BUSINESS Developing Your Marketing Plan Where… am I going? (name of place or region) When… am I going? (dates) Who… am I going with? (names) How… will I get there and back? (transport method(s)) How much… will it cost? (budget) When developing your objectives and strategies, be sure to reflect on your SWOT analysis so that you leverage your strengths, avoid exposure of your weaknesses, identify and capture opportunities and be aware of threats. We covered this in the June 2019 article. If your business will require funding, you need to be prepared so that your plan can survive scrutiny. Come Back and See Me When You No Longer Need Me Now you’re talking to a banker about getting a startup loan for the surely-destined-to-be-famous Bubba’s Mo Bedda Locksmith and Security. At this juncture, feel free to cite any relevant sup- porting Bible, Quran or Google prophecies or scripture passages that directly foretell of Bubba’s ascendancy. OK, so maybe this infidel banker is not yet ready to hear about the prophecies! While awaiting arrival of a certified astrologer, he/she has the audacity to start asking you pointed questions about this new business. Are you prepared to answer those penetrating ques- tions? Better yet, do you have some sort of written marketing plan or something formal to show them? What were you thinking? Didn’t you know that banks don’t usually lend money for startups? Banks are notorious for refus- ing to provide funding when you need it most. But when you have at least a three-to-five-year successful track record, they suddenly begin showering you with fee-loaded loan offers when you may no longer need them. But you will need a banking re- lationship sooner or later, and what one bank is unwilling to do, a different bank may welcome. So, be persistent. The Dream Killer Having spent years in both the world of small business fund- ing and also the much more sophisticated investment banking arena, I can tell you (although you probably already know this), that seeking funding for your business — especially for startups — can be an extremely exasperating experience for a business owner. However, there is no better way to protect yourself from making big mistakes than to have a qualified person or firm tell you that (wait for it), “Your baby is ugly.” I’ve played this dream killer role many times for small and large product-based and service companies in many indus- tries. It’s truly sad to see how oſten individuals fall in love 18 KEYNOTES APRIL 2020 with their dreams and then wear emotional blinders that shield them from reality. As Zig Ziglar used to say, “Sounds like you’re on that river in Egypt: Denial.” Sure, being turned down for business funding really sucks and can be emotion- ally devastating at the time. This will bring back memories for readers who have taken this business-funding journey, perhaps in their early days. But this dream-killing experience can save you from driv- ing off the cliff in an unrealistic dream vehicle or chasing a solid dream that has not yet been properly planned. The message is that you can help yourself and your business be- come successful and avoid that business failure graveyard by using some of these “Tools for Managing Your Business.” One of these tools is the marketing mix and the famous Four Ps. There’s also a relevant expression used in the legal indus- try when referring to trials: “He who is best prepared wins.” So, preparation is the winning formula (not to be confused with Preparation H). Whether you are seeking business funding or not, it’s best to be prepared by developing your marketing plan sooner rather than later. It’s far better to make your mistakes on paper rather than aſter you quit your job and have to make it without a steady paycheck. It’s that big transition when you step off the dock and into the boat… and perhaps burn the dock (or someone else burns it). Marketing Plan Executive Summary Perhaps one useful way to distill and apply all of this stuff is to hammer out a rough marketing plan for Bubba’s Mo Bedda Locksmith and Security. Because of space limitations, we’ll only look at what an executive summary might include. This is oſten featured in just a few pages at the beginning of a mar- keting plan and is designed to make your pitch succinctly so that, hopefully, the reader will be sufficiently interested to read the full plan. If you are looking for funding, you should also include a cover note that explains how much you are seeking, what the funds will be used for and how/why this investment opportunity makes business sense. Marketing Plan Bubba’s Mo Bedda Locksmith and Security LLC Executive Summary Company Bubba’s is a Florida LLC formed on January 12, 2019, by John Doe (entrepreneur extraordinaire and visionary) who is the president, secretary, and ruler for life… and 100% shareholder. WWW.ALOA.ORG
