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CFO Services | Put Differentiating Factors Into Executive Summary

What makes a business unique, even among their competition is important says CFO services. In fact, what makes a business stand out is so important that a marketing plan should be developed around it. And be put into the executive summary of an entrepreneur business plan.

However, many entrepreneurs do not feel the need to have a business plan. Especially if they do not require financing. Since many financial institutions require a business plan before they will grant funding.

Palo Alto, a software Manufacturing Company wanted to see how important business plans were. To the success of entrepreneurs and their new business Endeavors. The conclusion of the study saw that businesses that had a business plan or 50% more likely to grow the revenue in their business. And therefore remain a viable business. Than entrepreneurs that did not have a business plan at all.

However, some businesses might struggle at figuring out what makes them different or unique. Among the businesses, they are competing with. CFO Services recommends that entrepreneurs make a list of everything that a business owner can think of that sets them apart from their competition.

This can be everything from branding, too convenient or beneficial location. It could be the quality of the ingredients or materials that they use. The level of training they get, or even their pricing structure or billing methods says CFO Services.

When an entrepreneur has finished making their list of everything that they can think of that sets them apart from their competition. The next thing that they should do is shorten that list to three things that they want to focus at excelling at. If they try to do everything to an extremely high degree. They won’t achieve that for all aspects. Which is why they need to choose just three.

Those things that they are going to excel at will be there message to their ideal and likely buyers says CFO services. So by knowing their ideal and likely buyers. And know what message they are sending to them. A business owner can come up with an extremely Dynamic marketing plan.

And that marketing plan is going to help ensure that even before they open the doors to their business. They know exactly what they are going to do to market their business. And set themselves farther ahead than any business who either does not have a business plan. Or who is deciding not to Market their business at all.

once an entrepreneur has created this marketing plan. Putting it into their business plan. And then what differentiating factors they are going to focus on into their executive summary. Not only are they letting everybody who needs to read the business plan no. That they have an exceptional marketing plan with a consistent message.

But that anytime and entrepreneur themselves are reading their business plan. Or even if they only have time to read the executive summary. They remind themselves of what they need to focus on doing very well. To continue to excel in business over and above their competition.

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Many entrepreneurs need to understand what they’re differentiating factor is according to CFO services. In fact, this can help entrepreneurs not only understand what they do differently than their competition. But that can help them markets their business. Which is going to help them generate customers in their business very quickly.

Industry Canada reports that half of all Canadian entrepreneurs will end up failing. And the most common reason why according to Industry Canada. Is Canadian businesses say that they are failing because they cannot find enough customers to buy their products or Services.

This means they either do not have an effective marketing plan says CFO services. Or they don’t have a marketing plan at all. Some entrepreneurs don’t understand how difficult it is going to be to find customers. Or how difficult it is to come up with an effective marketing strategy.

business owners might even believe that it’s going to be easy enough to come up with a marketing strategy. That they don’t have to worry about that until they open the doors to their business says CFO services. And when this is not the case, They put their business at risk for not being able to have enough sales to remain viable.

This is why it is extremely important for entrepreneurs to be as prepared as possible. Even before they open the doors to their business. With a great business plan. That allows entrepreneurs to make their business goals concrete. And to figure out what they need to do each day to accomplish their strategic priorities so they can make those goals a reality.

And a marketing plan will help them achieve those goals. By finding customers to buy their products or Services says CFO services. However, if entrepreneurs don’t know how they are different from the competition. This may be easier said than done.

A business owner should think about all of the different ways that they are different from their competition. They might not think of these as benefits right away. But anything that makes them different. Can be important to the right customers. Which is why they should write everything down that they can think of.

They might have a lot of skilled staff working for them. That add up to several years of experience working in the business. They might have an exceptionally High amount of training for all people who are working there.

The business might even have a significant number of contracts that will give them a Competitive Edge over their competition.

Even servicing a niche customer base over their competition can be a differentiating factor says CFO services. For example, if they are a bakery that only does cupcakes. That can be a niche. If they are a contractor that only builds restaurants can be another niche.

The reason that these are a benefit. Is because the entrepreneur will know their products oh well by specializing. That all other businesses are not going to be able to come close at knowing the expertise in those areas. Making them the go-to business for people looking for that specific product or service.