CFO Services | Understanding What Makes Your Business Different
Creating a business plan is extremely important says CFO Services. Because not only does having a business plan increase the chances of success. As proven in Palo Alto, the software manufacturers study. What they discovered was business owners that had a business plan were 50% more likely to succeed. Then entrepreneurs did not have a plan at all.
And one of the most important aspects of the business plan that they create. Will be a marketing plan. This is extremely important because the number one reason why business owners are not able to succeed in this country. Is because they could not find customers for their products or Services.
Whether they did not create a business plan at all, or they didn’t have a marketing plan within that business plan. The results were the same it says CFO Services. Business owners unable to sell the products and services they need to grow their revenue and stay in business.
a marketing plan can be greatly influenced by the ability to understand who their ideal and likely clients are. When business owners know this information, figuring out how to reach those customers. And what messaging they should hear is extremely easy.
How they can figure out who their ideal and likely clients are or will say CFO Services. Is why they are coming to that business over the competitors. And the reason will be once the businesses differentiating factors are. These are ways that the entrepreneurs’ business is different from their competitors.
And they can be great big differences or little tiny ones that make a big difference in the eyes of the consumer. Therefore, it’s very important that a business owner writes down all of the ways that they are different from their competitors.
This can be things such as their pricing structure, payment methods, branding, location. Or they could be things such as higher quality products, using higher quality materials or ingredients. Highly trained staff or even a niche customer could be considered a differentiating factor.
When they have a list. An entrepreneur should narrow down that list to three things that they want to focus on doing at an extremely high level. This doesn’t mean that they have to give up the other ways that they are unique says CFO Services. They just have to focus on doing three of them well. So that they can attract clients who are looking for those things specifically in business.
Once an entrepreneur knows what they’re differentiating factors are. They can figure out who their ideal and likely clients are. And what message they need to hear in order to come to try their products and services.
The sooner an entrepreneur can figure this out. The sooner they will have a viable marketing plan. That’s going to help them significantly those important clients as soon as they open the doors to their business. In fact, it’s so important that it should be included in the executive summary of their business plan. So entrepreneurs I can always be reminded of who they’re looking for customers.
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A business owner might have gotten into the business that they were in says CFO Services. Because they were passionate about doing something differently from their competition. This would be their differentiating factor. And the reason why customers will come to them, instead of their competition.
However, not all business owners I know exactly what sets them apart from their competition. Or they might not understand what some subtle differences are. But make a huge deal in the minds of their customers.
This is why when an entrepreneur is creating their business plan and particularly their marketing plan. They should write down a list of all the ways that they are different from their competition says CFO Services.
By looking at all of these differences, can help figure out who is going to come to their business because of those differences. And can help them figure out what they should focus on.
Some business owners may get stuck because they don’t know what differentiating factors are. Or how they can be used to find clients for their business. And anyway that a business is different than other businesses can be used to their benefit.
A great example of this is Brandin. There might be an extremely saturated market. With lots of competition for the business owner. And they might not have anything different from their competitors. But having extremely unique branding can be.
This is very common in businesses that have a low barrier-to-entry says CFO services. Such as Realtors as an example. And while they might have a lot of the same Services. By having extremely unique branding. And marketing that branding extremely well. Can be the differentiating factor.
If clients are drawn to a company because their branding is unique. Or because it is so bold, that that company is remembered over all of the other ones that don’t have such great branding. That can help an entrepreneur find clients simply because they are remembering the entrepreneur’s business most.
Another one that might be difficult for an entrepreneur to see as a differentiating factor might be billing methods. For example, it might be industry-standard to build an hourly rate. But when business might decide that as long as their customers sign a contract. They will spell a flat monthly fee.
The marketing that could be behind that monthly fee would be telling the client that they will have a predictable bill every single month. So that they don’t ever get surprised by a bill that is extremely high.
no matter what the differentiating factors are. As long as there is a customer who is looking for that difference. They will be able to Market to and find those customers consistently say CFO services. If a business owner does not know how they are different from their competition. figuring out who their ideal and likely customers are might be a little bit more difficult.