Next Steps – Find Your Competitive Edge

 

•   Do you go that extra mile for your customers?
• Do your customers know exactly what you do and how you do it?
•   Are you doing something different from your competitors that should be known by your customers? 
•   Are there any other differences in what you do that stands out from others in your industry?
•  What are the strengths and weaknesses of your business and those of your competitors?
•   Are there any strengths that you have over your competitors?
•  How experienced is your team? Do they have a particular expertise? 
•   How good is your quality control?
•   How well do you treat your employees or suppliers?

Chances are you’ve already found your competitive edge. If not, think about what opportunities are now available to your business to create a point of difference.

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Looking for the edge

What is your competitive edge? It could be anywhere within your business. It could be anything that allows you to do something better than or different to your competitors. To find it you need to take a good look at your business and the market in which you operate and ask yourself some questions.

You may well identify it when you do a SWOT analysis, which looks at your strengths, weaknesses, opportunities and threats. What are your strengths? Perhaps by using modern technology you can provide superior quality in manufacturing. Or you may have a particular expertise which gives you an advantage. 

Or maybe you have created a unique personal image for your business; for example, a supermarket may have created a relaxed homely atmosphere with free hot coffee and samples of food to taste. If it’s a fun and enjoyable place to do business it’s likely to attract more business.

As a small business you immediately have the edge of flexibility over larger companies. Where they may be bound by rigid product and marketing strategies, your business is able to change tack quickly to take advantage of unique or different market segments that arise at different times.

Whatever the size of your business there will be something you are doing now, or can do, to create your own unique edge. You just need to identify it, nurture it and then market your business with your competitive edge as the cornerstone of your marketing plan.

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Sharpening Your Business Edge

 We live in a society motivated by innovation and innovative people. We love to see people creating new ways of doing things and launching products that are new, unusual or distinctive.

As customers we are interested in a business that is doing something a little bit different than the one down the road, because that business stands out.

It stands out because it has a competitive edge. Your edge is that uniqueness in relation to your product or service, or your business as a whole, that compels people to buy from you instead of someone else.

If you have an obvious competitive edge you already have a marketing advantage.  Most people, however, have never thought about their competitive edge or differentiation.

Yet this is what sets your business apart from your competition. You need to use this edge in a proactive marketing plan with the aim of encouraging customers to come to your business and bringing those customers back time and time again. 


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When You Need a Loan

Maybe you’re about to start a small business, or maybe you’re planning to grow, invest in something new or launch a new product. Chances are you’re going to need a capital injection.

Applying for a loan can be a difficult task for a small business but the important thing to remember is banks and finance companies tend to be more sympathetic to a properly prepared finance application than a verbal or sketchy written one.

The bank wants to know that you have a business plan and are operating to it; that you know where the business is going and that you know how the loan is going to be repaid.

As well as providing details in your application such as the nature of your business, how much you need, the term of the loan and so on, you also need to demonstrate that you understand the risk factors associated with the application.

There are several risk factors to take into account and include: the risks of cost over-runs, inability to obtain materials needed for production, rates of inflation, fall in demand for and price of product, political influences. It’s important that you comment on each risk factor and advise how the risks are going to be overcome.

Make sure you find out exactly what the bank or finance company is looking for before making your application. To support a positive outcome you need to present a thorough and accurate application which covers all the relevant questions the lender will want answered.


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Where Do You Find Quality Time for Business Planning?

Where Do You Find Quality Time for Business Planning?

You plan for it! 

• Allocate an hour each day when you lock yourself away. Make sure it’s at a time when you are fresh and alert – not tired at the end of the day.
• Have someone take messages to avoid interruptions. People don’t mind as long as you ring them back within a reasonable time.
• Make sure your team know this is your planning time and that they need to give you an hour alone.

Keep in mind the “big picture” but break each planning day down into chunks so you look at one part of your business each day or over the week/fortnight.


www.astillhawke.co.nz