Building A Business Plan

Business owners speak passionately about their ideas each and every day as they engage others in their vision and growth. Although they have the vision and the passion, capturing it together in a business plan is often a daunting task. One of the most critical parts of building a business plan is the competitive analysis. In the competitive analysis, we are able to show off how our business can have impact as well as financial upside for potential partners and investors.

Plan To Make A Difference

Making a difference is a big motivator for entrepreneurs and can be a key factor for your business success. By building a business plan around that competitive advantage that you bring to the table, you provide get clarity not only in how you will be successful, but also how you will make a difference.

In your business plan’s competitive analysis, include an industry overview, as well as what you have learned from your research on the trends in the industry. You can start by taking into consideration who is doing what, and why. By looking at the reasons behind both successful and unsuccessful ventures, you can also identify the gaps. By making a simple grid that shows who your competition is, what their strategies are, and why what they are doing matters, you can begin to get clarity on how to position your particular business offering in the place of most potential.

Know Your Competition

Analyzing the strengths and weaknesses of the competition also gives you an opportunity to showcase how you stand out in the crowd. To be successful, a business needs to be visible in addition to standing out. It’s not enough to be great… you must also get noticed.

Getting The Job Done

Investors and the marketplace will flock to businesses that have a meaningful competitive advantage and have done the hard work to clarify it, protect it, and communicate it. By doing the work in this section of the business plan, your business will be better positioned to attract support and take the lead in the marketplace.