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However, not all business owners feel that having a business plan is important or necessary. Or, perhaps they will hastily throw together a business plan in order to get the financing they need. But then put it on a shelf and forget it exists as soon as they open the doors to their business.
This is very dangerous, because not having a business plan. Or not following a business plan can negatively impact an entrepreneur. In fact, industry Canada has reported that half of all Canadian entrepreneurs will fail. And the number one reason why they fail is that they are unable to find enough customers for their business.
Not being able to find enough customers is not likely because they didn’t have a large enough customer base at all. But more likely that they were unable to market their business effectively to those ideal and likely customers. Or that they simply did not try marketing their business at all.
However, it can be easier to create a business plan and a marketing component than a lot of entrepreneurs think. A business plan will allow people to formulate concrete goals about what they want their business to look like. and to figure out what they need to do to accomplish all of their strategic priorities.
Understanding what makes the business unique can help them come up with the messaging for their marketing. So that they can encourage customers to come to their business instead of their competitors. Therefore, entrepreneurs should sit down and write all of the ways that their business is different from their competition says CFO Services.
They may struggle with this, trying to think of all of the great and Grand ways that they are different. But it doesn’t have to be large ways that they are different. Small ways can be just as if not more impactful.
Once an entrepreneur has come up with a list of all of the ways that they’re different from their competition. CFO Services recommends that they narrow down that list to three things that they want to focus on doing exceptionally well. Perhaps they are extremely skilled in these areas. Extremely passionate about them.
But when customers hear that they are different in those ways, and then get an experience to a high degree of Excellence. They will be impressed and be repeat customers as well as tell their friends and family that an entrepreneur’s business is in fact different from the competition.
One of the most important things that a business owner can do for their business is to create an effective business and marketing plan according to CFO services. That can be greatly impacted by defining what the different rating factors are between a competitor’s business. And an entrepreneurs business.
In fact, these differentiating factors can often be the reason why customers will use an entrepreneurs business. Over a competitor’s business. Not only helping them create an effective marketing plan to grow their revenue. But also giving a business a unique identity in the process.
However, many entrepreneurs may not understand what exactly counts as differentiating factors. CFO Services says that anything that a business owner does differently than their competitors can count no matter how big or small they are.
They should not underestimate what might be important to their ideal and likely customers. Which is why they should consider all aspects of their business. That can be important for customers.
A grade example of an important differentiating factor can be customer service. Whether that means providing a personal shopping experience from the moment to customer walks through the door. Or whether that means making all products accessible to all customers, especially ones that may be differently-abled. Perhaps great customer service is allowing customers to be able to order or book online. Or even offering valet parking at their establishment.
Another differentiating factor might be their pricing structure, or their billing terms says CFO services. Especially in an industry that typically bills things a certain way. Such as billing an hourly rate. Perhaps a business owner can set themselves apart. By offering flat monthly fees. As long as their customers are willing to sign a short contract to achieve that.
Differentiating factors can be competitive advantages as well. Such as insisting on only using the highest quality materials to make a product. Or using the highest quality and freshest ingredients when making food products.
Even focussing on a niche customer base can count as a differentiating factor. For example, an orthodontist that only works on adult patients. Or a contractor that will only build restaurants for example. They will become such an expert at it was nice areas. That customers will find themselves drawn to their expertise if that is what do they have a need for.
business owners should consider that location can be a differentiating factor. Especially if their location is especially unique. Such as opening up a swim apparel store next to a swimming pool. Or opening up a gym beside a health food store for example.
Even branding can be a way that business owners can stand out from the competition. Especially if they’re branding is especially unique to the industry. Or especially bold. That it allows the entrepreneur to stand out from all of the other businesses in the same industry.
By understanding all of the different ways that an entrepreneur can be unique and stand out from their competition. Can help them create a marketing plan around those differences. So that they can attract their ideal and likely customers.
