CFO Services | What Makes Your Business Different
Business owners should take some time while they are writing their business plan according to CFO services. To write down all of the ways that their business is different from their competition. The reason why they should do this is that that can actually help become their marketing plan. Marketing how their business is different from their ideal and likely customers.
Chances are if people are doing something differently than the competition is doing something. There are going to be customers that are looking for that difference. This is why it’s extremely important for an entrepreneur to understand how they are different from the competition. And how they can use that as a marketing strategy.
In fact, the reason why this is so vital. Is because industry Canada did a survey to find out how successful Canadian entrepreneurs are. What they discovered, was that 15% of all entrepreneurs fail within the first year of business, 30% failed by year 2. And by the fifth year in business, only half the businesses were still around.
When they did a study to find out why CFO Services says the industry Canada discovered that not being able to find customers was the number one reason why businesses failed. 42% of all failed entrepreneurs in Canada. We’re unable to find enough customers to sell products to stay in business.
CFO Services says entrepreneurs should consider why businesses were unable to find a market for their products and services. Was it because their company didn’t have a market for their products and services at all. Or was it more likely that they just simply weren’t able to find their ideal and likely customers?
If business owners are not marketing their business, they won’t be able to find customers to sell their products and services to. Which makes figuring out what their differentiating factor is very important. Because this can create their marketing strategy. By figuring out who their ideal and likely customers are. And what message they needed to hear in order to buy from their business instead of their competitors.
How a business owner can figure out what differentiating factors they are going to focus on. CFO Services says that a business owner simply has to write down all of the ways that they can think of that they are different from the competition. It doesn’t matter how big or small the difference is. They should create this list.
Once they have the list complete. All an entrepreneur has to do is focus on at three of those differences to excel at. Because when they can deliver those things to an extremely high degree of professionalism. They are going to attract the customers that are looking for those differences. And when it entrepreneur does it well, they’ll have repeat customers. As well as happy customers telling their friends and family.
When an entrepreneur understands their differentiating factors. That can help them create an effective marketing plan.
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When business owners are looking to create a marketing plan says CFO Services. Understanding what sets them apart from their competition is what can help create that effective marketing plan. Since so many Canadian businesses failed because they weren’t able to find enough customers to sell their products and services to.
By figuring out what their differentiating factor is. Can help an entrepreneur understand who their ideal and likely customers are. Typically, CFO Services says that when customers are making purchases. They are solving a problem that they have. And when they use one business over another. The reason they use that business is just as important as the problem that they are solving.
So when an entrepreneur figures out what problem the customers that purchased from them are solving, as well as why they are purchasing from them instead of their competition. That can help create a marketing plan to find more clients just like that. And what their marketing message needs to be. In order to attract those clients.
When an entrepreneur knows this. Not only should it be in their marketing plan says CFO services. But it should also be in their executive summary. An executive summary is one of the most important sections of the business plan. Because it summarizes all of the most important aspects of the business plan.
Therefore, when an entrepreneur is reviewing their business plan, they can be reminded of the most important things. But also, when they are applying for financing. Having they’re differentiating factors and marketing points in their executive summary. Can demonstrate to a financial institution. That the business has a thought-out plan on how they’re going to grow their revenue.
Financial institutions would be more likely to loan money to a business that has a plan on how they’re going to increase their revenue. So it’s very important that entrepreneurs not only figure out their differentiating Factors. But why they should put that in the executive summary of their business plan as well.
However, many entrepreneurs may not realize what exactly makes up a differentiating factor. They might make a list of all the ways that they are different. But miss out on important ones. Because they don’t recognize them to be something that they can mark it. Or something that is important to a customer.
Whether it is the pricing structure, payment method, level of Staff experience, convenient location or even Anish customer. These things can all be reasons why customers will go to that business instead of their competitors. Even a unique form of branding can be very important. we in an oversaturated market.
Therefore, business owners should perhaps talk to their CFO services and help them figure out some differentiating factors. That they will be able to Market to their ideal and likely customers in order to grow their business.
Once an entrepreneur has figured out who their ideal unlikely customers are. And what their differentiating factors will be. As soon as an entrepreneur opens the doors to their business. They will be able to start marketing their business in a meaningful way as quickly as possible.