketing strategy section covers actual strategies to be included according to the marketing mix. The strategy centers on the 8Ps of marketing. However, firms are also at liberty to use the traditional 4 P’s of marketing – product, price, place, and promotion. The 8 P’s are illustrated below.
The correct marketing mix is determined by the target market. The most expensive options are advertising, sales promotions, and PR campaigns. Networking and referrals are less costly.
Marketers also need to pay attention to digital marketing strategies that make use of technology to reach a wider market and have also proven to be cost-effective.
Digital marketing channels, which became popular in the early 21 st century, may eventually overtake traditional marketing methods. Digital marketing encompasses trending methods, such as the use of social media for business.
Other strategies within the marketing strategy include pricing and positioning strategy, distribution strategy, conversion strategy, and retention strategy.
The marketing budget or projection outlines the budgeted expenditure for the marketing activities documented in the marketing plan. The marketing budget consists of revenues and costs stated in the marketing plan in one document.
It balances expenditures on marketing activities and what the organization can afford. It’s a financial plan of marketing activities to be carried out – e.g., promotional activities, cost of marketing materials and advertising, and so on. Other considerations include expected product volume and price, production and delivery costs, and operating and financing costs.
The effectiveness of the marketing plan depends on the budget allocated for marketing expenditure. The cost of marketing should be able to make the company break even and make profits.
Performance analysis aims to look at the variances of metrics or components documented in the marketing plan. These include:
Revenue variance analysis : An analysis of positive or negative variance of revenue. A negative variance is worrisome, and reasons should be available to explain the cause of deviations.
Market share analysis : An analysis of whether the organization attained its target market share. Sales may be increasing whilst the organization’s share of the market is decreasing; hence, it is paramount to track this metric.
Expense analysis : An analysis of marketing expense to sales ratio . This ratio needs to be compared to industry standards to make informed comparisons.
The ratio enables the organization to track actual expenditures versus the budget. It is also compared to other metrics, such as revenue analysis and market share analysis. It can be dissected into individual expenditures to sales to get a clearer picture.
The marketing plan should be revised and adapted to changes in the environment periodically. The use of metrics, budgets, and schedules to measure progress towards the goals set in the marketing plan is a continuous process by marketing personnel.
There should be a continuous assessment to verify that the goals of the marketing plan are being achieved. The marketing manager should be able to review if the strategies documented are being effective, given the operating environment.
It is irrational for the marketing manager to notice anomalies and wait to review at year-end when the situation might have already deteriorated.
Changes in the environment may necessitate a review of plans, projections, strategies, and targets. Therefore, a formal periodical review – such as monthly or quarterly – may need to be in place. This may mean preparing an annual marketing plan but reviewing the plan quarterly to keep targets and plans aligned closely to environmental changes. It goes without saying that plans are as good as their feasibility to succeed in the given environment.
Thank you for reading CFI’s guide to Marketing Plan. To keep learning and advancing your career, the additional CFI resources below will be useful:
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How to create a business plan: examples & free template.
Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.
Table of Contents
Executive summary.
It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.
Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.
Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:
Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.
Market analysis.
The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.
Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.
Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.
Organization and management team.
Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.
This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.
Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.
Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.
We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.
This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.
Cash flow statement.
A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.
Section | Description | Example |
---|---|---|
Executive Summary | Brief overview of the business plan | Overview of EcoTech and its mission |
Overview & Objectives | Outline of company's goals and strategies | Market leadership in sustainable technology |
Company Description | Detailed explanation of the company and its unique selling proposition | EcoTech's history, mission, and vision |
Target Market | Description of ideal customers and their needs | Environmentally conscious consumers and businesses |
Market Analysis | Examination of industry trends, customer needs, and competitors | Trends in eco-friendly technology market |
SWOT Analysis | Evaluation of Strengths, Weaknesses, Opportunities, and Threats | Strengths and weaknesses of EcoTech |
Competitive Analysis | In-depth analysis of competitors and their strategies | Analysis of GreenTech and EarthSolutions |
Organization & Management | Overview of the company's structure and management team | Key roles and team members at EcoTech |
Products & Services | Description of offerings and their unique features | Energy-efficient lighting solutions, solar chargers |
Marketing & Sales | Outline of marketing channels and sales strategies | Digital advertising, content marketing, influencer partnerships |
Logistics & Operations | Details about daily operations, supply chain, inventory, and quality control | Partnerships with manufacturers, quality control |
Financial Projections | Forecast of revenue, expenses, and profit for the next 3-5 years | Projected growth in revenue and net profit |
Income Statement | Summary of company's revenues and expenses over a specified period | Revenue, Cost of Goods Sold, Gross Profit, Net Income |
Cash Flow Statement | Overview of cash inflows and outflows within the business | Net Cash from Operating Activities, Investing Activities, Financing Activities |
4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.
To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.
Why you should write a business plan.
Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:
Type of Business Plan | Purpose | Key Components | Target Audience |
---|---|---|---|
Startup Business Plan | Outlines the company's mission, objectives, target market, competition, marketing strategies, and financial projections. | Mission Statement, Company Description, Market Analysis, Competitive Analysis, Organizational Structure, Marketing and Sales Strategy, Financial Projections. | Entrepreneurs, Investors |
Internal Business Plan | Serves as a management tool for guiding the company's growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. | Strategies, Milestones, Deadlines, Resource Allocation. | Internal Team Members |
Strategic Business Plan | Outlines long-term goals and the steps to achieve them. | SWOT Analysis, Market Research, Competitive Analysis, Long-Term Goals. | Executives, Managers, Investors |
Feasibility Business Plan | Assesses the viability of a business idea. | Market Demand, Competition, Financial Projections, Potential Obstacles. | Entrepreneurs, Investors |
Growth Business Plan | Focuses on strategies for scaling up an existing business. | Market Analysis, New Product/Service Offerings, Financial Projections. | Business Owners, Investors |
Operational Business Plan | Outlines the company's day-to-day operations. | Processes, Procedures, Organizational Structure. | Managers, Employees |
Lean Business Plan | A simplified, agile version of a traditional plan, focusing on key elements. | Value Proposition, Customer Segments, Revenue Streams, Cost Structure. | Entrepreneurs, Startups |
One-Page Business Plan | A concise summary of your company's key objectives, strategies, and milestones. | Key Objectives, Strategies, Milestones. | Entrepreneurs, Investors, Partners |
Nonprofit Business Plan | Outlines the mission, goals, target audience, fundraising strategies, and budget allocation for nonprofit organizations. | Mission Statement, Goals, Target Audience, Fundraising Strategies, Budget. | Nonprofit Leaders, Board Members, Donors |
Franchise Business Plan | Focuses on the franchisor's requirements, as well as the franchisee's goals, strategies, and financial projections. | Franchise Agreement, Brand Standards, Marketing Efforts, Operational Procedures, Financial Projections. | Franchisors, Franchisees, Investors |
Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.
Software | Key Features | User Interface | Additional Features |
---|---|---|---|
LivePlan | Over 500 sample plans, financial forecasting tools, progress tracking against KPIs | User-friendly, visually appealing | Allows creation of professional-looking business plans |
Upmetrics | Customizable templates, financial forecasting tools, collaboration capabilities | Simple and intuitive | Provides a resource library for business planning |
Bizplan | Drag-and-drop builder, modular sections, financial forecasting tools, progress tracking | Simple, visually engaging | Designed to simplify the business planning process |
Enloop | Industry-specific templates, financial forecasting tools, automatic business plan generation, unique performance score | Robust, user-friendly | Offers a free version, making it accessible for businesses on a budget |
Tarkenton GoSmallBiz | Guided business plan builder, customizable templates, financial projection tools | User-friendly | Offers CRM tools, legal document templates, and additional resources for small businesses |
What is a good business plan.
A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.
Can i write a business plan by myself, is it possible to create a one-page business plan.
Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.
What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.
A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?
How is business planning for a nonprofit different.
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Updated: May 4, 2024, 4:37pm
Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.
While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.
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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.
Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.
Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.
Download free template as .docx
Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.
Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.
These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.
This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.
As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.
For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.
Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.
There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.
Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.
However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.
Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.
Revenue Streams
Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.
For example, our cottage baker startup might consider these revenue streams:
Sales Channels
Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.
The product sales channels for our cottage bakery example can include:
Channels that support other income streams might include:
Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.
However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.
This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.
Our cottage baker example might use a structure and startup plan such as this:
Click to get started.
Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.
Cost Forecast
Our cottage baker’s forecasted lean startup costs might include:
Business Need | Startup Cost | Ongoing Cost | Source |
---|---|---|---|
Gross Profit Projections
This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.
Here are some examples of projected gross profits for our cottage baker:
Product | Retail Price | (Cost) | Gross Profit |
---|---|---|---|
Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.
You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.
A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.
Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.
Starting and running a successful business requires proper planning and execution of effective business tactics and strategies .
You need to prepare many essential business documents when starting a business for maximum success; the business plan is one such document.
When creating a business, you want to achieve business objectives and financial goals like productivity, profitability, and business growth. You need an effective business plan to help you get to your desired business destination.
Even if you are already running a business, the proper understanding and review of the key elements of a business plan help you navigate potential crises and obstacles.
This article will teach you why the business document is at the core of any successful business and its key elements you can not avoid.
Let’s get started.
Business plans are practical steps or guidelines that usually outline what companies need to do to reach their goals. They are essential documents for any business wanting to grow and thrive in a highly-competitive business environment .
A business plan gives companies an idea of how viable they are and what actions they need to take to grow and reach their financial targets. With a well-written and clearly defined business plan, your business is better positioned to meet its goals.
A business plan is not just important at the start of a business. As a business owner, you must draw up a business plan to remain relevant throughout the business cycle .
During the starting phase of your business, a business plan helps bring your ideas into reality. A solid business plan can secure funding from lenders and investors.
After successfully setting up your business, the next phase is management. Your business plan still has a role to play in this phase, as it assists in communicating your business vision to employees and external partners.
Essentially, your business plan needs to be flexible enough to adapt to changes in the needs of your business.
As a business owner, you are involved in an endless decision-making cycle. Your business plan helps you find answers to your most crucial business decisions.
A robust business plan helps you settle your major business components before you launch your product, such as your marketing and sales strategy and competitive advantage.
Many small businesses fail within their first five years for several reasons: lack of financing, stiff competition, low market need, inadequate teams, and inefficient pricing strategy.
Creating an effective plan helps you eliminate these big mistakes that lead to businesses' decline. Every business plan element is crucial for helping you avoid potential mistakes before they happen.
Having an effective plan increases your chances of securing business loans. One of the essential requirements many lenders ask for to grant your loan request is your business plan.
A business plan helps investors feel confident that your business can attract a significant return on investments ( ROI ).
You can attract and retain top-quality talents with a clear business plan. It inspires your employees and keeps them aligned to achieve your strategic business goals.
Starting and running a successful business requires well-laid actions and supporting documents that better position a company to achieve its business goals and maximize success.
A business plan is a written document with relevant information detailing business objectives and how it intends to achieve its goals.
With an effective business plan, investors, lenders, and potential partners understand your organizational structure and goals, usually around profitability, productivity, and growth.
Every successful business plan is made up of key components that help solidify the efficacy of the business plan in delivering on what it was created to do.
Here are some of the components of an effective business plan.
One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
In the overall business plan document, the executive summary should be at the forefront of the business plan. It helps set the tone for readers on what to expect from the business plan.
A well-written executive summary includes all vital information about the organization's operations, making it easy for a reader to understand.
The key points that need to be acted upon are highlighted in the executive summary. They should be well spelled out to make decisions easy for the management team.
A good and compelling executive summary points out a company's mission statement and a brief description of its products and services.
An executive summary summarizes a business's expected value proposition to distinct customer segments. It highlights the other key elements to be discussed during the rest of the business plan.
Including your prior experiences as an entrepreneur is a good idea in drawing up an executive summary for your business. A brief but detailed explanation of why you decided to start the business in the first place is essential.
Adding your company's mission statement in your executive summary cannot be overemphasized. It creates a culture that defines how employees and all individuals associated with your company abide when carrying out its related processes and operations.
Your executive summary should be brief and detailed to catch readers' attention and encourage them to learn more about your company.
Here are some of the information that makes up an executive summary:
Your business description needs to be exciting and captivating as it is the formal introduction a reader gets about your company.
What your company aims to provide, its products and services, goals and objectives, target audience , and potential customers it plans to serve need to be highlighted in your business description.
A company description helps point out notable qualities that make your company stand out from other businesses in the industry. It details its unique strengths and the competitive advantages that give it an edge to succeed over its direct and indirect competitors.
Spell out how your business aims to deliver on the particular needs and wants of identified customers in your company description, as well as the particular industry and target market of the particular focus of the company.
Include trends and significant competitors within your particular industry in your company description. Your business description should contain what sets your company apart from other businesses and provides it with the needed competitive advantage.
In essence, if there is any area in your business plan where you need to brag about your business, your company description provides that unique opportunity as readers look to get a high-level overview.
Your business description needs to contain these categories of information.
The market analysis section should be solely based on analytical research as it details trends particular to the market you want to penetrate.
Graphs, spreadsheets, and histograms are handy data and statistical tools you need to utilize in your market analysis. They make it easy to understand the relationship between your current ideas and the future goals you have for the business.
All details about the target customers you plan to sell products or services should be in the market analysis section. It helps readers with a helpful overview of the market.
In your market analysis, you provide the needed data and statistics about industry and market share, the identified strengths in your company description, and compare them against other businesses in the same industry.
The market analysis section aims to define your target audience and estimate how your product or service would fare with these identified audiences.
Market analysis helps visualize a target market by researching and identifying the primary target audience of your company and detailing steps and plans based on your audience location.
Obtaining this information through market research is essential as it helps shape how your business achieves its short-term and long-term goals.
Here are some of the factors to be included in your market analysis.
Here is some of the information to be included in your market analysis.
A marketing plan defines how your business aims to reach its target customers, generate sales leads, and, ultimately, make sales.
Promotion is at the center of any successful marketing plan. It is a series of steps to pitch a product or service to a larger audience to generate engagement. Note that the marketing strategy for a business should not be stagnant and must evolve depending on its outcome.
Include the budgetary requirement for successfully implementing your marketing plan in this section to make it easy for readers to measure your marketing plan's impact in terms of numbers.
The information to include in your marketing plan includes marketing and promotion strategies, pricing plans and strategies , and sales proposals. You need to include how you intend to get customers to return and make repeat purchases in your business plan.
Sales strategy defines how you intend to get your product or service to your target customers and works hand in hand with your business marketing strategy.
Your sales strategy approach should not be complex. Break it down into simple and understandable steps to promote your product or service to target customers.
Apart from the steps to promote your product or service, define the budget you need to implement your sales strategies and the number of sales reps needed to help the business assist in direct sales.
Your sales strategy should be specific on what you need and how you intend to deliver on your sales targets, where numbers are reflected to make it easier for readers to understand and relate better.
Providing transparent and honest information, even with direct and indirect competitors, defines a good business plan. Provide the reader with a clear picture of your rank against major competitors.
Identifying your competitors' weaknesses and strengths is useful in drawing up a market analysis. It is one information investors look out for when assessing business plans.
The competitive analysis section clearly defines the notable differences between your company and your competitors as measured against their strengths and weaknesses.
This section should define the following:
In your business plan, you need to prove your industry knowledge to anyone who reads your business plan. The competitive analysis section is designed for that purpose.
Management and organization are key components of a business plan. They define its structure and how it is positioned to run.
Whether you intend to run a sole proprietorship, general or limited partnership, or corporation, the legal structure of your business needs to be clearly defined in your business plan.
Use an organizational chart that illustrates the hierarchy of operations of your company and spells out separate departments and their roles and functions in this business plan section.
The management and organization section includes profiles of advisors, board of directors, and executive team members and their roles and responsibilities in guaranteeing the company's success.
Apparent factors that influence your company's corporate culture, such as human resources requirements and legal structure, should be well defined in the management and organization section.
Defining the business's chain of command if you are not a sole proprietor is necessary. It leaves room for little or no confusion about who is in charge or responsible during business operations.
This section provides relevant information on how the management team intends to help employees maximize their strengths and address their identified weaknesses to help all quarters improve for the business's success.
This business plan section describes what a company has to offer regarding products and services to the maximum benefit and satisfaction of its target market.
Boldly spell out pending patents or copyright products and intellectual property in this section alongside costs, expected sales revenue, research and development, and competitors' advantage as an overview.
At this stage of your business plan, the reader needs to know what your business plans to produce and sell and the benefits these products offer in meeting customers' needs.
The supply network of your business product, production costs, and how you intend to sell the products are crucial components of the products and services section.
Investors are always keen on this information to help them reach a balanced assessment of if investing in your business is risky or offer benefits to them.
You need to create a link in this section on how your products or services are designed to meet the market's needs and how you intend to keep those customers and carve out a market share for your company.
Repeat purchases are the backing that a successful business relies on and measure how much customers are into what your company is offering.
This section is more like an expansion of the executive summary section. You need to analyze each product or service under the business.
An operations plan describes how you plan to carry out your business operations and processes.
The operating plan for your business should include:
This section should highlight how your organization is set up to run. You can also introduce your company's management team in this section, alongside their skills, roles, and responsibilities in the company.
The best way to introduce the company team is by drawing up an organizational chart that effectively maps out an organization's rank and chain of command.
What should be spelled out to readers when they come across this business plan section is how the business plans to operate day-in and day-out successfully.
Bringing your great business ideas into reality is why business plans are important. They help create a sustainable and viable business.
The financial section of your business plan offers significant value. A business uses a financial plan to solve all its financial concerns, which usually involves startup costs, labor expenses, financial projections, and funding and investor pitches.
All key assumptions about the business finances need to be listed alongside the business financial projection, and changes to be made on the assumptions side until it balances with the projection for the business.
The financial plan should also include how the business plans to generate income and the capital expenditure budgets that tend to eat into the budget to arrive at an accurate cash flow projection for the business.
Base your financial goals and expectations on extensive market research backed with relevant financial statements for the relevant period.
Examples of financial statements you can include in the financial projections and assumptions section of your business plan include:
Revealing the financial goals and potentials of the business is what the financial projection and assumption section of your business plan is all about. It needs to be purely based on facts that can be measurable and attainable.
The request for funding section focuses on the amount of money needed to set up your business and underlying plans for raising the money required. This section includes plans for utilizing the funds for your business's operational and manufacturing processes.
When seeking funding, a reasonable timeline is required alongside it. If the need arises for additional funding to complete other business-related projects, you are not left scampering and desperate for funds.
If you do not have the funds to start up your business, then you should devote a whole section of your business plan to explaining the amount of money you need and how you plan to utilize every penny of the funds. You need to explain it in detail for a future funding request.
When an investor picks up your business plan to analyze it, with all your plans for the funds well spelled out, they are motivated to invest as they have gotten a backing guarantee from your funding request section.
Include timelines and plans for how you intend to repay the loans received in your funding request section. This addition keeps investors assured that they could recoup their investment in the business.
Exhibits and appendices comprise the final section of your business plan and contain all supporting documents for other sections of the business plan.
Some of the documents that comprise the exhibits and appendices section includes:
The choice of what additional document to include in your business plan to support your statements depends mainly on the intended audience of your business plan. Hence, it is better to play it safe and not leave anything out when drawing up the appendix and exhibit section.
Supporting documentation is particularly helpful when you need funding or support for your business. This section provides investors with a clearer understanding of the research that backs the claims made in your business plan.
There are key points to include in the appendix and exhibits section of your business plan.
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This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.
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Need support creating your business plan? Check out these business plan examples for inspiration.
Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.
Here are some real-world and illustrative business plan examples to help you craft your business plan .
The business plan examples in this article follow this template:
Your executive summary is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.
In this free business plan template , the executive summary is four paragraphs and takes a little over half a page:
You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.
Soap brand ORRIS has a blurb on its About page that could easily be repurposed for the company description section of its business plan.
You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:
Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its example business plan.
The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan.
Here’s an example SWOT analysis for an online tailored-shirt business:
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:
This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:
It’s always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.
The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.
The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.
The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.
Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.
It then dives deeper into the financials to include:
You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.
A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:
A startup business plan is for a new business. Typically, these plans are developed and shared to secure outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.
Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.
A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.
Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.
Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your business model .
Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.
How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.
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The MoSCoW Method is a prioritization tool that helps professionals in managing their time and effort .
To do so, it proposes to classify the importance of the different characteristics of a product (or a Project) according to their importance .
Its name is an acronym of the 4 Prioritization Categories proposed (adding two “o”):
Must Have : Essential Requirements that the product or project must have.
Should Have : Important desired Requirements for the product or project.
Could Have : Improvements to the product or project.
Won’t have : Characteristics agreed not to be adopted .
Let’s see the first example:
Imagine that you have been hired to create a Website for a Law firm.
They want a professional Site where people can Register and, once inside, track their court cases .
Since you want to deliver the best possible Site on time, you decide to follow the MoSCoW method .
How does it look like?
Must Have :
Should Have :
Could Have :
Won’t Have :
As we usually say, this Method may seem obvious.
Then… Why is it important?
Many of professionals end up wasting time , effort and resources on useless task s that are ultimately not essential at all.
Surely you have experienced this situation working in a Team:
That is why this Method is so important:
As you can imagine, this Tool can be employed in practically all kinds of situations.
But when do we especially recommend it?
We highly recommend to use the MoSCoW Method:
Now, let’s see more examples:
We have chosen different real examples where the MoSCoW Method can be of great help for the development of certain products.
Let’s begin:
Let’s imagine that you are developing a wallet .
As you know, wallets are very modular products.
They can have:
There is not a canonical wallet (one that is the benchmark for all the others).
After some thoughts, you decide that your wallet:
In this example, we’ll imagine that you are preparing a wedding Cake .
In addition, as you also know, Cakes can have lots of variations.
That is why you decide to use the MoSCoW Method.
How does it look?
Well, your Cake:
You are now an artist hired to Design a poster for a Rock concert.
Obviously, this is a Design job with infinite variations possible.
No need to mention that you will use the MoSCoW Method.
Finally, the Poster:
The MoSCoW Method is a prioritization tool that helps professionals in managing their time and effort.
It proposes to classify the importance of the different characteristics of a product in 4 Categories :
Although this Method can be used in all kinds of situations, we highly recommend to use it:
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Reviewing expenses, creating a budget and having a contingency plan are advised.
National Association of Home Builders CEO Jim Tobin discusses Vice President Kamala Harris pushing a tax incentive to build homes on ‘Maria Bartiromo’s Wall Street.’
Financial experts are revealing how Americans can prepare for the possibility of a recession with concerns about the economy.
Federal Reserve Chair Jerome Powell on Friday indicated that interest rate cuts could come soon, telling Kansas City Fed's symposium in Jackson Hole, Wyo., "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks."
Chris Markowski, of Markowski Investments, told Fox News Digital that Americans should not buy into the hype or "fear" of recessions. Instead, they should look at it as a "housecleaning" opportunity where they can make necessary cutbacks and come out stronger than before.
"I think many Americans right now feel that they're in a recession already," Markowski said. "Their buying power has been, in essence — it's gone away, based upon inflation and money and what it can buy them, what they're paying for groceries or what they're paying for cars and what they're paying for the bare necessities of life."
US PRODUCER PRICES RISE LESS THAN EXPECTED IN JULY
In this photo illustration, one and five dollar bills seen on display. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Imagehoto Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) / Getty Images)
Markowski advised investors not to panic when it comes to their portfolios and avoid attempting to time the market. When Americans hit slow times, they can cut back on what they do not need and come out stronger due to their new efficiencies.
David Peters, from Peters Tax Preparation & Consulting PC, said Americans must look at their spending to prepare for a potential recession , must not stop saving for retirement, and try not to take out large loans.
"Where is your money going?" he asked. "Are there places where you need to tighten your belt? You should take a look at your budget and figure out how to still make room in it for savings — even in the midst of rising costs. Make sure that you have an emergency account that is funded (three months of expenses is ideal)."
"As I have told many clients, the most important thing is to have perspective," Peters added. "We have been through economic ups and downs in the past (and a pandemic most recently). We just need to cut spending where we can and continue to save. These hard times will pass too."
Al Lord, of Lexerd Capital Management, encouraged Americans "looking to buy a home or continue renting" to "prioritize maintaining stable employment and ensure that housing costs stay below 30% of their monthly income."
"It's important to review expenses, create a realistic budget, and have a contingency plan in place in case job security becomes uncertain," he said.
Andrew Van Alstyne, from Fiduciary Financial Advisors, told Fox News Digital that ideally Americans would want to increase their liquidity amid the uncertainty.
Priceline CEO Brett Keller breaks down leisure spending in the United States on 'The Claman Countdown.'
"That means ensuring you're able to cover anywhere from six to 12 months of expenses without changing your lifestyle," Van Alstyne said. "The first source of funds should be in an emergency fund sitting savings account (usually three to six months of expenses). The next source of funds would be in a brokerage account (non-retirement investment account) and would draw down on cash, then investments that are easily traded (liquid). Do not take loans or cash-out retirement accounts unless it's RMDs or a previously established withdrawal strategy in retirement. Lastly, cut back (not necessarily eliminate) unnecessary expenses until the economy balances out and we know what best next steps are."
Self-made multi-millionaire John Cerasani, who built his company during a recession, told Fox News Digital that "there are opportunities for entrepreneurs to emerge in recession-proof industries."
"Focusing on services related to higher education institutions is an example of an industry that typically thrives during a recession," he explained.
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Guild Investment Management’s Tony Danaher advised Americans to "hold off on high-ticket purchases, lock down and extend employment contracts (or make yourself invaluable) and save."
"Consider less market and economic sensitive investments," Danaher added. "If needed, put off retiring if worried about income ."
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Oct 26, 2023. A marketing plan is a blueprint that outlines your strategies to attract and convert your ideal customers as a part of your customer acquisition strategy. It's a comprehensive document that details your: Target audience: Who you're trying to reach. Marketing goals: What you want to achieve.
A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics. A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute resources and make decisions as your ...
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
You need to have a solid understanding of your target audience before integrating your marketing efforts. Example: If your target audience is executives that spend a lot of time on LinkedIn, focus your social media strategy around placing branded content on LinkedIn. 5. Differentiate with creative content.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Strategy: Segmentation, Targeting and Positoning (STP) and the tactics forming the 7Ps of the marketing mix. Action: Budget, resourcing including team and tools and marketing technology (Martech) and 90-day action plans. As a marketer, every activity will fall into either an opportunity, strategy, or action.
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
A marketing plan includes analysis of the target audience, the competitors, and the market so that teams can determine the best strategy for achieving their goals. The plan's length and detail depend on the company's size and the scope of the marketing project. A marketing plan is useful for all types of marketing, including digital, social media, new product, small business, B2C, and B2B.
Download the Annual Marketing Plan Example Template for Microsoft Word Download the Blank Annual Marketing Plan Template for Microsoft Word This comprehensive marketing plan template includes a number of key sections — such as goals, target market, marketing channels, and performance standards — that can be customized to suit a variety of businesses. In the situational analysis, you can ...
SWOT Analysis Template: Determine your product's strengths, weaknesses, opportunities and weaknesses, as well as conduct market research on the competition. Sales Plan Template: Outline and communicate sales strategy to stakeholders. Collaborate with your template across each department to complete these templates.
A marketing plan is a document that a business uses to execute a marketing strategy. It is tactical in nature, and, as later sections of this article explore, it typically includes campaign objectives, buyer personas, competitive analysis, key performance indicators, an action plan, and a method for analyzing campaign results.
SMART Goals Template (Click on the template to edit it online) To create a SMART marketing goal template for Marketing Plan: Start with a specific objective. Make it measurable with clear metrics. Ensure it's achievable with the allocated resources. Check if it's relevant to business goals. Set a time-bound deadline.
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
The purpose of a marketing plan includes the following: To clearly define the marketing objectives of the business that align with the corporate mission and vision of the organization. The marketing objectives indicate where the organization wishes to be at any specific period in the future. The marketing plan usually assists in the growth of ...
Every business plan has key sections such as management and marketing. It should also have an executive summary, which is a synopsis of each of the plan sections in a one- to two-page overview.
Tips on Writing a Business Plan. 1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively. 2.
This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and ...
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
College of Business and Economics graduates work for global companies including Amazon, Boeing, Google, Micron and more. #1 Best Value Public University in the West 3 Years Running ( USNWR, 2022). Among the Top 5% of business schools worldwide ( AACSB, 2020). Learn to create effective marketing strategies while studying how packaging ...
7 business plan examples: section by section. The business plan examples in this article follow this template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis.
The MoSCoW Method is a prioritization tool that helps professionals in managing their time and effort.. To do so, it proposes to classify the importance of the different characteristics of a product (or a Project) according to their importance. Its name is an acronym of the 4 Prioritization Categories proposed (adding two "o"):. M ust Have.; S hould Have.; C ould Have.
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MoSCoW prioritization, also known as the MoSCoW method or MoSCoW analysis, is a popular prioritization technique for managing requirements. The acronym MoSCoW represents four categories of initiatives: must-have, should-have, could-have, and won't-have, or will not have right now. Some companies also use the "W" in MoSCoW to mean "wish.".
The plan's initial draft proposal sparked outrage with its release in Aug. 2023, when the agency revealed its intention to vastly expand conservation areas in Wyoming's southwest.