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In fact, the software manufacturing company called Palo Alto wanted to find out. Exactly how effective business plans were at helping entrepreneurs succeed. What they discovered was that entrepreneurs that had a business plan were 50% more likely to grow their revenue and stay in business. Over the entrepreneurs that did not have a business plan at all.
A business plan can help an entrepreneur Define the goals that they want for their business. And come up with a plan on how they can achieve them. And a great marketing plan is vital to that says CFO Services. Because it can help an entrepreneur find the customers they need to generate Revenue.
The marketing plan is going to identify their ideal and likely customers. And help the business understand what is most important to those customers. And what drives their purchasing decision. All customers are solving a problem that they have when they make their purchase.
If entrepreneurs can figure out what problem their customers have when they make their purchases with their company. They will be able to figure out a great marketing strategy 2 communicate to those ideal and likely customers.
One of the things that can help them do that according to CFO services. Is understand how their company is different than its competitors. These don’t need to be great big huge ways that they completely changed the way their industry does business. They can be small things that can end up having a huge impact on customers.
How an entrepreneur can figure this out, is by taking inventory and making a list of all of the differences between them and their competition. Nobody knows their own business quite like the entrepreneur. And they are in the best position to write this list.
Once they are done, they should take time to review the list and consider what three things they are either very passionate about. Or are extremely good at doing. By choosing three things to focus on. Entrepreneurs can ensure that when they’re ideal I’d likely customers come to them because of those differences. They will be completely impressed at how the entrepreneur blew away their expectations.
Once an entrepreneur has a list of three differentiating factors. Not only should they use this and their marketing plan. To find their ideal unlikely customers. And communicate that message to them on why they should use their services over the competitors.
But also an entrepreneur should put this in their business plan, and more specifically the executive summary of their business plan says CFO services. So that entrepreneurs can always be reminded of what makes them unique.
Business owners who want to increase their chances of success should create a business plan according to CFO services. The reason why is not only can business plans help entrepreneurs succeed. By allowing them to defined goals, and list their strategic priorities. That they have to accomplish in order to achieve those goals.
But also a great business plan will have a marketing plan. That will allow an entrepreneur to create a plan on how to identify their ideal and likely customers. How to find those customers, and what message they should be communicating with them.
In fact, CFO Services says that the number one reason why Canadian entrepreneurs fail. Is the fact that they cannot find any customers for their products or services. 42% of all failed entrepreneurs say that not being able to find customers is the number one reason why they failed.
This is not to say that entrepreneurs who failed did not have a customer base for their products or Services. CFO Services says it’s far more likely that entrepreneurs either did not have an effective marketing plan. Or more likely, that they didn’t have any marketing plan at all.
Entrepreneurs may think that it’s going to be easy to Market their business. Which is why they don’t come up with a plan ahead of time. But once an entrepreneur is working 12-hour days in their business. They may not be able to find the time they thought they would. To be able to come up with a marketing plan themselves.
This is why it’s very important for entrepreneurs to do this before they even open the doors to their business. And identifying their differentiating factors can be a powerful way that they can communicate to their ideal unlikely customers. Why they should use their business instead of their competitors.
These differentiating Factors don’t have to be huge to make a significant difference to a customer. For example, having a strategic location can be very beneficial. Such as a pharmacy opening up next to a doctor’s office. Or a gym opening up next to a health food store.
CFO Services says that some differentiating factors can be very small such as the insistence on using the highest quality materials for their products. Or the highest quality ingredients for their food products. Perhaps it is the level of expertise that’s the business owner and all of the employees have. Or it could be the fact that they have several long-standing contracts.
It could be the fact that they’re willing to offer a warranty on products that typically don’t have warranties on them. Or longer warranties than their competitors do. They might have more convenience for their customers including online booking or online ordering. Free pick up as well as delivery or offering a personal shopping experience just to name a few.
Once an entrepreneur has a figure it out how they are different from the competition. They will be able to attract clients who are looking for something different. Who may not know exactly what they want until a business owner solves their problem first.
