Business plans clarify the service or products your company provides. They also state and document how you will reach your business goals. Business plans vary in length, however when properly written the average is about 25 pages. Most business plans will cover the same topics, but a solid business plan can be the difference between your idea, and creating a successful business.

It’s important to know and understand who your competition is in order to strive to the best and the more successful company. In order to achieve this goals, there are several different ways to research competitors.

  1. Perform an online audit. Check out a competitor’s website. See exactly what they’re offering, as well as the benefits and/or deals they maybe currently offering.
  2. Check your competition out on social media. Social media sites can provide a deeper inside look at another business where you could learn some interesting facts.
  3. Keep a close eye on their reviews. Do they have good reviews? Knowing how their customers feel about them can get you one step ahead of them.
  4. Ask your potential customers where they shop or get their services now, and why.
  5. Create a poll on Facebook or start a survey in your market area and see if your service fulfills a need that they aren’t fulfilling now.

Your research should answer the following questions:

  • What are they doing well and perhaps your company isn’t?
  • What do their customers like and dislike about their services or options offered?
  • Can you do it better while being more cost effective than your competitor?
  • What makes you different from your competition?

 

If you understand your audience and how to target them, it become a lot easier to promote your company, and rise above your competition. Thinking outside of the box by studying everything mentioned in this business plan article should help keep you as the forerunner in your business arena. Remember, your business plan won’t make you successful, but it does serve as a road map to getting your company to its destination.

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