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Business Planning Needs To Incorporate Accounting And Marketing

A recent survey by  Centre for Economics and Business Research has shown yet again that a large amount of small businesses have no business plan. Plus Business Planning Needs To Incorporate Accounting And Marketing

There is nothing new here for years research from a wide variety of respected organisations has shown that small and medium businesses fail to develop a business plan.

So how do companies make informed decisions to guide the business without a plan.

Business Planning Needs To Incorporate Accounting And Marketing

Importantly if you are looking at creating a business plan its important that it contains both financial and marketing information.

Financial Business Planning Fundamentals

  • A 3 to 5 year business plan with some key financials
  • A budget
  • Quarterly reporting on performance against budget
  • Cashflow tracking and forecasting
  • Some key performance indicators (Note M&S as a huge retailer have only 6 KPI’s)

So from a financial perspective

  • Plan, Plan and Plan some more
  • Understand the business and drivers
  • Consider the financial data
  • Cash is the lifeblood of any organisation make sure your company is viable
  • Evaluate and monitor change and adjust accordingly

Why a financial expert is important to your business needs

  • The will understand the key objectives and drivers
  • They will be genuinely excited by the detail of financial planning
  • Asking them to set up the reporting you need to track business performance will be the equivalent of giving them a bonus
  • They can help you when you start to go off track financial

Sales & Marketing Planning Fundamentals

  • A 12 month to 3 year business plan with key financials
  • A budget
  • Quarterly reporting on performance against budget
  • Tracking and forecasting
  • Some key performance indicators (Proposal to order ratio, length of time prospect to customer, where inquiries came from)

So from a sales and marketing perspective

  • Plan, Plan and Plan some more
  • Understand customers
  • Consider issues of importance and value to a customer
  • Customers are the lifeblood of any organisation make sure your company manages customers appropriately
  • Evaluate and monitor change and adjust accordingly

Why a marketing expert is important to your business needs

  • The will understand the key objectives and drivers
  • They will be genuinely excited by the detail of evaluating customers and identifying what they want and how it can be sold profitably
  • Asking them to identify the most cost effective way of engaging and converting will be the equivalent of giving them a bonus
  • They can help you when you start to go off track by reacting to unsolicited promotional / advertising spend

Business Planning Needs To Incorporate Accounting And Marketing

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