CFO Services | Your Differentiating Factors Are Important To Know
There are many important aspects to an entrepreneur’s business plan according to CFO services. And while there are many different component parts. The executive summary is often considered the most important section of the entire plan.
The reason why is because it is a summary of all of the most important aspects of an entrepreneur’s plan. While it is often read by financial institutions in order to make their financing decisions. A business owner should also be reading their business plan on a regular basis. And seeing the most important things represented in the executive summary. Can help an entrepreneur remember the most important parts of their business plan.
An effective business plan should also contain a marketing plan according to CFO Services. Because this is how they’re going to be able to generate the revenue they need to accomplish their goals and to stay in business. If an entrepreneur does not have a marketing plan, they might find it difficult to accomplish the goals they outlined in their business plan.
And while a significant portion of the marketing plan is identifying their ideal and likely customers. CFO Services says that part of the marketing plan should also be figuring out how the entrepreneurs’ business is different from their competition.
The reason why an entrepreneur needs to figure out ways that they are different from their competition. Is because those differences are going to attract a certain number of their ideal and likely customers. When they know this about their business.
And entrepreneur can develop a consistent messaging that they send out to those ideal and likely buyers. To make them want to purchase their products and services over the businesses competitors.
And while a marketing plan is going to figure out how an entrepreneur is going to send that message, and how often and through what methods. CFO Services says that figuring out who the ideal and likely customers are. And what is most important to them in their purchasing decisions are extremely important.
In order for an entrepreneur to figure out ways that they are different from their competitors. Nor simply needs to write a list. Only the entrepreneur knows their business as well as they do. And they typically know their industry very well. So by compiling a list of all of the ways both big and small that they are different from their competitors.
Can help an entrepreneur narrow it down to about three things that they want to focus at being exceptional at. So that when they do attract customers to are coming to the business because that’s how they are different. They will be blown away with how great that aspect of the business is. Which will inspire them to be repeat customers?
When an entrepreneur has figured out their differentiating factors as well as their ideal and likely buyers. They should put this into the executive summary of their business plan. Because it can influence the rest of their entire marketing plan, and can help Focus their business plan.
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When an entrepreneur knows how they are different than their competition says CFO Services. Then they will be able to send a consistent message when they Market their business. About what sets them apart, in order to attract customers who value those differences.
Often, what sets a business apart from its competition is valued by customers. Because that particular difference is not being served by the industry at the moment. Therefore it’s very important that an entrepreneur take the time to reflect on their business. As well as their competitors to see how they are different.
This isn’t specifying how they are better necessarily. But by highlighting the differences, can bring clientele to the business that would rather do business with an entrepreneur who is doing these differentiating factors well.
Because these differences don’t necessarily have to mean ways that an entrepreneur is better than their competitions. It could be as simple as the type of branding that they are using. CFO Services says that branding could be extremely unique to the industry. Or it could be extremely bold and different in an oversaturated market.
By standing out from a large amount of competition. The business owner can attract their ideal and likely clients, who have noticed The Branding and has remembered the company.
Other ways that the entrepreneur might have a differentiating factor over their competition. Could be the location of their business. They might have been very strategic and where they are going to open up their business. Such as a massage therapy clinic beside a gym. Or a daycare that opens up on the ground floor of a commercial high-rise building.
By making it extremely convenient for their ideal and likely customers. CFO Services says that they can attract customers based on location alone. In fact, if it is a business targeting residential customers. Simply by being in a shopping center close to a residential area of the city. Can be enough to attract those ideal and likely customers. Who don’t want to travel very far in order to get that product or service?
Even doing things differently than the industry that they are in typically does things says CFO Services can be enough of a differentiating factor. For example, businesses that traditionally charge an hourly rate. An entrepreneur might have a differentiating factor of charging a flat monthly fee. If their customers are willing to sign a contract.
Other differentiating factors might be the terms of their billing allowing Credit in an industry that doesn’t typically offer credit. And even focussing on a niche market. Can be enough of a differentiating factor. To bring all of those types of customers forward. Such as a contractor that will only build restaurants for example will attract the restaurant owners who want someone who is an expert in that field.
Once an entrepreneur has figured out their differentiating factors. Not only will this guide and influence their marketing plan. But it will also influence their entire business plan helping them succeed.