Business and Marketing Plans
Would you go on a holiday without knowing how to get there, how long it’s going to take and how much it would cost ? Probably not.. Yet many will start a small business, something that carries a lot more financial risk, without a business and marketing plan. According to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within the first three years of starting. It’s an incredibly daunting figure and I would question going into business myself with those statistics, however I would bet the majority of those failed business’s did not have a business and marketing in place before starting up. Business and marketing plans are often overlooked yet they are one of the most important things a business should have !
A Business and Marketing Plan should have customised SMART objectives – that is :
- Time Frame
An example might be that you want to increase your net profit from $80,000 in 2016/2017 to $100,000 for the 2017/2018 financial year. To do this you will need to increase your sales by increasing the number of sales and increase the price of your services by 5%, and reduce unnecessary overhead costs by 3%. You will allocate $2,000 each quarter for an extensive online marketing campaign and track the lead conversion rate to actual sales. You will also set a monthly sales and expense budget and track it against your actual figures at the end of each month.
At Nifty Accounting we want all of our clients to operate successful business and to do this we like to ensure our clients are set up for success from day one. We are now offering a new service, a detailed Business and Marketing Plan package for new and existing businesses. If you are interested please contact David at Nifty Accounting for further information.