10 Steps to Make a Successful Business Plan

The sales volume of a company is directly related to the design of the business plan and its execution. Therefore, in this article we will talk about the 10 main steps to succeed in this facet of the company.

Business plan and all necessary phases

The marketing plan or business plan is nothing more than a document that includes all the main steps to achieve our goals. Some key questions are answered such as the product to be sold, the main markets or the sales techniques to be used. All the steps that should not go unnoticed by our company are the following:

1. Research the market

In order to achieve the objectives, it is essential to adequately define the market niche. This will serve to discover our target audience, that is, all those potential customers. It is important to understand and calculate the possible volume of sales.

Additionally, we cannot forget our position within this market, as it will determine the success of our strategy. On the other hand, a SWOT analysis will allow us to identify our strengths and weaknesses, as well as the opportunities and threats we have.

2. Marketing plan and importance of the buyer persona

The niche market is not enough for a marketing plan. It is necessary that we go one step further and create what is called buyer persona. You have to know everything about your target audience. Not only your hobbies and interests, but also the buying habits you may have. In this way, we can develop messages and actions that go hand in hand with this type of people.

From all this information is created what is known as a conversion or sales funnel. At each stage of the purchase process, a certain action is carried out to try to convince you to buy our product.

3. Commercial management of competitors

The commercial management of the sales of our business also go through having well controlled competitors. It is essential not to lose volume or profitability in the market. We must know what our competence is, and especially what actions they are carrying out.

This is one of the main tasks that we can achieve when we elaborate the SWOT analysis. In addition to knowing their strengths, we will also have the possibility to know their weaknesses. This is a huge opportunity to continue growing commercially.

4. Achieve objectives thanks to positioning

From the SWOT analysis we can also obtain our position within the market. It is the starting point for the elaboration of any marketing plan. This must mainly answer the question of how the product we want to market can fit into the sector.

Through the competitive advantage you can count on today will be enough to define our value proposition. We must explain to all potential customers the benefits they can achieve by using our product.

5. Main sales channels

Sales or distribution channels should be clear in any business plan. Today, with digital transformation, we have a huge variety of options. On the one hand, and especially in the retail sector or HORECA, physical stores continue to play a fundamental role.

On the other hand, with other types of products, we have the opportunity to take advantage of the online channel. Each of them has its strengths and weaknesses. Our mission is to understand each of them and know which are the most effective for us. This has to be directly related to our costs and the growth opportunities in each of them.

6. Promotions to attract customers

We know our target audience in depth, so our marketing strategy must be equally defined. On the one hand, we must focus on those actions that allow us to attract customers. Many do not know our product, so we must give them reasons to try it.

This is what promotions are all about. Offer discounts, or other added values, to give you a try. If they like the product, they will surely repeat. Taking a look at the
success stories
will also help.

Price and good analysis is key

7. The pricing strategy

This is one of the most important steps of any type of business plan that we may have in mind. Prices have to adapt to the time of year, and market circumstances. On the other hand, we must think logically according to the margins we may have.

In addition to how demand may fluctuate, it is essential to ensure that our suppliers will always give us raw material. This is especially important in those possible sales peaks.

8. Properly serve customers

It may seem silly, but after-sales service plays a differential role. It is important that we invest in good customer service, especially if we sell online. This must be included in the plan.

In the event that there is any type of setback, the way in which we solve it can mark the future of that client. This department can help in loyalty tasks. Delivering a
good customer experience is vital
.

9. Planning of actions and budgets

The actions we are going to carry out are directly related to the objectives to be achieved. The volume of sales we have in our plan will mark the ROI we will achieve. It is essential that all goals are SMART.

In this way, they will be measurable and assumable. It is useless to set goals that are too easy or ambitious. This part of the plan will also mark the budget that will have to be invested in marketing to achieve them.

10. Analyze the fulfillment of objectives

Finally, and although it is the last step, it is one of the most important in our business plan. You have to do an analysis to understand whether or not the objectives are being met and, if not, know the reasons. Then, apply all the changes that are necessary.

In conclusion, when developing a business plan we must not lose sight of all the steps that must be followed so that we are able to get the most out of it. Putting yourself in the hands
of a specialized business consultancy
will help achieve the fulfillment of all goals.