Blog post by Farrah Holder, CEO of ThinkNXT Marketing Group
Once a business is established and performing well, you may think it’s fine to just let online marketing operations continue to run the same way. However, a business plan should be thoroughly analyzed at least once a year, and during the year-end review is an ideal time to perform this task. Based on the business’s performance in the last year, there might be several sections that should be refined to prepare for the next year.
The first is to assess the core activities that the business performs. This is where you can sit down and evaluate what your company actually does, what makes it successful. Then evaluate how it can be improved and whether you can launch anything new, including updating an online marketing plan. Within this, the business should determine if there are any new market segments that it should pursue, or any competitors that the business should be worried about.
Next, a business should assess their efficiency, to see if there are any factors holding the business back. Many businesses work in a short term, flexible way, which causes them to not focus on long term growth. Take a look at customers and employees to make sure that what your business provides Is still of value and importance to them.
The business plan update also need to take a look at the financial situation, to make sure there aren’t any gaps or areas that are losing money, and that the business is prepared to grow in the upcoming year.
With the help of the year-end review, a business will be able to make sure their updated business plan and online marketing will give their company a successful start to a new year.
Don’t forget, Saturday November 30th is Small Business Saturday-a day to celebrate and support small businesses and all they do for their communities. We offer many services for small businesses to increase their online visibility, and drive sales. More information about Small Business Saturday can be found here: http://www.sba.gov/about-sba/sba_initiatives/small_business_saturday_2013