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BUSINESS TIPS

Comparing yourself to the competition

When writing a business plan for any purpose it is vital to consider who your competitors will be. If you believe that there are no direct competitors in your chosen business area then you should still consider any sources of indirect competition.

When seeking to compare yourself to your competitors, define what the Unique Selling Points (USP’s) are of your business. These will be the reasons why a customer would choose your business over any other. If you aren’t sure what these USP’s are as the business owner then you will face an uphill battle to attract customers to the new venture as these are key to how you market the product/service.

You may benefit from thinking about the key competitive points that businesses in your sector use to differentiate themselves, such as price, quality, volume, innovation or brand strength amongst others. Once you have identified and analysed the areas that your competition market as their competitive points, it may give you greater insight into areas where the marketplace is light and you can then specify how you are going to bring something new that will attract custom.

For more information on how to write a competitive analysis or what needs to be included in a business plan please call one of our business plan consultants on 020 8429 9245 or send an e-mail to businessplans@wisteria.co.uk.