CFO Services | Unique Features are Competitive Advantages
What sets a business apart from the competition is a selling feature says CFO services. And when an entrepreneur knows what makes them different than their competition. Is going to help them create a marketing plan. So that they can send a consistent message to their ideal and likely buyers about why they should be purchased from them and not their competition.
This is so important, that once an entrepreneur knows what makes them unique. It can actually influence their entire marketing plan says CFO services. And actually influence the business plan itself as well. This is why it’s so important to figure out even before an entrepreneur opens the doors to their business. What makes them unique.
Not only should an entrepreneur put this in their marketing plan. But this should also go in the executive summary of their business plan. Because that is a summary of the most important aspects of the business plan.
And while many entrepreneurs write the executive summary to appeal to financial institutions. So that they can get their loans approved. CFO Services says that when they put their differentiating factors. Into the executive summary of their business plan. The bank is going to know that they have a well-thought-out marketing plan.
And will be more likely to grow the revenue of their business. Then businesses without a marketing plan. And be far more likely to get the loan approved. this is why it’s incredibly important for a business owner not only to think of their unique features. But to put them in their executive summary.
How an entrepreneur can come up with their differentiating factors. Is by writing down all of the ways that they are different from their competition. It can be big reasons or it can be small reasons says CFO services. And once they have the list, they should look at it and see what three things they want to focus on doing extremely well.
The reason why they should focus on only a few things instead of the entire list. Is so that they can become extremely good at what they are most passionate about. Or the most capable of providing. So that when they draw their ideal and likely clients into their business. They can excel in what makes them unique. And generates repeat customers. As well as word-of-mouth referrals.
The differentiating factors can be as varied as the businesses themselves. From only using the freshest or highest quality ingredients for a restaurant. Two saying that they have the most training for any business of their kind. It could be a convenient location, or even their unique branding.
By knowing what makes a business unique. Can influence the marketing plan. As well as help them find who their ideal customers are. Bye appealing to customers based on those differences. This is going to help an entrepreneur able to start marketing their business as soon as they open their doors. And be more likely to generate Revenue right away for their business.
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If entrepreneurs don’t have a business plan at all says CFO Services. They could be putting their business at risk. Palo Alto, the software Manufacturing Company wanted to see how effective business plans were. And helping entrepreneurs succeed. Their findings were that businesses with a business plan. We’re 50% more likely to grow their business. Then businesses without a plan at all.
And it’s not just the business plans themselves that can help entrepreneurs succeed. The marketing components of a business plan is extremely important as well. And we’ll be able to help entrepreneurs succeed.
In fact, industry Canada did a survey to find out why half of all Canadian entrepreneurs were failing in business. And what they discovered, was the number one reason for business failure in this country. Is the fact that entrepreneurs are not able to find customers for their products or Services.
This is not generally because there is not a market for their business. But rather and they were unable to find customers. Because their marketing plan was not effective. Or quite simply they didn’t have a marketing plan. Or didn’t Market their business at all says CFO Services.
This illustrates how vital a marketing plan is for businesses. And one thing that can help a marketing plan take shape is understanding what a business is differentiating factors are. This is what sets the business apart from its competition. And it’s what can draw customers in. When they how’s that particular needs. Or the thing that makes the company unique is what the consumer is looking for.
However, many business owners may not realize all of the ways that they can use what makes them different. Therefore, an entrepreneur writing down all of the ways that they are different from their competition. Can help them see how this can be beneficial to their customers.
A great differentiating Factor could be a convenient location. Whether that means it is close to their ideal and likely customer’s homes. By putting their business in Amore residential area. Or having their business close to their ideal and likely customers’ workplaces.
Or another example of a convenient location says CFO Services. Is if an entrepreneur puts their business in an area that has similar customers. For example, a craft store opening up next door to the fabric shop. Chances are quite high that a person who would be going into one business might go into both.
Another great example of a convenient location would be a health food store opening up beside a gym for example. By being where they’re ideal and likely clients are most likely going to be. Can Edge out their competition. Because an entrepreneur will get customers because it is convenient for them to shop at.
Anyways that an entrepreneur can be different from their competition. Can be an advantage. And should be marketed. When more of their ideal and likely customers know about what makes the business unique. They can attract more ideal and likely customers to their business.