Write a SMART Business Plan for Success
SMART market research is the hot new trend at the cutting edge of marketing, and companies looking to make an impact as they expand into new territories or demographics increasingly need to make use of it to be competitive. Since it is new and innovative, many entrepreneurs are wondering how to integrate it effectively into a traditional business plan to make loan applications and presentations to sponsor investors more attractive.
Generally, the SMART approach to market research will only impact the parts of your plan related to marketing strategy and customer identification. The impact can be profound, though. By utilizing the toolkit contained in SMART market research, your business can identify a more appropriate range of markets where your products and services will be successful. This informs your marketing plan by giving you the ability to concentrate on success in your most promising markets while planning for expansion into more competitive spheres when you have the resources.
The long-term strategy this allows you to build into your business plan in turn affects the projections you can make for growth in the long-term, and sometimes even your short-term financial projections, so there may be adjustments to be made there depending on what your market research turns up. You’ll still need to start with an executive summary, and in traditional fashion, you’ll need to summarize the scope of the plan and the details to be discussed while explaining the methods used to make decisions. That means you’ll need to plan to summarize your use of SMART market research here, even if you are explaining things more fully later.
After that, you will want your business plan to proceed through the traditional identification of products and services, discussion of company details including your officers and corporate philosophy or mission statement, and your existing sales base and asset holdings. From there, the rest of the document is based around the work done in your market research, so it will either involve presenting the SMART approach to an audience and showing your findings or discussing how those findings impact your projections for future business.
Using a SMART approach to your plan makes it easy to communicate clearly while making cogent long-term plans for success you can use to demonstrate the viability of your ideas. If you’re trying to secure financing, it’s a great way to show you know what you’re doing. The best part is, setting yourself up for success in your business plan means giving yourself a blueprint to follow long after your financing has come through.