Your Faith-Based Business Plan

So, you have completed your Executive Summary, General Business Description, and Products and Services, what is next? Do you know how you will let the world know you are in business, and that you have the product or service solution compatible to their need. How will you conduct business daily? What is the structure of the business? Do you know what composition of your staff of employees will look like and how will its hierarchy or chain of command be structured? Having a structured and effective daily plan on how to run your business in place is essential and another group of questions we will review in today’s post. We shall cover the following components of your plan:

1. Marketing Plan
2. Operational Plan
3. Management and Organization

Marketing Plan

The late 1800’s magazine The Chautauquan, proposed the question, “If a tree were to fall on an island where there were no human beings would there be any sound?” The answer to the philosophical question was, “No. Sound is the sensation excited in the ear when the air or other medium is set in motion.” Marketing is merely creating a sensation of need when the medium is set in motion. The greatest of businesses have failed due to getting the message to where no one is listening. It is the strategy of communicating the message of your products or services effectively to the right people who will benefit the most from what you are offering.
How do you know who is your target audience? Research! In your marketing plan, be as specific as possible; give statistics, numbers, and sources. Visit your local library to look at their business information resources. Visit your local Chamber of Commerce and the local division of the Small Business Association for information on your competition and industry trends and economic values such as:
• The size of your market.
• The share of the market you plan to have.
• How you plan to adapt to changes in technology, government regulations, and your industry.

Your marketing plan should describe what is in it for the customer. You should clearly explain your product or services’ benefit and features and how you plan on conveying these to your prospective customers. It serves as a roadmap of your message to customers, specifically your target customers. Who are your target customers? Buyer personas are a great tool to identify your ideal customer and their journey. A buyer persona is a fictional visual representation of someone who represents your target audience. It should contain the following statistics:
• Age
• Location
• Language
• Spending power and patterns
• Interests
• Challenges
• Stage of life

Now that you know who you are trying to reach, it is time to figure out the medium you plan to use and determine the cost of using the medium. If your research indicates the persona uses Facebook, then consider paid ads on it. With over two billion users you can be sure to reach your market.

Operational Plan

This is the section you will describe what is the location, process of the business’ daily schedule. And surrounding environment. You will need to explain the following in this section:
• Accessibility
• Production and costs of production
• Legal regulations
• Licensing and Insurance
• Zoning codes
• Personnel
• Inventory and supplies
• Credit policies
• How you will manage daily accounts receivable and payable

Your operational plan will allow you to have a clear expectation of what your employees must do every day to ensure the successful operations of your business when you are not able to be there. It is the integrity of the business. It will also minimize internal and external risk to the business.

Management and Operation

This section of your plan will address the following questions:
• Who will manage the business on a day‐to‐day basis?
• What experience does that person bring to the business?
• What special or distinctive competencies?
• Is there a plan for continuation of the business if this person is lost or incapacitated?

Should you have a larger number of employees, and organizational chart is effective in establishing the chain of command from the owner down. You will also need to list your professional and advisory support. These would include attorneys, accountants, insurance agents, bankers, and tax advisory board members.

Next week’s blog will be focused on the financial planning of your business. Stay tuned!!!

References
1. The Chautauquan, June 1883, Volume 3, Issue 9, p. 543
2. Qayum, A. (2022, April 29). 10 examples of marketing plan and Key Takeaways (2022). Oberlo. Retrieved September 12, 2022, from https://www.oberlo.com/blog/marketing-plan-examples