Helping an entrepreneur succeed is extremely important says Edmonton bookkeeping. Especially because entrepreneurs in Canada have a 50% failure rate. That is a significant number of entrepreneurs that are not successful. And therefore, helping them succeed can help strengthen the economy in the country.
However, industry Canada did a survey to find out why half of all Canadian entrepreneurs were failing. And what they found was that 23% of all businesses said they failed because they were unable to find staff for their business. 29% of failed entrepreneurs said the reason for their demise was that they’d simply ran out of money. And finally, the number one reason why entrepreneurs in Canada are failing. Is 42% of all entrepreneurs who are unsuccessful. Said that they were unable to find the customers they needed to stay viable and in business.
That is a lot of entrepreneurs failing because they can’t find customers. And in fact, Edmonton bookkeeping says all of those top three reasons why entrepreneurs fail. Can be addressed and overcome with the right business plan.
Therefore, not only can business plans that help entrepreneurs succeed. But it can help them avoid the pitfalls that can cause them to go out of business very quickly. Understanding that, business owners who put time and effort into ensuring that their business plan is as good as possible.
When a section of their business plan that they should not forget about is the differentiation strategy. All of the ways that an entrepreneurs business is different from their competition is powerful it says Edmonton bookkeeping. And can attract their ideal and likely customers.
Therefore, an entrepreneur needs to know all of the ways that their business is different from their competition. So that they can come up with an effective strategy. Once I have that strategy, it can actually influence the entire business plan itself, and particularly the marketing plan says Edmonton bookkeeping.
Some of the differences that entrepreneurs can have in their business that makes a big difference could be the customer service that they provide. An entrepreneur might even want to get into business so that they can excel at customer service in this industry.
And whether that means they are providing services like free pick-up and drop-off. Or allowing customers to order or book online. Or even if that means excelling at anticipating a customer’s needs and helping them find what they’re looking for. How can fall under the umbrella of great customer service?
Even the quality of the products and services can be a differentiating factor. Such as a business insisting on only using the highest quality materials or ingredients for their business. A great example of this says Edmonton bookkeeping. Is the independent movie theatre that wanted to appeal to moviegoers.
So they started serving the highest quality gourmet popcorn that they could find buy charging no additional money for their popcorn. They were able to attract moviegoers who are looking for something a little bit better than what they were getting at the Giants corporate movie theatres.
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While all of the component parts of a business plan are important says Edmonton bookkeeping. They all work together to create a cohesive unit that can help entrepreneurs succeed. So while no part is more important than another. An entrepreneur should work on all of them equally so that they can end up with a business plan that’s going to help them accomplish their goals.
When part of the business plan that an entrepreneur should be very careful not to overlook is the differentiating strategies. The differences between a business and its competition is extremely important. But cuz it can attract their ideal and likely customers.
There are several ways that an entrepreneur’s business can be different from the competition. Including things like location says Edmonton bookkeeping. Whether this location is simply convenient. Such as a business that looks to service residential customers, opening up in a residential area.
Or if the location will allow them to utilize free parking, or Transit. That can ensure that customers from all walks of life can get to their business says Edmonton bookkeeping. Or if the location of their business is specifically strategic. Such as a bookstore opening up next door to a coffee shop. Or a fitness clothing store opening up next to a gym.
Differentiating factors can also be competitive advantages. Such as higher quality products, better-trained staff, or if an entrepreneur is holding contracts in their business or not. How an entrepreneur is different from the competitors is a competitive Advantage. Because it can attract ideal and likely buyers to their business.
Even branding can be strategic. Because it can help an entrepreneur stand out from their competition. They might have extremely unique and bold branding that will help them be remembered especially in an oversaturated market. Because it doesn’t matter if the entrepreneur is able to be extremely different from the competition. If they are simply remembered more.
Even using state-of-the-art Technologies or equipment can be a great differentiation factor. That can help attract customers who find that’s to be appealing. Edmonton bookkeeping says if this is important to an entrepreneur. They might even want to include in their business plan. A section about how to remain a leader of technology or state-of-the-art equipment. So that they can continue to deliver those things to their ideal and likely customers even hears into the future.
Once an entrepreneur has a list of all of their differences. They should narrow down that list into about three things that they want to focus on doing extremely well says Edmonton but keeping. So that they can deliver those differences to their clients at an extremely high level.
That way, not only will they impress their ideal and likely customers. They will turn them into repeat customers, who will give Google reviews and tell their friends and family about the business. Helping an entrepreneur grow their business and achieve their goals.