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Business Planning / April 23rd 2014
Comparing yourself to the competitionWhen 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.
Read ArticleBusiness Planning / April 23rd 2014
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.
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Business Planning / February 27th 2014
If you are intending to present your business plan to investors they will want to see your plans for exiting the business. It may seem strange to develop an exit strategy to leave your business at this point in time, but potential investors will want
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Business Planning / February 6th 2014
The executive summary of a business plan should only be written once the complete plan has been constructed so that the important highlights from each section are included. It is particularly important that this section remains concise; generally, it
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Business Planning / November 25th 2013
The basic requirements for the initial visa are: You have £200,000 available to invest in the UK (or £100,000 if you are part of an Entrepreneurial Team of two business partners) You can show a maintenance funds balance of £900 (or £3,1
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Business Planning / August 2nd 2013
In the current economic climate, businesses are finding it increasingly hard to access the finance they need; in particular working capital. In order to tackle this, the government announced the launch of the Enterprise Finance Guarantee Scheme (EFG)
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Business Planning / August 2nd 2013
Some entrepreneurs make the mistake of thinking that they can handle running their entire business on their own and are unwilling to reach out to others for help. Being in business at the start-up level does require a lot of work and for the owner to
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Business Planning / August 2nd 2013
Poorly written business plans can give the impression that a company is unprofessional in its approach. Spelling and grammar mistakes are an unwanted (more…)
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Business Planning / August 2nd 2013
The aim of a business plan is to persuade the intended audience that a business venture will be viable and successful. There is a temptation to produce a (more…)
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Business Planning / August 2nd 2013
A lot of new business owners only concentrate on the amount of profit to be made when producing their business plans and do not distinguish this (more…)
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