As a small business owner, either starting out or have an established business, have you thought about and investigated how you position your business in the marketplace?
Discovering where to position your business will help to highlight several ideas to how you can make your business profitable- creating a strategy that will help your business to thrive.
To help you position your business in the marketplace here are some questions to ask yourself. Write down your answers, perhaps conduct some market research, and you may find that you discover a whole new way of reaching new customers.
1. What makes your service different/ unique? What makes it stand out? What makes you different from your competitors?
2. Who are your clients? How often do they need you and why do they need you?
3. How will you tell people about your business and what you can offer them? In other words what sort of marketing will you do?
4. How will you build demand for your services and create loyalty for your services?
5. What does your cost structure look like? Is it viable?
6. What does a day in your business look like? Can you do enough productive work in the day to make money?
7. What services do you need to outsource to help with the running of your business activities?
8. Do you rely on other businesses/ services that compliment your business that will help you to succeed?
9. How many different revenue streams do you have?
The answer to these questions may change over time as your business evolves, this is only natural. However, having this structure in place can help you to strengthen and clarify the vision of your business.
Why should an accountant care about who your target market is? Well, analysing your business like this may reveal some weaknesses in your business that could cost you money. Let’s find those weaknesses and pivot your business before it gets to that point.
To help with some of these questions- call me we, can workshop how your business can be structured to optimise your passion, skills and business acumen.