Buying and Growing a Small Business With Little to No Risk With Brit Foshee | BP Business Podcast 40

| January 28, 2020

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Have you ever considered buying a business but were terrified of paying more than the business is worth? Have you ever wondered what you can do to help ensure that a business you buy today will generate the numbers promised by the previous owner?

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OTHER ARTICLES

Your Most Frequently Asked Software Questions, Answered

Article | July 19, 2021

We talk to a lot of people each day about which software is right for their business, which means we here at Software Advice understand the problems that small and midsize companies face. Whether it’s working out how to bring your business online fast to save the family-owned dairy farm, or helping you find scheduling software to make sure your appointments are more organized, we’re here to offer advice. No matter the circumstance, we’ve likely talked to someone in a similar situation to you. According to a survey run by Capterra, only 27% of small-business owners find software that meets or exceeds their expectations without compromise. That statistic might seem discouraging, but with proper planning and some expert advice, you can ensure you're getting the best software fit for your business.

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A small business guide to mastering accounts receivable

Article | March 9, 2020

Most companies go out of business because they run out of cash. One of the biggest factors that can impact a business’ cash flow is how well they manage their accounts receivable. A well-oiled accounts receivable process can save you much pain down the road. But first, let’s take a look at what accounts receivable is. Then, we’ll tackle how you can better manage it and get the most out of it.

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Ingredients of a Marketing Plan That Are Essential to Make an Impact

Article | August 18, 2021

Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties. It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail. Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets. A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage. A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time. Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan. Importance of Marketing Plan A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales. Below is a few more importance of marketing plan: It aids in the effective management and accomplishment of your business objectives It facilitates cross-departmental collaboration and communication It contributes to the avoidance of future dangers and uncertainties It contributes to the success of marketing activities It contributes to reducing the chance of failure It enables the efficient and prudent use of resources while taking market opportunities into account Extensive Market Research Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market. For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment. Marketing research involves certain areas to be given utmost importance: The dynamics and trends of the market, including seasonality Vendors in whom you will place your trust Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions Industry benchmarks What is presently available and what competitors are providing Current industry sales Robust Market Strategy The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success. A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements. Below are few B2B marketing strategies: Social media marketing Search engine optimization Content marketing Search engine marketing/PPC (Pay-per-click) Referral programs Industry events Appropriate Financial Planning Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow. For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses. Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc. The following points demonstrate why financial planning is essential. Prudent financial management Long-term view Profit and loss measurements To determine the value of liabilities and assets Utilization of Marketing Channels There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels. Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C. Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation. Here are few channels that are utilized: Retail or Ecommerce Social media channels Email marketing Websites Referral channels SEO Word of mouth Pay-per-click (PPC) marketing Analyses of Competitors While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services. Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition. Competitor analysis enables the following: Identify market inefficiencies Identify market trends Create innovative goods and services Increase your marketing and sales effectiveness Conclusion: A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes. FAQs: What are the key ingredients in the marketing plan? Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives What is a successful marketing plan? A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the key ingredients in the marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives" } },{ "@type": "Question", "name": "What is a successful marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm." } }] }

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How to Know Where to Cut Expenses When Needed

Article | July 2, 2021

Are you wondering how to save money and keep your business as profitable as possible? You’re not alone, especially after the curveball we faced in 2020. Where should you start? While there are a variety of ways to cut expenses, you’ll need to find the right places to make cuts for your unique business. Here’s a guide to help you learn more about your options and how to get started.

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