For most business owners the key to success lies in a solid marketing plan with strong marketing tactics.A marketing plan is a blueprint that outlines a company’ overall marketing efforts.There are a ton of plan templates readily available on the internet.Taking advantage of these plan templates and marketing calendars can help determine the success or failure of your business in 2015Now, what happens when a marketing plan comes together?1. You will discover who your best most important audience is and what your clients want from youHopefully you are creating and offering products and services with a specific target audience in mind.However, you may find that clients, customers and patients other than your targeted audience will also been able to benefit from what you have to offer.Understanding who your audience is a key component in marketing, sales and improving your services and/or products.2. Increases awareness of your companyMost people won’t pay any attention to your company, unless they need you. They only care about themselves, it human nature.A marketing plan enables you to formulate a way to help future clients see the benefits of using your product or service. When done right, this establishes your credibility in the marketplace and hopefully solidifies your business as a reliable source.3. You will be prepared. When you have a good marketing strategy you’ll be surprised at how fast your company will be able to respond to unexpected marketing and developments from your competition.A well-written plan that covers all bases will include a projection on possible threats and detailed ways you can respond or capitalize off them. 4. Obtaining FinanceCompanies, including small businesses often need to acquire extra financing.A well-thought out business plan along with detailed marketing is evidence of good planning which could be extremely helpful in obtaining loans.Without a solid business plan and marketing strategy, even the most profitable business would have a difficult time getting financing. Free sample marketing plans are readily available online, they can serve as good examples while saving you time creating your documents.5. Save MoneyOne of the biggest benefits of a marketing strategy that your business is more likely to save money.The average marketing plan includes a set budget that will be used in your marketing efforts for the year.Yes, by outline your marketing plans, and specifying how much money is going to be used to support various marketing efforts it helps your company save a lot of money on unplanned marketing campaigns.If you and your team hasn’t sat down to develop a marketing plan for the year, it’s time to do so now.Start off with a marketing template to help outline your company’s marketing strategies the expand from there.There are so many benefits from having a marketing plan that it would be insane to start 2015 without one.
Business Capital Solutions In Canada: Accessing Proper Cash Flow & Commercial Financing
Business capital requirements in Canada often boil down to some basic truths the business owner/financial mgr/entrepreneur needs to address when it comes to financing for businesses.
One of those truths? Knowing the true state of their financial condition and what financing they do and don’t qualify for when it comes to meeting commercial lending requirements in Canadian business.
Business Loans In Canada
Whether you are smaller or start-up firm looking for information on how to get a business loan or a larger established firm looking for growth financing or acquisition opportunities we’re highlighting 3 mistakes that commercial loan seekers like your company need to avoid making when addressing, sourcing and negotiating your cash flow / working capital and commercial financing needs.
1. Understand the true condition of your company finances – These are almost always successful addressed when you spend time on your financials and understand how your financial statements reflect your access to commercial loans & business credit in general
2. Ensure you have a plan in place for sales growth and financial needs as it relates to commercial financing
3. Understand that actual hard facts about cash flow which is, of course, the lifeblood of your company
Can you honestly answer or feel positive about all those 3 points. If so, pass Go and collect $ 100.00!
A good way to address your company’s finance plans is to ensure you understand growth finance solutions, as well as how to manage in a downturn – i.e. not growing, losing money, etc; It’s never fun to fund yourself in an economic or industry downturn such as the COVID pandemic of 2020!
When we talk to clients of new or established businesses it seems they are almost always talking about sales, so the ability to understand and focus on the differences in their profits and cash fluctuations is key.
How do cash flow and sales plans and projections affect the type of financing you require? For one thing sales growth usually starts out by consuming your cash, not generating it. A poor finance plan will drag your business down and addressing financing simply gets tougher and tougher.
Three basics always emerge when it comes to your search for the right business capital and financing.
1. The amount of financing you need
2. The type of financing (debt/cash flow/asset monetization) The business loan interest rate will be dramatically affected by whether you choose traditional or alternative financing solutions. Private business loans in Canada come from non regulated commercial finance companies most often known as ‘ alternative lenders ‘. These lenders are typically highly specialized in one ‘ niche ‘ of business financing and may be Canadian firms or branches of U.S. banks and non-bank lenders
3. How the financing is structured to be manageable with your day to day operations
What Finance Company In Canada Can Meet Your Borrowing Needs & Why Is Capital Important In Business
Let’s identify and break down key financings your firm should know about and understand if they are applicable and achievable to your business. They include:
A/R Financing / Factoring / Confidential Receivable Finance
Inventory finance / floor planning / retail inventory
Working Capital term loans
Unsecured cash flow loans
Merchant working capital loans/advances – these loans are geared toward short term cash needs and are typically one year in duration. Loan amounts are typically 15-20% of your annual sales revenues.
Royalty finance
Asset based non bank business lines of credit
Tax credit financing (SR&ED bridge loans)
Equipment Leasing / Sale leasebacks – Equipment financing in Canada is used by almost 80% of all companies looking to acquire new, and used, assets.
Govt Guaranteed Small Business Loan program – Government Loans in Canada are sometimes referred to as ‘ SBL’, aka Note: BDC Finance solutions are available from this Canadian non-bricks and morter crown corporation. A small business loan via the government-guaranteed loan program comes with true flexibility around term loan duration, market rates, no pre payment penalties, and of course the low personal guarantee that is required by borrowers. These two ‘ government ‘ loan solutions are often perfect for financing a new business.
If you’re focused on not making mistakes in your business finance needs and want to capitalize on the solutions your competitors are probably already using seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your cash flow and commercial financing needs.
Stan has had a successful career with some of the world’s largest and most successful corporations.
His employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) In 2004 Stan founded 7 PARK AVENUE FINANCIAL – He is an expert in Canadian Business Financing.
Digital Marketing – Incremental Revenue
Social media advertising can have a big impact on a brand. Digital marketing ads may encourage people to try a product, a free trial could lead to a purchase, and a purchase could lead to a person actually using a product. During this process, brand-centric conversations usually develop on social networking websites, which can be discovered through search. These conversations become a vital factor when it comes to making purchase-related decisions, as most buyers usually check out comments on social networks like Facebook before coming to a buying decision.These digital marketing conversations are usually driven by two factors, which are both controllable. The first is product design, and the second is the communications between customers and customer service agents. There is a strong connection between ROI and customer service. For instance, if an internet marketing professional takes the time to understand the relationship between the number of fans and the number of ‘likes’, together with conversations on Twitter between customers and service agents, they will get a true picture of the impact of their digital marketing campaign on social networks.A simple way to get such an understanding is to connect customer service actions with incremental ‘likes’, by tracking responses of customers to the digital marketing messages of your customer care agents. You may also begin tracking incremental revenue, either directly through your Facebook business page or other social media profile. So, what is incremental revenue? Incremental revenue can be in the form of subscription renewals, product up-sells, and customer saves collected through the actions of social care agents.Incremental revenue can also be calculated from the expense side, just like a phone interaction. Once you track the shift of call deflection, you will get a measure of the change in expenses connected with your digital marketing effort, together with its cost. Your digital marketing programme on social networks will now be connected to real money, offering a great way to calculate ROI.As an Internet marketing professional continues to build their marketing programme on social networking websites, it is important for them to think beyond marketing. A social media profile should also link to other functional areas of a business, which also take part in social media-based conversations, such as customer service. Take into account revenue, expense change and directional KPI’s, before setting up various ROI goals. Therefore, there are a number of ways in which you can also improve product promotion through Social media.