5 Components Of A Successful Business Plan

A business plan is a documentation of a business’ future. It contains strategies, goals and solutions to potential challenges in a business. It can also contain important information about the structure of a business, business concepts and finance. In other words, a business plan is a blueprint of a business.  The success of a business depends on how successfully an entrepreneur puts this plan together. There are a few things that find special mention in a business plan and upon which the success of a business is largely dependent. In this post today, we will try to take a quick look at some of them and try to formulate an ideal strategy for the success of a business:

License: Creative Commons image source
License: Creative Commons image source

Communication

Communication is an indispensable part of a business. You need to communicate with customers, vendors, partners, investors, your colleagues and employees for various business reasons. Building a proper channel of communication is therefore imperative for the success of your business. A phone system can prove to be expensive for a new entrepreneur or for a small business. Moreover, in today’s time, when business can happen anytime and anywhere, it is important for an entrepreneur to use advanced features that ensure business always and at any place.

Solution to try: Try using a virtual phone system. According to Carol Wasserman, Online Marketing Executive at iTeleCenter, “a virtual phone provides entrepreneurs all the benefits of a traditional phone system and a few advanced features that keep them connected and encourage business 24×7. Features including advanced call forwarding, auto attendant, voicemail and virtual fax deserve special mention.”

Website

Website performs dual functions – it acts as the gateway to the online business world and also brands a business – businesses invest hefty amounts of money in developing their corporate website. But investing heavily may not ensure an effective website. There are other things to consider as well. Content of course is important. But it is not the only component necessary for building effective websites. In today’s world, where people use a variety of browsers and devices to access a website, developing an effective website can be a challenge.

Solution to try: While developing your website, remember to check its browser compatibility. There are tons of browser with a variety of versions available – make sure to check the compatibility with each one. Also, check your website using devices including desktops, laptops, smart phones and tablets. Change the pattern and layout of a website if necessary to suit each of these devices.

Marketing and sales

Building a healthy communications channel or developing a responsive website – the ultimate goal for any of these is to make people aware about your products/services and ultimately successful sales. How does an entrepreneur ensure effective marketing and successful sales?

Solution to try: Use toll free numbers. Research shows that these numbers are successful in generating response from a marketing campaign. These numbers do not charge callers instead it charges the recipient for the cost of the call. This is an important reason for attracting people to call a business.  A business can also try using vanity or a sequential toll free numbers.

A webinar is also successful in attracting, retaining and finally converting a lead. This is because a webinar is an audio-visual aid and hence more efficient than simple text on web page.

Brand

How do people recognize you? The question might sound funny but it’s important to answer this question. You’ll say by your name. Exactly! How do you know a business? The answer is the same – by its name. Every business has a name but that is not its brand. A brand involves more than just a name – it involves your customers’ trust and your brand shows your professionalism and credibility.

A brand is often compared to a magnet that draws in people’s attention and interest. Developing a brand is not easy.

Solutions to try: Accordingto Ken Carbone of Carbone Smolan Agency says, a “brand is the magnet that draws consumers to…products or service.”  While planning for your brand, closely follow your marketing strategy and marketing plans. Also understand your customers’ behavior. Importantly, keep space for any future growth. You can depict your corporate ethics and beliefs through your brand or you can focus solely on your product/services.

Online presence

Online presence is important for each and every business. It’s important for individuals and for businesses it is even more so. But creating an online presence is not easy. Entrepreneurs need to develop a different strategy to approach the virtual world. Creating a presence on social networking sites including Facebook, Twitter, LinkedIn or YouTube needs a different style.

Solution to try: Quality content can help to get you noticed on social networking platforms. The content need not always have a sales tone but it should be informative. Simultaneously, you should also decide the matter of discussion on these platforms – should it be general or you would like to create a niche corner of your conversation. Every networking site has characteristics of its own. It is important to formulate a strategy compatible with the characteristics of the site.

About the Author: Alex Christopher is an Online Marketer. For years he has been monitoring and advising the implementation of online marketing strategies for small businesses and start-ups. He is responsible for the success of quite a few online marketing companies. 

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