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Frequently Asked Questions
Business plan vs Strategic Plan - What You Must Know
Like everything else in life, the nature of business needs a plan in place to follow and measure. Crafting a strategic roadmap isn't just a suggestion—it's a necessity.
This is one of the key elements of a startup or even a business division within an organization that is expanding or diversifying. It has every resource element and needs to be mapped out for the business, including projected milestones for the future.
However, every business strategist needs to know that there are some subtle differences between what constitutes a business plan, and the several differences it has with a strategic plan. Let’s walk through the different elements that comprise each and understand the outcome each aims to achieve.
Introducing The Business Plan
A business plan is exactly what the name suggests— a plan to start and run a business or a new entity of an existing business; usually either an expansion in a newer region or a diversification into a new market. Business plans are mainly created for internal reference purposes or external funding purposes, with the latter being the common usage. They form the basis of all business strategies and decisions made at the ownership level in an organization. The most essential components of a business plan include:
Organizational Plan - This is the core of a business plan, and it includes the mission and vision statement, along with the market in which the company plans to operate. This plan also encompasses thorough market research to gauge the potential of the business, crucial for securing funding or sponsorship. It articulates the rationale behind the business's growth trajectory, outlining clear timelines for achieving milestones along the way.
Financial Plan - A robust financial plan is the bedrock of any successful business venture, where cash flow reigns supreme, and a meticulously crafted balance sheet serves as the ultimate scorecard. A financial plan includes some of the most important elements of the entire business plan and includes elements like projected cash flow statements, capital requirements, a summary of projected overheads, a projected balance sheet including assets and liabilities, and income and expense statements.
Remember to regard this as the central nervous system, for it permeates and influences almost every aspiration the enterprise hopes to attain.
Sales and Marketing Plan - We mentioned “almost” everything above for this very reason. Sales and marketing form the other significant component of the business plan. These include sales forecasts and overheads, marketing and brand management summaries, and market share projections that the business hopes to achieve within a time frame.
Business plans are indeed comprehensive and all-encompassing. They form the basis of the business's existence or the rationale for investments in it. But what about translating these plans into action? How do we ensure that the sky-high goals set forth are actually achievable?
The Actionables- A Strategic Plan
Strategic plans constitute the basis of operations and responsibilities within the business. These plans lay the paths out for each member of the organization to follow and define the functional outline and the key outcomes for every project and process within the business. A strategic plan goes on to define the operations and their outcomes within the organization, its departments, and its employees. The single thread connecting strategic planning with the business plan is the vision of the organization, and for obvious reasons— vision serves as the guiding light for strategy formation, which, in turn, directs the day-to-day operations of the business.
Why A Strategic Plan is Crucial to The Organization
In a word— synchronization. A robust and well-laid-out strategic plan establishes the much-needed sync between teams and their objectives. Not only that, it also provides a guide for daily operations alongside the focus and direction that teams often need to get the job done, on time and within budget. When all these components are integrated into a cohesive network, the true value of a strategic plan emerges—a seamless and grand orchestration of departments, teams, and individuals using the resources allocated to them to achieve the key performance indicator that they are responsible for.
Elements to Consider in a Strategic Plan
When tasked with creating a strategic plan for your business, you will need to incorporate certain components that will ensure that the stakeholders are aligned completely with the organization’s goals and objectives. These include:
Vision and Values - The vision statement is the most important component of the strategic plan and the most overarching. It propels the organization towards established goals and the values that every employee and stakeholder must incorporate.
Goals - These are short, medium, or long-term, depending on the scope of the strategic plan. They provide the much-needed context for the organization to undertake initiatives that meet the vision while maintaining the values.
Guiding Principles - Often, organizations face crossroads where they must decide which steps to take next, to reach their vision. Principles are included in strategic plans to align teams towards the vision when faced with a dilemma and form a critical part of strategic planning.
Action Plans - A sum of key initiatives, processes, and projects that are required to be performed on a pre-determined periodic basis for the goal to be accomplished. These also include the time frames for each stakeholder responsible for each option. They usually follow the DACI format for each action (Driver, Approver, Contributor, Informed)
SWOT Analysis - The quintessential component, the Strength, Weaknesses, Opportunities, and Threats analysis of the strategic plan lends context to all business actions vis-a-vis the external environment. This includes competitors, market forces and conditions, identification of internal and external threats, and several other factors.
Read This - SWOT Analysis: How to Strengthen Your Business Plan
Here’s a table highlighting the main differences between a Business Plan and a Strategic Plan with a focus on the key components of each—
Learning All About Strategic Planning
In all businesses, a strategic plan serves as the foundational blueprint, akin to a meticulously drawn map for a general. It provides the essential guidance and direction needed for the entire organization to navigate toward success. It is crucial, therefore, to acquire the necessary skills and certifications for employment as a business strategist who would be entrusted with creating it. Know more about how to become a successful and sought-after business strategist today!
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I have had the honor of helping over 60 Vistage members craft their best business strategies.
A couple of years ago, I worked with the management team of a member who was contemplating the company’s growth plan. Based on instincts alone, most of the sales team thought the business strategy should focus on expansion into new geographic markets.
After collaborating with the CFO to create a financial model, we illustrated that the company was far better off investing in its existing markets, albeit with a slightly different offering and message. In this particular case, perceptive strategy development , market research and depth triumphed over simplicity.
Our appetite for simplicity should not override our need to be thorough, especially when the future of a company is at stake.
Void of research and planning, many companies make hasty and ill-advised decisions that adversely impact their enterprise value. Our appetite for simplicity should not override our need to be thorough, especially when the future of a company is at stake.
In a world where CEOs are overcaffeinated, stressed and time-starved, many have been romanced by easy-to-use strategic business plan templates that yield a quick-and-dirty business strategy. However, downloading a template tends to promote short-sighted thinking and poorly-executed strategies. The result is often something closer to a short-term operational plan than a true strategy.
Vistage members are focusing more and more on execution, as well they should. Hiring the wrong people or implementing an ERP based on faulty assumptions can be costly.
Strategic planning , and even visioning, cannot be casually ideated in a few hours. Often, strategic planning is associated with completing a SWOT analysis. Participants show up for an all-day meeting and end up with a list of opportunities including imprecise strategies, such as “expand internationally.” Their list is void of any market analysis, research and business intelligence. When their ill-conceived tactics fail, they blame the strategy.
What is a business strategy?
A business strategy is a roadmap or plan that establishes your goals and the actions or steps needed to achieve the end goal. These guiding principles should be shared throughout the organization to help your company reach its objectives.
Developing a business strategy in 10 steps
It doesn’t have to be that way. Here are 10 steps you can take to build the best business strategies and execute them with precision:
1. Develop a true vision.
Vision is an abstract word that means different things to different people. Classically, a vision or vision statement is a snapshot into the future. It should include aspirations of what type of company you want to be, and, unlike a mission statement, articulates what success looks like in clear terms (customers, markets, volume, etc.).
2. Define competitive advantage.
At the essence, business development strategy is identifying how a company can deliver unique value to its customers. In many sectors of the economy, companies are stuck in a sea of sameness. A well-thought-out business strategy should consider how a company can create space from competition in its service offering, pricing model, delivery system and more.
See: 21 Ways to Differentiate Any Brand and The Silicon Valley Playbook
3. Define your targets.
One of the most significant barriers to a strategic business plan is poor targeting. Absent of very specific targets, companies suffer from unclear messaging and thus misalignment between sales and marketing. Defining niches and specialties allows companies to focus resources (of course, some companies are generalists by design).
Clear target markets give a company the ability to create an integrated sales and marketing approach, where marketing enables sales productivity. Sales and marketing plans are executed more effectively when targets are tight.
4. Focus on systematic growth.
As one of our Vistage member clients says, “A thriving company is a growing company.” It is only through growth that companies can afford to invest in things like technology, the best people and new equipment. The strategic plan should identify in which segments a company will grow and in what proportion, so that the product mix yields a specific net margin result.
Only after coming to such conclusions could a company know how much it can afford in terms of capex, overhead expenses and so on.
5. Make fact-based decisions.
Strategy is a garbage in, garbage out exercise. Executives often complain about a lack of good data, but we consistently find information that is useful in the formation of business strategy.
We once worked with a Vistage member who was trying to quantify the value of various segments served. By accessing the public records of a nearby port, we were able to quantify actual shipments of merchandise by potential customers.
6. Long-term strategic business plan.
In the face of constant change, planning horizons are shorter than they used to be. However, only thinking quarter to quarter is a trap that may rob companies of their ability to see around the bend. Best-in-class companies create processes designed to treat strategy as an annual cycle rather than a one-time, static event.
7. Flexible strategy development.
Companies can think long term and still be flexible. For example, a critical component of business strategy development is an external forces analysis. Companies should be evaluating long-term external forces, and adapting based on new information (meeting regularly-perhaps quarterly) to pivot.
Jeff Bezos of Amazon holds a strategy meeting every Tuesday to keep it front and center with his management team.
8. Be strategically inclusive.
To be flexible, companies are including different people in their strategy than in the past. At a time when companies are hiring more millennial employees, there is greater transparency. While I am never one to advocate that companies open their books (as that is a personal decision for the entrepreneur), there is certainly movement toward more inclusion and transparency.
Deciding who to include in strategy formation is a critical selection. We recommend business owners include people they can trust and that can think strategically.
9. Invest time in pre-work.
If you want your managers to take strategy seriously, make them conduct research and prepare relevant information in advance of your strategy meetings.
10. Measure your results and execute excellently.
Every strategy should be actionable. Companies that are best-in-class:
Have a strategic action plan that they track often (usually monthly).
Promote common ownership of the plan across executives and departments.
Utilize key performance indicators (KPIs) that are predictive and align directly with the strategic plan.
Have cascading goals that reach every department and resonate with employees so they understand how their role contributes to the greater good.
Set up their corporate calendar to promote productive meetings , and establish a performance management cycle that supports cascading goals and objectives to every employee.
Rinse and repeat their strategy cycle every year.
Successfully Building Business Strategy: Things to Know
Creating a winning business strategy can help you position your organization as a market leader. Here’s what you need to know to successfully build a business strategy for your company.
How to write a business strategy?
A successful business strategy begins with formalizing a plan around three core elements: business objectives, target audience and strategic management. Use these six action items to begin writing an effective business strategy that aligns with your organization’s goals.
Consider your organization’s mission and vision statements
Identify your company’s core values
Conduct a SWOT analysis
Outline tactics to achieve goals
Create a plan for allocating resources to achieve the desired outcome
Evaluate results for effectiveness
The execution of business strategic planning requires discipline, and it is the responsibility of senior executives to promote processes that keep a team focused on the prize.
Related business strategy articles:
Small business strategic planning: 10 tips to transform your company
Four innovation strategies to take your company from complacent to competitive
Category : Strategic Planning
Topics : business growth strategies , Business Strategy , Competitive Advantage
Marc Emmer is President of Optimize Inc., a management consulting firm specializing in strategic planning. Emmer is a sixteen-year Vistage member and a Vistage speaker. The release of his second book, “Momentum, Ho
Very informative post. These strategies are very helpful.
i loved reading this one. Thanks for sharing the above content. i was always looking for something so specific about strategy making.
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How To Start A Business In 11 Steps (2024 Guide)
Updated: Apr 7, 2024, 1:44pm
Table of Contents
Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).
Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.
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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.
Consistency Is Key
New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.
Take the Next Step
Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.
Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.
If you don’t have a firm idea of what your business will entail, ask yourself the following questions:
What do you love to do?
What do you hate to do?
Can you think of something that would make those things easier?
What are you good at?
What do others come to you for advice about?
If you were given ten minutes to give a five-minute speech on any topic, what would it be?
What’s something you’ve always wanted to do, but lacked resources for?
These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.
Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.
What Kind of Business Should You Start?
Before you choose the type of business to start, there are some key things to consider:
What type of funding do you have?
How much time do you have to invest in your business?
Do you prefer to work from home or at an office or workshop?
What interests and passions do you have?
Can you sell information (such as a course), rather than a product?
What skills or expertise do you have?
How fast do you need to scale your business?
What kind of support do you have to start your business?
Are you partnering with someone else?
Does the franchise model make more sense to you?
Consider Popular Business Ideas
Not sure what business to start? Consider one of these popular business ideas:
Start a Franchise
Start a Blog
Start an Online Store
Start a Dropshipping Business
Start a Cleaning Business
Start a Bookkeeping Business
Start a Clothing Business
Start a Landscaping Business
Start a Consulting Business
Start a Photography Business
Start a Vending Machine Business
Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.
Primary Research
The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.
Secondary Research
Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.
Conduct a SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.
Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.
A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:
Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.
Learn more: Download our free simple business plan template .
Come Up With an Exit Strategy
An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.
The most common exit strategies are:
Selling the business to another party
Passing the business down to family members
Liquidating the business assets
Closing the doors and walking away
Develop a Scalable Business Model
As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.
Some common scalable business models are:
Subscription-based businesses
Businesses that sell digital products
Franchise businesses
Network marketing businesses
Start Planning for Taxes
One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.
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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.
An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.
LLCs offer liability protection for the owners
They’re one of the easiest business entities to set up
You can have a single-member LLC
You may be required to file additional paperwork with your state on a regular basis
LLCs can’t issue stock
You’ll need to pay annual filing fees to your state
Limited Liability Partnership (LLP)
An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.
Partners have limited liability for the debts and actions of the LLP
LLPs are easy to form and don’t require much paperwork
There’s no limit to the number of partners in an LLP
Partners are required to actively take part in the business
LLPs can’t issue stock
All partners are personally liable for any malpractice claims against the business
Sole Proprietorship
If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.
Sole proprietorships are easy to form
There’s no need to file additional paperwork with your state
You’re in complete control of the business
You’re personally liable for all business debts
It can be difficult to raise money for a sole proprietorship
The business may have a limited lifespan
Corporation
A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.
Corporations offer liability protection for the owners
The life span of a corporation is not limited
A corporation can have an unlimited number of shareholders
Corporations are subject to double taxation
They’re more expensive and complicated to set up than other business structures
The shareholders may have limited liability
Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.
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There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:
Choose Your Business Name
Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).
Business Name vs. DBA
There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.
You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:
It can help you open a business bank account under your business name
A DBA can be used as a “trade name” to brand your products or services
A DBA can be used to get a business license
Register Your Business and Obtain an EIN
You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.
Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.
Get Appropriate Licenses and Permits
Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.
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Open a Business Bank Account
Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.
Hire a Bookkeeper or Get Accounting Software
If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.
Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.
There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.
Determine Your Break-Even Point
Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.
Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.
When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.
In contrast, the contribution margin = total sales revenue – cost to make product
For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.
Let’s write these out so it’s easy to follow:
$500 for the first month
40 cents per birdhouse
$1.50
$500/($1.50 - 40 cents)
This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.
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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.
Internal funding includes:
Personal savings
Credit cards
Funds from friends and family
If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.
External funding includes:
Small business loans
Small business grants
Angel investors
Venture capital
Crowdfunding
Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.
Funding ideas include:
Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.
Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.
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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.
Work With an Agent To Get Insured
An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.
Basic Types of Business Insurance Coverage
Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
Product liability insurance protects against claims that your products caused bodily injury or property damage.
Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.
Consider the following tools in your arsenal:
Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.
Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.
Create a Website
Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.
Optimize Your Site for SEO
After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.
Create Relevant Content
Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.
Get Listed in Online Directories
Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.
Develop a Social Media Strategy
Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.
You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.
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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.
Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.
You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.
When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.
Build a Team
As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.
Resources for building a team include:
Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.
You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.
To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.
You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.
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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .
Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.
How do I start a small business with no money?
There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.
What is the best business structure?
The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.
Do I need a business credit card?
You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.
Do I need a special license or permit to start a small business?
The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.
How much does it cost to create a business?
The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.
How do I get a loan for a new business?
The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.
Do I need a business degree to start a business?
No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.
What are some easy businesses to start?
One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.
What is the most profitable type of business?
There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.
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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.
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Free Business Plan Template for Small Businesses (2024)
Use this free business plan template to write your business plan quickly and efficiently.
A good business plan is essential to successfully starting your business — and the easiest way to simplify the work of writing a business plan is to start with a business plan template.
You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other entrepreneurs and startups.
Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today.
What this free business plan template includes
Executive summary
Company overview
Products or services offered
Market analysis
Marketing plan
Logistics and operations plan
Financial plan
This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.
That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.
Our free business plan template includes seven key elements typically found in the traditional business plan format:
1. Executive summary
This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand.
2. Company overview
This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.
3. Products or services offered
What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.
4. Market analysis
This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.
5. Marketing plan
How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.
6. Logistics and operations plan
Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.
7. Financial plan
It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.
Business plan examples
What do financial projections look like on paper? How do you write an executive summary? What should your company description include? Business plan examples can help answer some of these questions and transform your business idea into an actionable plan.
Professional business plan example
Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business .
The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.
Lean business plan example
A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires.
Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:
Company description
Key members of your team
Customer segments
💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .
Benefits of writing a solid business plan
It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:
Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market.
Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.
Why you should you use a template for a business plan
A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.
No blank-page paralysis
A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.
Guidance on what to include in each section
If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.
Knowing you’ve considered every section
In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.
Tips for creating a successful business plan
There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.
Understand the audience for your plan
If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.
Know your goals
Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.
Take it step by step
Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.
Maximize your business planning efforts
Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.
To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.
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Business plan template FAQ
What is the purpose of a business plan.
The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.
How do I write a simple business plan?
Choose a business plan format, such as a traditional or a one-page business plan.
Find a business plan template.
Read through a business plan sample.
Fill in the sections of your business plan.
What is the best business plan template?
If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.
What are the 5 essential parts of a business plan?
The five essential parts of a traditional business plan include:
Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
Business description: This section outlines the business concept and how it will be executed.
Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
Management and organization: This section describes the management team and the organizational structure of the business.
Are there any free business plan templates?
There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.
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How to Create a Social Media Marketing Strategy in 9 Easy Steps [Free Template]
Creating your social media marketing strategy doesn’t need to be painful. Create an effective plan for your business in 9 simple steps.
A social media marketing strategy is a summary of everything you plan to do and hope to achieve on social media. It guides your actions and lets you know whether you’re succeeding or failing.
The more specific your plan is, the more effective it will be. Keep it concise. Don’t make it so lofty and broad that it’s unattainable or impossible to measure.
In this post, we’ll walk you through a nine-step plan to create a winning social media strategy of your own. We’ve even got expert insights from Amanda Wood, Hootsuite’s Senior Manager of Social Marketing.
How to create a social media strategy:
Bonus: Get a free social media strategy template to quickly and easily plan your own strategy. Also use it to track results and present the plan to your boss, teammates, and clients.
What is a social media marketing strategy?
A social media strategy is a document outlining your social media goals, the tactics you will use to achieve them and the metrics you will track to measure your progress.
Your social media marketing strategy should also list all of your existing and planned social media accounts along with goals specific to each platform you’re active on. These goals should align with your business’s larger digital marketing strategy.
Finally, a good social media plan should define the roles and responsibilities within your team and outline your reporting cadence.
Create. Schedule. Publish. Engage. Measure. Win.
Creating your own social media marketing strategy (video guide)
No time to read the whole article? Let Amanda, Hootsuite’s own Senior Manager of Social Media Marketing, guide you through our free social media marketing strategy template in less than 10 minutes:
How to create a social media marketing strategy in 9 steps
Step 1. choose goals that align to business objectives, set s.m.a.r.t. goals.
The first step to creating a winning social media strategy is to establish clear objectives and goals. Without goals, you have no way to measure success and return on investment (ROI) .
Each of your social media marketing goals should be SMART : s pecific, m easurable, a ttainable, r elevant and t ime-bound.
Psst: Need help getting started? We’ve got social strategy guides for small businesses , financial services , government , higher education , healthcare , real estate , law firms , and non-profits .
Oh, and if you need examples of smart social media goals , we’ve got you covered there too.
Once you’ve decided on your goals, track them in a social media strategy doc — grab our free template if you don’t have one already.
Track meaningful metrics
Vanity metrics like number of followers and likes are easy to track, but it’s hard to prove their real value. Instead, focus on things like engagement, click-through, and conversion rates.
For inspiration, take a look at these 19 essential social media metrics .
You may want to track different goals for different social media networks, or even different uses for each network.
For example, if you use LinkedIn to drive traffic to your website, you would measure click-throughs. If Instagram is for brand awareness, you might track the number of Instagram Story views. And if you advertise on Facebook, cost-per-click (CPC) is a common success metric.
Social media goals should align with your overall marketing objectives. This makes it easier to show the value of your work and secure buy-in from your boss.
Start developing a successful social media marketing plan by writing down at least three goals for social media.
“ It’s easy to get overwhelmed by deciding what to post and which metrics to track, but you need to focus on what you want to get out of social media to begin with,” says Amanda Wood, Hootsuite’s Senior Manager of Social Marketing. “Don’t just start posting and tracking everything: match your goals to your business, and your metrics to your goals.”
Step 2. Learn everything you can about your audience
Get to know your fans, followers, and customers as real people with real wants and needs, and you will know how to target and engage them on social media.
When it comes to your ideal customer, you should know things like:
Average income
Typical job title or industry
Here’s a simple guide and template for creating audience/buyer personas .
Don’t forget to document this information in your strategy doc!
Social media analytics can also provide a ton of valuable information about who your followers are, where they live, and how they interact with your brand on social media. These insights allow you to refine your strategy and better target your audience.
Jugnoo, an Uber-like service for auto-rickshaws in India, used Facebook Analytics to learn that 90% of their users who referred other customers were between 18- and 34-years-old, and 65% of that group was using Android. They used that information to target their ads, resulting in a 40% lower cost per referral.
Check out our guide to using social media analytics and the tools you need to track them .
Step 3. Get to know your competition
Odds are your competitors are already using social media, and that means you can learn from what they’re doing.
Conduct a competitive analysis
A competitive analysis allows you to understand who the competition is and what they’re doing well (and not so well). You’ll get a good sense of what’s expected in your industry, which will help you set social media targets of your own.
It will also help you spot opportunities and weaknesses you can document in your social strategy doc.
Maybe one of your competitors is dominant on Facebook, for example, but has put little effort into X (Twitter) or Instagram. You might want to focus on the social media platforms where your audience is underserved, rather than trying to win fans away from a dominant player.
Use social media listening
Social listening is another way to keep an eye on your competitors.
Do searches of the competition’s company name, account handles, and other relevant keywords on social media. Find out what they’re sharing and what other people are saying about them. If they’re using influencer marketing, how much engagement do those campaigns earn them?
Pro tip : Use Hootsuite Streams to monitor relevant keywords, hashtags and accounts in real-time.
Try Hootsuite for free. You can cancel anytime.
As you track, you may notice shifts in how your competitors and industry leaders are using social media. You may come across new, exciting trends. You might even spot specific social content or a campaign that really hits the mark—or totally bombs.
Use this kind of intel to optimize and inform your own social media marketing strategy.
Just don’t go overboard on the spy tactics, Amanda advises. “ Make sure you aren’t ALWAYS comparing yourself to the competition — it can be a distraction. I’d say checking in on a monthly basis is healthy. Otherwise, focus on your own strategy and results.”
Step 4. Do a social media audit
If you’re already using social media, take stock of your efforts so far. Ask yourself the following questions:
What’s working, and what’s not?
Who is engaging with you?
What are your most valuable partnerships?
Which networks does your target audience use?
How does your social media presence compare to the competition?
Once you collect that information, you’ll be ready to start thinking about ways to improve.
We’ve created an easy-to-follow social media audit guide and template to walk you through each step of this process.
Your audit should give you a clear picture of what purpose each of your social accounts serves. If the purpose of an account isn’t clear, think about whether it’s worth keeping.
To help you decide, ask yourself the following questions:
Is my audience here?
If so, how are they using this platform?
Can I use this account to help achieve my goals?
Asking these tough questions will keep your social media strategy focused.
Look for impostor accounts
During the audit, you may discover fake accounts using your business name or the names of your products.
These imposters can be harmful to your brand—never mind that they’re capturing followers that should be yours.
You may want to get your accounts verified too to ensure your fans know they are dealing with the real you.
Here’s how to get verified on:
X (Twitter)
Step 5. Set up accounts and improve profiles
Decide which networks to use.
As you decide which social networks to use, you will also need to define your strategy for each.
Benefit Cosmetics’ social media manager, Angela Purcaro, told eMarketer : “For our makeup tutorials … we’re all about Snapchat and Instagram Stories. [X], on the other hand, is designated for customer service.”
Hootsuite’s own social team even designates different purposes for formats within networks. On Instagram, for example, they use the feed to post high-quality educational infographics and product announcements and Stories to cover live events or quick social media updates.
View this post on Instagram A post shared by Hootsuite 🦉 (@hootsuite)
Pro tip : Write out a mission statement for each network. A one-sentence declaration to keep you focused on a specific goal.
Example: “We will use X for customer support to keep email and call volumes down.”
Or: “We will use LinkedIn for promoting and sharing our company culture to help with recruitment and employee advocacy.”
One more: “We will use Instagram to highlight new products and repost quality content from influencers.”
If you can’t create a solid mission statement for a particular social media channel, you may want to ask yourself if it’s worth it.
Note : While larger businesses can and do tackle every platform, small businesses may not be able to — and that’s ok! Prioritize social platforms that will have the most impact on your business and make sure your marketing team has the resources to handle content for those networks. If you need help focusing your efforts, check out our 18-minute social media plan .
Set up your profiles
Once you’ve decided which networks to focus on, it’s time to create your profiles. Or improve existing ones so they align with your strategy.
Make sure you fill out all profile fields
Include keywords people would use to search for your business
Use consistent branding (logos, images, etc.) across networks so your profiles are easily recognizable
Pro tip : Use high-quality images that follow the recommended dimensions for each network. Check out our always-up-to-date social media image size cheat sheet for quick reference.
We’ve also got step-by-step guides for each network to walk you through the process:
Create a Facebook business page
Create an Instagram business account
Create a TikTok account
Create a X (Twitter) business account
Create a Snapchat account
Create a LinkedIn Company Page
Create a Pinterest business account
Create a YouTube channel
Don’t let this list overwhelm you. Remember, it’s better to use fewer channels well than to stretch yourself thin trying to maintain a presence on every network.
Optimize your profiles (and content) for search
Never heard of social SEO ? It’s time to learn.
44% of Gen Z consumers use social platforms to research their purchase decisions, which means it’s extra critical that your channels are optimized for social search.
That means making sure your profile names are clear and descriptive, you’re including relevant hashtags and keywords in your bio and on every post, and you’re using features like alt text and captions to include your target keywords as naturally as possible.
Step 6. Find inspiration
While it’s important that your brand be unique, you can still draw inspiration from other businesses that are great on social.
“ I consider it my job to stay active on social: to know what’s trending, which campaigns are winning, what’s new with the platforms, who’s going above and beyond,” says Amanda. “This might be the most fun step for you, or the hardest one, but it’s just as crucial as the rest of them.”
Social media success stories
You can usually find these on the business section of the social network’s website. ( Here’s Facebook’s , for example.)
Case studies can offer valuable insights that you can apply to your own social media plan.
Award-winning accounts and campaigns
You could also check out the winners of The Facebook Awards or The Shorty Awards for examples of brands that are at the top of their social media game.
For learning and a laugh, check out Fridge-Worthy, Hootsuite’s bi-weekly awards show highlighting brands doing smart and clever things on social media.
Your favorite brands on social media
Who do you enjoy following on social media? What do they do that compels people to engage and share their content?
National Geographic, for example, is one of the best on Instagram, combining stunning visuals with compelling captions.
View this post on Instagram A post shared by National Geographic (@natgeo)
Then there’s Shopify. The ecommerce brand uses Facebook to sell themselves by showcasing customer stories and case studies.
And Lush Cosmetics is a great example of superior customer service on X. They use their 280 characters to answer questions and solve problems in an extremely charming and on-brand way.
Source: lushcosmetics on X
Notice that each of these accounts has a consistent voice, tone, and style. That’s key to letting people know what to expect from your feed. That is, why should they follow you? What’s in it for them?
Consistency also helps keep your content on-brand even if you have multiple people on your social media team.
For more on this, read our guide on establishing a compelling brand voice on social media .
Ask your followers
Consumers can also offer social media inspiration.
What are your target customers talking about online? What can you learn about their wants and needs?
If you have existing social channels, you could also ask your followers what they want from you. Just make sure that you follow through and deliver what they ask for.
Step 7. Create a social media content calendar
Sharing great content is essential, of course, but it’s equally important to have a plan in place for when you’ll share content to get the maximum impact.
Your social media content calendar also needs to account for the time you spend interacting with the audience (although you need to allow for some spontaneous engagement as well).
Set your posting schedule
Your social media content calendar lists the dates and times at which you will publish types of content on each channel. It’s the perfect place to plan all of your social media activities—from images, link sharing, and re-shares of user-generated content to blog posts and videos. It includes both your day-to-day posting and content for social media campaigns.
Your calendar also ensures your posts are spaced out appropriately and published at the best times to post .
Pro tip: You can plan your whole content calendar and get recommended best times to post on every network based on your past engagement rate, impressions, or link click data in Hootsuite.
Hootsuite’s Best Time to Publish feature
Determine the right content mix
Make sure your content strategy and calendar reflect the mission statement you’ve assigned to each social profile, so that everything you post is working to support your business goals.
(We know, it’s tempting to jump on every meme, but there should always be a strategy behind your social media marketing efforts!)
You might decide that:
50% of content will drive traffic back to your website
25% of content will be curated from other sources
20% of content will support lead-generation goals (newsletter sign-ups, ebook downloads, etc.)
5% of content will be about your company culture
Placing these different post types in your content calendar will ensure you maintain the right mix.
If you’re starting from scratch and you’re not sure what types of content to post, try the 80-20 rule :
80% of your posts should inform, educate, or entertain your audience
20% can directly promote your brand.
You could also try the social media content marketing rule of thirds :
One-third of your content promotes your business, converts readers, and generates profit.
One-third of your content shares ideas and stories from thought leaders in your industry or like-minded businesses.
One-third of your content is personal interactions with your audience
Whatever you decide on, be sure to document it in your strategy doc.
Don’t post too much or too little
If you’re starting a social media marketing strategy from scratch, you may not have figured out how often to post to each network for maximum engagement yet.
Post too frequently and you risk annoying your audience. But, if you post too little, you risk looking like you’re not worth following.
Start with these posting frequency recommendations:
Instagram (feed): 3-7 times per week
TikTok: 3-5 times per week
Facebook: 1-2 times per day
X (Twitter): 1-5 times per day
LinkedIn: 1-5 times per day
Pro tip : Once you have your social media content calendar planned out, use a scheduling tool to prepare messages in advance rather than updating constantly throughout the day.
We might be biased, but we think Hootsuite is the best social media management tool. You can schedule social media posts to every network and the intuitive calendar view gives you a full picture of all your social activity each week.
Try It Free
Step 8. Create compelling content
Remember those mission statements you created for each channel in Step 5? Well, it’s time to go a bit deeper, a.k.a. provide some examples of the type of content you’ll post to fulfill your mission on each network.
If you’re not sure what to post, here’s a long list of social media content ideas to get you started. Or (to make it even easier) you can use an AI tool like OwlyWriter to generate on-brand content in a flash.
The idea here is to:
Keep your content aligned with the purpose of each network;
Show other stakeholders (if applicable) what kind of content they can expect to see on each network.
This last point especially will help you avoid any tension when your colleagues want to know why you haven’t posted their case study/whitepaper/blog post to TikTok yet. It’s not in the strategy, Linda!
Ideally, you will generate content types that are both suited to the network and the purpose you’ve set out for that network.
For example, you wouldn’t want to waste time posting brand awareness tweets if you’ve designated X/Twitter for primarily customer support. And you wouldn’t want to post super polished corporate video ads to TikTok, as users expect to see short, unpolished videos on that platform.
It might take some testing over time to figure out which type of content works best on which type of network, so prepare to update this section frequently.
We won’t lie: content creation isn’t as easy as everyone not on the social team seems to think. But if you’re struggling, Amanda suggests going back to basics.
The first question to ask is: is there cohesion between your content types? Is your content providing value? Do you have a good mix of entertaining, or educational content? What does it offer that makes a person stop and spend time? Creating a few different content pillars or categories that encompass different aspects of storytelling for your brand, and what you can offer your audience is a good start.
This brings us to Step 9.
Step 9. Track performance and make adjustments
Your social media marketing strategy is a hugely important document for your business, and you can’t assume you’ll get it exactly right on the first try.
As you start to implement your plan and track your results, you may find that some strategies don’t work as well as you’d anticipated, while others are working even better than expected.
That’s why it’s important to document your progress along the way.
Look at performance metrics
In addition to the analytics within each social network (see Step 2), you can use UTM parameters to track social visitors as they move through your website, so you can see exactly which social posts drive the most traffic to your website.
Benchmark your results
You’ve got your numbers, but how do they stack up to the competition in your industry? Industry benchmarks are a great way to evaluate your performance against other businesses in your category.
If you’ve got Hootsuite Analytics , you can use our built-in social media benchmarking tool to compare the performance of your social accounts against the average of brands in your industry with just a couple of clicks.
You can set up custom timeframes, switch between networks — Instagram, Facebook, X (Twitter), LinkedIn, and TikTok — and look up benchmarks for metrics like followers, audience growth rate, engagement rate, clicks, shares, and much more.
You’ll also find resources to improve your performance right in the summary section:
Re-evaluate, test, and do it all again
Once this data starts coming in, use it to re-evaluate your strategy regularly. You can also use this information to test different posts, social marketing campaigns, and strategies against one another. Constant testing allows you to understand what works and what doesn’t, so you can refine your social media marketing strategy in real time.
You’ll want to check the performance of all your channels at least once a week and get to know the basics of social media reporting so you can track your growth over time.
Pro tip: If you use Hootsuite, you can review the performance of all your posts on every network in one place. Once you get the hang of checking your analytics, you may even want to customize different reports to show specific metrics over a variety of different time periods.
Surveys can also be a great way to find out how well your social media strategy is working. Ask your followers, email list, and website visitors whether you’re meeting their needs and expectations, and what they’d like to see more of. Then make sure to deliver on what they tell you.
Finalizing your social media strategy
Spoiler alert: nothing is final.
Social media moves fast. New networks emerge, others go through demographic shifts.
Your business will go through periods of change as well.
All of this means that your social media marketing strategy should be a living document that you review and adjust as needed. Refer to it often to stay on track, but don’t be afraid to make changes so that it better reflects new goals, tools, or plans.
When you update your social strategy, make sure to watch our 5-step video on how to updating your social media strategy for 2024:
Social media strategy template
Ready to start documenting? Grab your free social media strategy template below!
What’s next? When you’re ready to put your plan into action, we’re here to help…
Save time managing your social media marketing strategy with Hootsuite. From a single dashboard you can easily:
Plan, create, and schedule posts to every network
Track relevant keywords, topics, and accounts
Stay on top of engagement with a universal inbox
Get easy-to-understand performance reports and improve your strategy as needed
Try Hootsuite for Free
With files from Shannon Tien .
Do it better with Hootsuite , the all-in-one social media tool. Stay on top of things, grow, and beat the competition.
Become a better social marketer.
Get expert social media advice delivered straight to your inbox.
Christina Newberry is an award-winning writer and editor whose greatest passions include food, travel, urban gardening, and the Oxford comma—not necessarily in that order.
Amanda Wood is a senior social marketing professional who combines analytical and creative thinking to build brands.
As head of social at Hootsuite, Amanda oversees the global social strategy encompassing organic and paid social on Instagram, Facebook, Twitter, TikTok, and LinkedIn, a social engagement and listening strategy, and an employee advocacy program.
As the leader of a high-performing social team, she has extensive experience collaborating with creatives to bring campaigns to life on social and drive business results.
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Digital Marketing Strategy
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Marketing in the Digital Era
DTC Brands: Fad or Disruption?
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Incumbent Responses
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Acquiring Customers, Part 1: Paid Media
The Challenges of Reaching and Acquiring Customers Online
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Sunil Gupta Digital Marketing Strategy
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What are the learning requirements in order to successfully complete the course, and how are grades assigned.
Participants in Digital Marketing Strategy are eligible for a Certificate of Completion from Harvard Business School Online.
Participants are expected to fully complete all coursework in a thoughtful and timely manner. This will mean meeting each week’s course module deadlines and fully answering questions posed therein. This helps ensure your cohort proceeds through the course at a similar pace and can take full advantage of social learning opportunities. In addition to module and assignment completion, we expect participation in the social learning elements of the course by offering feedback on others’ reflections and contributing to conversations on the platform. Participants who fail to complete the course requirements will not receive a certificate and will not be eligible to retake the course.
More detailed information on course requirements, including the Adobe Data Driven Operating Model Simulation (one of the assignments), will be communicated at the start of the course. No grades are assigned for Digital Marketing Strategy. Participants will either be evaluated as complete or not complete.
Can you tell me a little more about the budget allocation simulation?
The budget allocation simulation (Adobe Data Driven Operating Model Simulation) will be part of module 6 of the course. It is similar to a mini capstone experience, in that it encourages participants to draw on their knowledge from the rest of the course to make investment decisions in the simulation. It is the very same simulation included in the MBA program's required curriculum marketing course, and, while designed to be challenging, it is ungraded and assessed based on completion. We recommend budgeting approximately 1.5 hours to complete the simulation. Full instructions for how to complete the simulation will be provided to course registrants.
What materials will I have access to after completing Digital Marketing Strategy?
You will have access to the materials in every prior module as you progress through the program. Access to course materials and the course platform ends 60 days after the final deadline in the program.
How should I list my certificate on my resume?
Once you've earned your Certificate of Completion, list it on your resume along with the date of completion:
Harvard Business School Online Certificate in Digital Marketing Strategy [Cohort Start Month and Year]
List your certificate on your LinkedIn profile under "Education" with the language from the Credential Verification page:
School: Harvard Business School Online Dates Attended: [The year you participated in the program] Degree: Other; Certificate in Digital Marketing Strategy Field of Study: Leave blank Grade: "Complete" Activities and Societies: Leave blank
Description:
Digital Marketing Strategy is a 7-week, 35-40 hour online certificate program from Harvard Business School. Digital Marketing Strategy equips professionals with the tools, mindset, and trends to make decisions about digital marketing strategy and tactics, including how to position a product or service for success, acquire and engage customers, and measure both performance of near-term campaigns and longer-term customer value.
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CLIMB enables new and experienced leaders to ignite their careers with a combination of vital and forward-looking business skills, self-reflection, and an immersive cohort-based learning experience with a diverse global network.
Facebook has a plan to win over Gen Z. Don't laugh.
Katie Notopoulos , Senior Correspondent covering technology and culture
Facebook's new strategy leans more into TikTok-like discovery and less into friends and family.
It wants to reach a young demographic that will like things like Marketplace and the Dating app.
Don't roll your eyes — it just might work.
Meta just unveiled its plan for Facebook to win over a surprising demographic: Gen Z.
I say surprising because it's widely known that Facebook is "for old people" — many teens and young people think of it as something their mom or grandma uses. In a 2023 Pew survey on teen internet use, only about one-third of US teens ages 13 to 17 said they used Facebook. Compare that with Pew's 2014 survey, when 71% of teens said they used Facebook.
Meta's new plan for Facebook — and winning over younger people — revolves around two prongs:
Related stories
First, more discovery in the feed. This basically means more recommended content like reels and other posts in the feed instead of posts from friends and family — sort of like how the Instagram feed has lately been more about the discovery of people you don't follow. That's a big reversal from the 2018 change to Facebook's news feed that prioritized posts from your friends and family over publisher content.
Secondly, Facebook is hoping to lure back young adults with offerings like Marketplace, Dating, Groups, and Events.
Note that Facebook is looking for "young adults" rather than teens — this may be partly because Meta is anxious about promoting its products too directly to teenagers when the company is facing serious scrutiny and lawsuits about its apps' effects on teen mental health. It might not be a great look to be courting a teen audience at the moment.
But Facebook also has more to offer "young adults" than teens. In rolling out the latest changes, Facebook gives the example of a recent college grad, maybe 22, who has just moved to a new city. They need to furnish their apartment on the cheap — so they use Marketplace to get a used couch. That person might find fun things to do through Events and join some local Groups. They might also use Facebook Dating. And maybe they hang out on the app and watch some entertaining reels in their feed, too. (Video accounts for about 60% of time spent on Facebook, according to Meta.)
Don't laugh — I think this actually might work. The real secret power here is Marketplace, the swap-meet-like service that's incredibly useful for lots of people. I know several people who reluctantly joined Facebook just to be able to use Marketplace. I use Marketplace all the time .
Some of Facebook's plan does sound a little overly positive. I'm sure Meta would prefer us all to think of Groups as a nice place to find tips about houseplants, rather than remembering Groups like Stop the Steal . And I don't think Facebook Dating is a huge hit. ( Meta says Dating numbers are up 20% year over year but doesn't say how many people are using it.)
And there's another thing really going for Facebook that I won't be surprised if young adults, joining for the first time, are pleasantly surprised by: The site works pretty well. That sounds like a really low bar, but consider what it's competing with: Craigslist, Evite, Reddit. Not exactly the most user-friendly sites. What a 22-year-old who finally joins Facebook might discover is something of an "everything app" (much to Elon Musk's dismay , I'm sure).
Maybe it's not so much a social network anymore; it's a place to accomplish basic tasks and watch some videos. It might not keep you glued to the app for hours when you're trying to go to sleep like TikTok does, but growing a younger demographic by offering utility is a good long-term strategy.
Not long ago, Instagram seemed against the ropes, mired in millennial avocado-toast cringe. But it managed to get its mojo back and compete against TikTok, even with teens. Mark Zuckerberg has even managed to turn his reputation largely by wearing some new clothes . I know it seems improbable that Facebook could become cool for Gen Z, but don't count it out — they just might pull this off.
Watch: Tinder is 'obsessively' thinking about how to reach Gen Z, says CMO Melissa Hobley
Engage the Entire Organization in Strategic Planning in Business and at
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8 Steps To Create A Successful Business Plan Visually
How to Create Simple Business Strategy
How to Write a Business Plan
The last business strategy template you’ll ever need
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Chapter 3- Strategic Development. Continue
"How to Plan"
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Mastering Your Business: Strategies and Insights from Award Winning Business Expert Linsey Mills
Magellan Business Plan Process
RED BULL GIVES YOU WINGS😇 #reels #viral #business #animesh #shorts #money #earnmoney #marketing
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How To Write A Business Plan (2024 Guide)
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Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
How to Write a Business Plan: Guide + Examples
At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you're going to build and grow your business, what your marketing strategy is, and who your competitors are. Most business plans also include financial forecasts for the future.
How to Create a Business Plan: Examples & Free Template
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How To Write A Business Strategy: Your Four-Step Guide
Strategic Planning. Creating a solid business strategy happens in three parts: 1) understanding where you stand strategically as an organization right now; 2) deciding where you want to be in the future; and 3) determining how you'll get there. The steps below cover each of these areas, with steps three and four both being part of the final ...
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How To Write a Business Plan in 9 Steps (2024)
A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business.. Not every successful business launches with a formal business plan, but many founders find value in taking time to step back, research their idea and the market they're looking to enter ...
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A business plan can help you document your strategy as you're getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.
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An annual strategic business plan should include 8 key sections. Follow these steps to write an effective annual strategic business plan: State information that defines the company. Perform a SWOT analysis. Identify business goals. Identify key performance indicators. Perform and summarize market research. Outline the business marketing plan.
Business plan vs Strategic Plan
A business plan is exactly what the name suggests— a plan to start and run a business or a new entity of an existing business; usually either an expansion in a newer region or a diversification into a new market. Business plans are mainly created for internal reference purposes or external funding purposes, with the latter being the common usage.
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Business plan vs. strategic plan
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How to Create a Social Media Marketing Strategy [Template]
Step 7. Create a social media content calendar. Step 8. Create compelling content. Step 9. Track performance and make adjustments. Bonus: Get a free social media strategy template to quickly and easily plan your own strategy. Also use it to track results and present the plan to your boss, teammates, and clients.
Develop your marketing plan
Our template steps you through the process of developing a succession plan with links to extra information if you need it. You may want to check our tips below before you start. 1. Analyse your market. 2. Set your goals and objectives. 3. Outline your marketing strategies. 4.
Online Digital Marketing Strategy Course
Digital Marketing Strategy is a 7-week, 35-40 hour online certificate program from Harvard Business School. Digital Marketing Strategy equips professionals with the tools, mindset, and trends to make decisions about digital marketing strategy and tactics, including how to position a product or service for success, acquire and engage customers ...
Facebook has a plan to win over Gen Z. Don't laugh.
Facebook's new strategy leans more into TikTok-like discovery and less into friends and family. It wants to reach a young demographic that will like things like Marketplace and the Dating app. Don ...
IMAGES
VIDEO
COMMENTS
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 ...
A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you're going to build and grow your business, what your marketing strategy is, and who your competitors are. Most business plans also include financial forecasts for the future.
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.
Strategic Planning. Creating a solid business strategy happens in three parts: 1) understanding where you stand strategically as an organization right now; 2) deciding where you want to be in the future; and 3) determining how you'll get there. The steps below cover each of these areas, with steps three and four both being part of the final ...
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.
A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business.. Not every successful business launches with a formal business plan, but many founders find value in taking time to step back, research their idea and the market they're looking to enter ...
Business strategy is the development, alignment, and integration of an organization's strategic initiatives to give it a competitive edge in the market. Devising a business strategy can ensure you have a clear plan for reaching organizational goals and continue to survive and thrive.
It provides a simple but effective format to document your business strategy. 1. Know your customers. You shouldn't take action without understanding your customers' needs. Read reviews, conduct surveys, dig into forums, and—most importantly—talk to your customers.
A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines ...
Step #3: Conduct Your Market Analysis. Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
A business plan can help you document your strategy as you're getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Business strategy is the strategic initiatives a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market. This strategy is crucial to a company's success and is needed before any goods or services are produced or delivered. According to Harvard Business School Online's Business ...
Make sure you cover each of the following steps when preparing your document: 1. Write an executive summary. This section of your business plan should be 1-2 pages in length and enables potential financiers or partners to get an overview of what your business does and - most importantly — what the opportunity is for them.
The most successful small businesses, corporations, and organizations never remain static for long. Their leaders continually look to the future, pursuing a slate of both short-term goals and long-term goals while angling for competitive advantages over rivals. These leaders define their organizations' visions and use strategic planning to achieve organizational goals within a fixed time frame.
Business strategy refers to a comprehensive plan or a series of actions meticulously crafted to achieve specific business goals and objectives. It entails a systematic approach aimed at gaining a competitive edge, responding to market dynamics, and attaining sustainable success within a particular industry or market.
An annual strategic business plan should include 8 key sections. Follow these steps to write an effective annual strategic business plan: State information that defines the company. Perform a SWOT analysis. Identify business goals. Identify key performance indicators. Perform and summarize market research. Outline the business marketing plan.
A business plan is exactly what the name suggests— a plan to start and run a business or a new entity of an existing business; usually either an expansion in a newer region or a diversification into a new market. Business plans are mainly created for internal reference purposes or external funding purposes, with the latter being the common usage.
A business strategy guides top-level executives, as well as departments, about what should and should not be done, according to the organization's core values. It helps everyone stay on the same page and with the same goals. 3. SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats.
A business strategy is a roadmap or plan that establishes your goals and the actions or steps needed to achieve the end goal. These guiding principles should be shared throughout the organization to help your company reach its objectives. Developing a business strategy in 10 steps.
What is a strategic plan? In contrast to a business plan, a strategic plan sets out a company's goals and defines the actions it takes to get there. The audience is your own team. Its key purpose is to build alignment and decision-making capacity to ready your company for the future. For example, if a company's business model is ...
The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may ...
Our free business plan template includes seven key elements typically found in the traditional business plan format: 1. Executive summary. This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business ...
Step 7. Create a social media content calendar. Step 8. Create compelling content. Step 9. Track performance and make adjustments. Bonus: Get a free social media strategy template to quickly and easily plan your own strategy. Also use it to track results and present the plan to your boss, teammates, and clients.
Our template steps you through the process of developing a succession plan with links to extra information if you need it. You may want to check our tips below before you start. 1. Analyse your market. 2. Set your goals and objectives. 3. Outline your marketing strategies. 4.
Digital Marketing Strategy is a 7-week, 35-40 hour online certificate program from Harvard Business School. Digital Marketing Strategy equips professionals with the tools, mindset, and trends to make decisions about digital marketing strategy and tactics, including how to position a product or service for success, acquire and engage customers ...
Facebook's new strategy leans more into TikTok-like discovery and less into friends and family. It wants to reach a young demographic that will like things like Marketplace and the Dating app. Don ...