CFO Services | What Makes Your Business Unique is a Selling Feature
Even though many entrepreneurs are busy building their business by figuring out what products and services they would like to sell, and to whom says CFO Services. There is a multitude of other things that an entrepreneur should also be figuring out in order to help ensure that they can start selling those products and services as soon as they open the doors to their business.
Some entrepreneurs open their businesses without a business plan. And this can seriously impact their ability to succeed. In fact, a software manufacturing company called Palo Alto wanted to find out. How effective business plans were at helping entrepreneurs succeed.
But they discovered after the survey was complete. Was that businesses that had a business plan. we’re actually 50% more likely to grow the revenue of their business. And entrepreneurs without a business plan at all.
Not only our business plans an important way for an entrepreneur to set actual goals for their business. But so that they can create a plan around what they have to do in their business every day to accomplish those goals.
A great business plan will have many parts to it. Including cash flow projections, specifying what products and services they sell. But a great business plan will also include a marketing section. So that they can specify how they are going to start selling their product. And who they are planning on selling it to.
Part of this marketing plan says CFO services. Should be figuring out there differentiating factors. The reason why is because they have to have some reason why customers are going to choose them over their competition.
It could be a convenient location. Or it could be an exceptional service. Some entrepreneurs even start their business because they see a need that is going and the service in a particular industry. And they are very passionate about feeling that need. And that can be a differentiating factor.
For some businesses, it’s going to be as simple as convenient location. Either convenient to their ideal and likely customers home or work. Or, it might even be that they have memorable branding. That can help them be remembered in an oversaturated market.
It doesn’t matter what these differentiating factors are. And CFO Services says that some businesses might have an extremely large amount of differentiating factors. What other businesses might only have a couple?
No matter how many or how few they have, businesses should choose just a few that they are going to excel in. So that they can attract their ideal and likely customers doing those things well.
That way, when they do start marketing their business. They can Market their ideal and likely customers. With a consistent message of how they are different from their competition. And start to attract customers much more quickly than if they did not have any marketing plan in their business at all.
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Well business plans are extremely important to the success of businesses according to CFO services. The better A business plan is. And the better chances and entrepreneur has at succeeding. And wow a study has been done that shows business plans can help entrepreneurs succeed. What are the number one reasons why Canadian businesses fail. Is that they are unable to find customers to buy their product or service.
Sometimes this is because entrepreneurs don’t have a marketing plan within their business plan. Because they think that it’s going to be much easier to sell their product or service than it actually ends up being.
People might think that they’re going to be able to generate so much word-of-mouth referrals, that it’s going to take place of their marketing efforts. Or, they think it’s going to be very easy to come up with a marketing plan. So that they don’t create one ahead of time.
But once an entrepreneur opens the doors to their business. And they get involved in the day-to-day operations as well as developing their product and delivering customer service. They typically won’t find time after their 12-hour day is complete.
This is why it is essential for an entrepreneur to create a comprehensive marketing plan before they even open the doors to their business. Not only so that they can identify their ideal and likely buyer. But figure out why they’re ideal and likely buyer is making those purchasing decisions. So that they can figure out how best to fill those needs.
I’m making a list of all of the ways that they are different from their competition. They are helping find customers that are looking for those things that the business does well. For example, if a dry cleaning business decides to offer free pick up as well as delivery. That can be an incredibly powerful way that they get new customers. If they don’t even have to go out of their way to drop their dry cleaning off.
It could be something like a flat monthly fee instead of an hourly charge. So that they can have the consistency of the same bill every month. CFO Services says it can be everything from location, customer service, or premium ingredients or high quality materials.
There was an independent movie theatre says CFO Services. Who wanted to stand out from all of the huge Multiplex theatres that were in the city that they were in. Therefore, they decided to cell gourmet popcorn in the concession. At prices that were no more money than a typical movie theatre.
They attracted moviegoers who wanted higher quality snacks. For no additional money. And that was the theatres differentiating Factor.
When entrepreneurs know what they can do better than their competition. That can help them customers who are going toBuilding a marketing plan around this can help ensure that not only a business owner knows what they’re going to do to Market their business. But they know who to Market to, and what consistent message they are going to send them.