I was talking to a potential client yesterday about a marketing plan for his small business in Toronto. We got onto the topic of whether a business should start out with a marketing plan or a business plan, and I realized that many small businesses might need some insight into which one is more important.
First of all, what is the difference between a marketing plan and a business plan?
A business plan provides a more general overview of the business, and usually includes a business description, operations information, financial data, a market analysis and goals and objectives.
A marketing plan outlines how the company will achieve its goals and objectives. It includes information on the brand (ie. position of the company in the marketplace), as well as any opportunities or threats that may exist.
In my experience a small business could save time and create a combined business and marketing plan….unless the company was seeking financial investors, in which case they’d need individual marketing and business plans.
When meeting with new clients regarding a small business marketing plan or small business advertising plan, I always discuss their goals and objectives with them and include this in the plan I create. (It’s really *that* important.) So even if the company does not have a business plan they will have the key information right in the marketing plan or advertising plan. (and a reminder about why they’re doing all of this!)
If you’d like to discuss your small business marketing needs I’m here to help you! Just email me.
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