A business plan does not guarantee your small business will be the next big thing but it does increase your odds of long-term success. Tim Berry, the official business planning expert for Extrepreneur.com and author of Lean Business Planning, surveyed thousands of business owners and found it doubled the chances for success.
A business plan also gives you a way to focus your energies, your budgets and your priorities.
A marketing plan must be a part of the overall business plan to define target audiences and outline the strategies of how your company intends to reach them and generate new business. And it’s not enough to just have it in your head. The most effective plans are a written document.
So, while plans may seem cumbersome and many question their value, the data suggests otherwise.
Tim Berry gives his thoughts on the connection between business and marketing plans in this clip below from The Marketing Mojo Show.
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