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Not only are business plans helpful for ensuring that a business owner’s goals are solidified. But they also help a business owner figure out what their strategic priorities need to be. And what do they have to accomplish in what timeline? In order to make those goals a reality.
An important aspect of their business plan is the marketing section says CFO Services. Because this is the part of the plan that helps them generate Revenue so that they can reach their goals.
However, one significant problem with a lot of entrepreneurs is that they don’t have a business plan at all. in fact, the number one reason why Canadian businesses fail is that they are not able to find enough customers for their products or Services.
This is most likely because they don’t have a business or a marketing plan to follow. And so they don’t know what they need to do in order to find customers and generate revenue. Which is all the more reason why an entrepreneur should take the time to create a business plan in their business?
An important thing that they need to consider when creating their business and marketing plans. Is what sets their business apart from their competition. These are known as their differentiating factors says CFO services. And it can help appeal to their ideal and likely customers.
The reason why this can help them find customers. Is because if this is something that those customers cannot get at their competitors. They may be enticed to Come to the business and see how they are different.
An entrepreneur can figure out to how they are different by sitting down and writing a list of all of the ways that they are different from their competitors. Since an entrepreneur is the only one that knows their business as well as they do. They are the only ones that can really make this list.
Once they have this list, CFO Services recommends that entrepreneurs narrow it down to about three things that they want to focus on doing extremely well. This way, not only do they set themselves apart from their competition. But they do those things to an extremely high degree of Excellence. Further impressing customers who are utilizing their products and services because of those differences.
Once a business owner has figured it out they’re differentiating factors. They should include that in the executive summary of their business plan. So that they can always be reminded of what makes them different. And what can entice customers to use them instead of the competition?
Understanding what a business is differentiating factors are said CFO Services. Can help a business owner craft an effective marketing plan within their business plan. Businesses that don’t have business plans are often unable to find the success or increase the revenue Of their business.
In fact, the software Manufacturing Company Palo Alto did a survey. In order to find out how effective business plans are at helping entrepreneurs succeed. The results of the survey showed that businesses that had a business plan were 50% more likely to grow their revenue and succeed in business. Over businesses that did not have any business plan at all.
However, many entrepreneurs aren’t sure what sets them apart from their competition. Or when they sit down to write their list, are thinking too large. The differences don’t need to be very large to be impactful. And sometimes, the most important differences are the smallest ones says CFO Services.
By understanding what types of differentiating factors can mean the most to a lot of Ideal and likely customers. Can help business owners understand the small differences that can make a huge impact to their revenue.
A great example of some differentiating factors that might seem small but can be very large to customers. Is the convenience factor. CFO Services says that they can offer to pick up as well as free delivery. Such as a dry cleaner. If it makes it so much easier for the person to get their clothing to the dry cleaners. They might use that service over a competitor that doesn’t have free pick up as well.
They could also have a customer portal that allows them to book their own appointments as they need them, or order their products and services online. Extending a warranty longer than industry standards. Or having a warranty in an industry that doesn’t usually have them.
A great example of this is if a home builder is offering a 3-year warranty instead of the typical one-year that most home builders offer. Many customers would choose the home builder that offers more of a warranty.
Customer service is also another way that business owners can be different than their competition. This could be offering a personal shopping experience. it could be offering valet service at their business. So people can drive up, and their car could be parked for them.
Customer service Ken come in all sorts of ways. Such as the dentist that gives each patient an iPad with all of the streaming services on it. So they can entertain themselves while getting their teeth cleaned.
even location can be a differentiating factor. If they have their business in a location that is particularly unique and beneficial. Such as a daycare that opens on the ground floor of a business high-rise. Or a health supplement store that opens up next door to a gym.
By understanding all of the various differentiating factors big and small. Can help an entrepreneur figure out how they do stand out from the competition says CFO services. So that they can claim their own market share, and stay viable in business.
