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08 July
2016
SMALL BUSINESS TOPICS
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What makes your business different from your competitors?

You are a small business owner fueled with passion to succeed. You might have begun your own business to solve a problem, have more flexibility to spend time with your family, or maybe you were just pain sick and tired for working for a boss. Whatever the reason, making a small business a success is hard work and takes incredible dedication.

The sad fact is that statistically 50% of all startups fail in their first year, the realities of cash flow, non-existent strategy or business plan make them plan for failure instead of success.

Added to that is there are competitors in your same industry who are all actively attempting to entice the same customers you are.

 

It’s time to stop, plan, create a strategy and succeed. 

Competition in business and the same industry is important. You can never be all things to all clients, it isn’t possible and nor should you even try.

What is important and one thing that you need to do, is take time out from your business to ponder about how you can make your business unique from your competition.

The most effective process in defining who you are, is to ask questions.

 

How can you stand out?

Have you taken the time to think about what makes you stand out from your competitors and who you appeal most to?

If you haven’t, the beginning of a new financial year is a fantastic place to start. There are many ways to get the mind into gear, you can use a vision board, write on a white board or use butcher paper. You can go online and take the time to check out your competitions websites, social media covers and read their blogs.

Then, it’s time to sit and really outline answers that productively define who you and your business are.

Where do you start?

 

Try with the following list of questions below:

What does your small business actually do or provide?

What does your small business stand for? Do you have a mission statement?

What are the top 10 benefits that your small business provide to your clients?

What is your brand? Is your brand consistent? How do you communicate that in your logo, online images, your website, card or social media cover photos?

What are your weaknesses?

How is your relationship with your customers?

What were your 3 most successful marketing campaigns?

What were your 3 worst marketing campaigns?

How are you improving your relationship with your customers?

What are your competitors doing better than you?

These questions are only the beginning and should you lead you onto more questions.

How can your business be successful if you haven’t defined who you are and what you actually offer?

 

Ask your current customers

Lastly, why not take the time to ask your customers why they use you and your services?

Then, take a big breath and ask them, How can you serve them better!

If you enjoyed this article, please take the time to tell me either by commenting below or sharing it on social media.

Want to be a guest blogger, podcast guest or ask Amanda a question? Please email her at info@myofficebooks.com.

 

Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero Certified, Myob Essentials and Quickbooks partner.

She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting and blogging.

Amanda loves to teach smart, easy online cloud solutions and can show you how much fun bookkeeping can be. Follow her on social media and say “Hi”



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