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E-Myth – “Why most small businesses don’t work & what to do about it”

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Virtual CFO | Who Is the Target Market of a Business

 

When business owners figure out the target market of their business, virtual CFO says that’s going to be able to help them increase the revenue of their business. In fact, business owners should be thinking of this before they even open the doors to their business, so that’s as soon as they start their business, they are going to be more able to hit the ground running with an effective marketing strategy. Some business owners think that’s all they have to do is open the doors to their business, and customers will find them. And while many business owners tryouts, they often sell. In fact, industry Canada discovered that 50% of all Canadian entrepreneurs fail, and the most common reason why was because they weren’t able to find customers for their business. Therefore, business owners need to know that they cannot count on not marketing your business in order to succeed.

However, another mistake that business owners make other than not marketing their business is thinking that they can mark it to as many people as they possibly can just ones, and that’s going to grow their revenue. In fact, virtual CFO cautions business owners and tell them that they need to be able to commit to marketing to the same area consistently, and at least five times before they start to see a return on their investment. The reason why is because customers need to feel confident in the businesses that they buy from. And if they have never heard of the business before, they are likely not going to buy from that business immediately. Therefore, the more often and entrepreneur can get in front of their ideal and likely buyers, the more likely those ideal unlikely buyers are going to buy from them, once they are ready to make a purchasing decision.

By figuring out who their ideal and likely clients are, they can specify their target market not only in their business plans as a virtual CFO. But also in their business plans executive summary. What digs active summary is, is the synopsis of the business plan that is at the beginning of the documents. The reason why it should be here, is because many people only look at the executive summary of the business plan in order to make important financial decisions. Take thanks, financing companies, and high-level investors for example. They often will only read the executive summary of the business plan in order to decide if they’re going to loan a large sum of money to an entrepreneur.

When business owners include the target market into their executive summary, what they are demonstrating it to these financial institutions, is that they have a marketing plan, and that they are willing to follow through with it. The target market is going to influence cash flow projections, marketing plans, and even the pricing of a business. Therefore, when financial institutions see the target market included in the executive summary They will feel more confident in learning to that business then if it was not there.

Virtual CFO | Who Is the Target Market of a Business

Figuring out the target market of a business is a very important strategy says virtual CFO. The reason why, is because the target market is going to be how business owners find their ideal and likely buyers. When they take this into consideration early on in their entrepreneurship, and ideally before they open the doors to their business owners demonstrates that they know who their ideal unlikely customers are, and they know how to find them. Just as Benjamin Franklin, one of the founding fathers of the United States of America was famous for saying, if you fail to plan, then you are planning to fail. Business owners who do not have a marketing plan, or if the marketing plan does not include their target market, may be left wondering why they’re not growing their revenue as quickly as they think they ought to.

The next thing that business owners needs to do, understands that while they might have a large target market, they can only actively Market to a small area at a time. And ideally, the smaller the better since virtual CFO. While this might seem contrary to growing a business. It’s important that business owners Market consistently because businesses will not sell to customers after they’ve seen an advertisement for that business just once. Studies have shown, that consumers need to see an entrepreneur business a minimum of four points three times before they will make a purchase. Whether this is seeing online ads, seeing their Billboards, receiving a flyer in the mail, or seeing their sign on their building as they drive by. The more often a business owner can Market to a smaller area, the quicker they’re going to be able to see results.

Therefore, physics owners should not say the entire city is their target market. Much in the same way a business owner should not identify every person as their ideal client. When they start small, they will generate the results that they want faster, and grow their revenue. And as Peter Drucker, the author of 39 business books has sent, nothing happens in business until somebody sells something. The faster they can sell their product or service, the sooner they are going to be likely to avoid the high failure rate that businesses face in Canada.

When business owners know their target market, they can come up with an effective marketing plan that can grow their business significantly. This is very important, and can help entrepreneurs succeed, and grow their business and find success. Not only should they know who their target market is says virtual CFO. But they need to include this in their business plan. Avon Norris do not have a business plan, they should fix that right away. A business plan is an important living document, that they’re going to need in order to get financing, and business owners should be looking at it periodically. When business owners update their business plan on an annual basis, they will be able to continuously updates their target market and their advertising plans, so that they can be prepared to continue to grow their business.