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Thinking of buying or selling your business in the New Year, how is your Sales and Marketing plan?

Written by: Andrew Rogerson

Article Overview: This article is the fifth in a set of 13 articles that collectively talks about 12 different plans to manage and operate a business. Why so much planning? Many business owners operate their business with the idea to earn as much as they can and pay as little tax as possible. This means selling the business is only considered when the owner is worn out and no longer has the motivation to maximize the performance and therefore purchase price they will receive. However, if this series of plans were recognized and executed on a consistent basis, not only would the business be available to sell as it’s in its best condition, but also allow the business owner an easier and more positive environment in which to own and operate the business; to be benefit to employees, suppliers, lenders and of course, the owner.

Thinking of buying or selling your business in the New Year, how is your Sales and Marketing plan?

The sales and marketing plan is a document that most entrepreneurs don't have time to get around to putting together. I'm not sure why that is as it's just as important as the business plan and indeed complements it. The business plan outlines the vision, strategic direction and business and financial goals of the business. The sales and marketing plan breaks down the business plan to show how you are going to get there and the tactics to be used to attract the customers it needs.

The sales and marketing plan can be as complex and as detailed as you wish to make it. It can include a list of tactics you could deploy, it can list and detail only specific tactics you plan to use or a combination of both. It's important, though, that you understand how each idea is to be used but you have some idea of the expected results each tactic should bring to the business. There is an old adage in business management: If you cannot measure it you cannot manage it. There is also a famous quote that says "I'm convinced that 50% of my marketing is effective, I just can't tell which 50%."

There is also another saying that says "I can't afford to advertise." If you cannot afford to advertise then you probably cannot afford to be in business.

Some of the key items you want to see in your sales and marketing plan includes a profile of your typical current customer, what percentage of business they bring, where they come from and how they found you. If you are planning on growing the business by either more of the same type of customer or a different customer demographic, this needs to be defined, measured and made sure it makes good business sense to target. Sales and marketing should always be seen as an investment and just like all other aspects of your business, needs to bring a return that you measure or you need to go and try something else or adjust your sales and marketing plan.

If you are looking for different sales and marketing tactics there is simply no shortage of them. Here are a few suggestions. Each one needs proper consideration and research to make sure it's the right strategy for your business. These tactics include obvious things like your business cards, office letterhead and stationery, email signature, coupons or flyers as well as things like your website, blog, monthly electronic newsletter, networking, taking someone out to lunch once a week, social networking media such as FaceBook, LinkedIn and Twitter. Other strategies could include TV advertising, seminars to educate customers about your service, trade shows, hiring a Public Relations expert, joining local associations such as the Chambers of Commerce or other local business or trade association groups.

Just like your business plan, the sales and marketing plan needs to be a living and breathing document. It needs to include projections and just as importantly, the results from any activities undertaken so you can tweak and constantly improve what you doing. And don't forget your sales and marketing plan should include how each person in the business answers the phone right through to the book-keeper. There is no reason your book-keeper and clerical staff cannot answer the phone and offer a monthly special to see if they can bring in new business. It's a little unconventional but sales and marketing is about getting results, not whether something is conventional or unconventional.

Part 6 of this article series looks at how the Business Plan and Sales and Marketing Plan are tied together with a Communication Plan.

Related Articles
  Market First, Sell Second to Increase Sales in 2011
  How To Slow Down To Pick Up The Pace
  Marketing Plan Tips
  Do You have a Strategic Sales Action Plan?
  “End of Year Thoughts From Your Strategic Thinking Business Coach”

Article Tags: business escrow, business for sale, business owner, Business ownership, business plan, buy a franchise, due diligence, Entrepreneur, exit plan, franchise, franchise for sale, franchise owner, new years resolution, Sacramento business broker, Sacramento business ownership, Sacramento business valuation, Sacramento business value, Sell a business, selling your business, succession planning



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Online Sales and Marketing vs Traditional - Hi Evan, I am noticing that many of the posts in the Sales/Marketing section deal with online marketing, SEM and and SEO and Affiliates. I was wondering if it might be a good idea to separate that section into two; 1) Online Sales and Marketing; 2) Traditional Sales and Marketing
Re: Online Sales and Marketing vs Traditional - [quote="ltrahan":31w9r2iz]Hi Evan, I am noticing that many of the posts in the Sales/Marketing section deal with online marketing, SEM and and SEO and Affiliates. I was wondering if it might be a good idea to separate that section into two; 1) Online Sales and Marketing; 2) Traditional Sales and Marketing[/quote:31w9r2iz] I second the request...
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Re: MLM Marketing, youtube, and buzzirk mobile. - I have experience with MLM too. My initial reaction to the business was "snake-oil salesman" but once I got to understand the "overall business model" I am now an advocate to it. MLM (Multi-Level Marketing) is also known as Network Marketing. I realized an MLM business is no different than any other business. One needs to focus on both words "Network" and "Marketing" and give both equal respect. Some people focus heavily on the Networking part but forget "Marketing". I've started to use Building on a Budget and Magnetic Sponsoring concepts in my NM business and have found that people don't get involved so much because of the product but more because of what you bring to the table as far as marketing systems and support. I have both products listed in my signature. you don't have to buy it as the link to the free videos itself provides you a good understanding of what is required to position yourself as my above paragraph. If you do plan on purchasing it I can tell you that the measly $40 will open your eyes BUT your upline will not be too happy (atleast in the short term) beacuse the system is not duplicateable. I wrote this post as a polar post to Bulmer's reply as I have exhausted the friends and family networking and realized i never really focused on marketing. My leads now are more qualified and open to hearing about my opportunity than the other way around. my 2 cents if you plan on growing an MLM or Networking Marketing business.


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