Virtual CFO | Business Plan Executive Summary Target Market
It’s very important for business owners to have a business plan before they open the doors to their business as virtual CFO. Because entrepreneurs that have a plan are going to be 50% more likely to grow their business then business owners who do not. And in the famous words of Benjamin Franklin, the Founding Father of the United States of America, if you fail to plan, you are planning to fail. However, many business owners do not know how to create a business plan, or what’s the most important parts of the business plan are. Not only do their business plans need to have a marketing plan, but this marketing plan needs to be in the executive summary as well.
The executive summary of a business plan is arguably the most important part of the planet self says virtual CFO. This is the synopsis that is at the beginning of the plan and is often the only thing that people read. Even Bankers, Financial agencies, and high-powered lenders all often only look at the executive summary. That’s what makes it so important. Also, when a business owner gets very busy but wants to look at their business plan, often the only part that has time to read is the executive summary. Therefore, cramming as much important information into this synopsis is going to be necessary to ensure that a business owner stays on the right page, and is able to obtain the financing they need to grow.
Virtual CFO recommends that business owners put their target market into the executive summary of their business plan. The reason why is because business owners will need to understand who their target market is, because it’s going to guide the rest of their marketing plan, and it will also influence projections, pricing, and most of the entrepreneur’s plan. Therefore, including the target market is necessary.
Also, business owners need to understand that they often make the mistake of thinking that their target market is much larger than it actually is. If a business is in a city, they may mistakenly believe that their target market is the entire city. But this is incorrect because especially for small businesses, it can be incredibly difficult to reach this target market enough times necessary to inspire action. If the city is an average size and has one or two million people in it, this is going to take an entrepreneur a significant amount of money to reach all of the people. When entrepreneurs added to the fact that an average consumer needs to see entrepreneurs add a minimum of five times before they take action, we’ll have to get in front of this huge audience five times in order to generate any results.
The smaller the market is saying virtual CFO, and the easier it is to get in front of them enough times to inspire action. Business owners who are new should focus on a small area, and when they are successful at generating enough results from that, which may take a year or so, they can gradually increase the area. By doing this, business owners will be able to make the most of their marketing dollars and generate the results they need.
Virtual CFO | Business Plan Executive Summary Target Market
Including the target market into an executive summary is a very good plan says virtual CFO. The reason why is because it is going to help create the marketing plan that an entrepreneur will use to grow their business. Whether they are looking at the executive summary themselves, to remind themselves of the marketing plan. Or if they are looking for financing, business loans, or getting an audience with a high-level investor, the executive summary is often the only part of the business plan they will read, so including the target market can help them see an entrepreneur’s vision for their business.
Often, business owners make the mistake of trying to get their advertisements out in front of as many people as possible. And while this sounds like a valid marketing strategy says virtual CFO it actually isn’t. The reason why is because business owners need to get in front of their ideal customers an average of 4.3 times before they will take action. Even if those ideal and likely buyers are ready to make a purchasing decision. Therefore, if a business owner tries to Market to an extremely large area, it can not only cost a lot of money, but it won’t generate results until a business owner has done that four or five times. Therefore, business owners should think smaller, so that they can generate results faster.
This is an effective strategy no matter what and entrepreneur’s advertising medium is. Perhaps they are advertising in a local newspaper, marketing their business with Google Adwords says virtual CFO. Perhaps they are sending out flyers, doing door hangers, or are calling on their ideal and likely buyers individually and in person. No matter what the message is, the same average of 4.3 times before their purchase is the same. Therefore, business owners should focus on small, and as they generate revenue in their business, increase the size of their area.
Often, business owners start their business with next to no additional money. When they first start out, virtual CFO says they have to utilize all of the free marketing methods that they possibly can first. This is why it’s very important to implement a marketing strategy that is very cost-effective by focussing small, and often, business owners will be able to generate more results. For example, virtual CFO says that it’s much better for a business owner to send Flyers out to 1000 customers 5 times then it is for a business owner to send Flyers out to 5000 people once. It’s the same cost, but one is far more cost-effective.
Not only that but when business owners focus on a smaller area, they’re often able to reduce their own expenses says virtual CFO. For example, if they offer delivery, or if they are a contractor, or if their business is very location-based such as of a restaurant. They’re going to have a lot more control over their cost if they stick with their Geographic area first.