Pub. 3 2014 Issue 9

December 2014 19 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s FINDING YOUR COMPETITIVE EDGE – AND HOW TO CARRY IT OUT A S A BUSINESS OWNER, YOU’VE BEEN building your client base, perfecting your core competencies, and gaining the valuable experience and insight you need to take your business to the next level. But just what does it take to get to the next level? It takes a competitive edge: the special element, benefit or approach that makes your company, products and services stand out from the crowd. And your ability to act on what makes you special – to effectively carry it out – is what can drive your success. Your value proposition is at the core of your competitive edge. It’s what you’ll promise to deliver to your customers and the basis upon which your business can grow. If you’re ready to start leveraging your strengths to make strides in your market, here are a few methods to determine your value proposition: • Assess the present. Look at the big picture and take “stock” of your business: What problems are you solving with your product or service? Are your processes enabling you to meet your goals to increase production and/ or revenue? Identify elements of your business that are working for you and the ones that aren’t – and determine what you need (or don’t need) to move forward. • Define your target buyer. Who buys your product or uses your service? Who do you really want to sell it to? No one knows your customers better than you do, but it helps to create a customer profile for prospective buyers. This will help you visualize your ideal customer – what they look like, where they reside, how much they can afford, what they’re challenged with, what’s important to them, what makes them “tick” – a profile guides your efforts from product development through advertising. • Evaluate the competitive landscape. Knowing what other players in your marketplace are doing is essential, in order to do it better! What other companies are offering similar solutions? What are customers’ alternatives, if any? How are you approaching your customers’ problems differently from your competition? Why did your customers choose you? To help define what makes your business unique, perform an analysis – evaluate your strengths, weaknesses, opportunities, and threats – and use these insights to plan how you’ll achieve business goals. Carrying It Out Increasing efficiencies in your processes will enable you to focus on what you do best. Here are three best practices: • Find the Right Partners. Don’t reinvent the wheel or waste time doing something that someone else can do faster or better – the price you pay for their services is usually well worth it. Find resources to make your job easier and more efficient. Not tech-savvy? Stay productive and connected using commercial technology services. Not a designer? Promote your brand with a copy and print service. Not comfortable with small print? An attorney can help with advice and compliance. • Use the Right Software. There are lots of software solutions to support small businesses with business planning, inventory control, creating business forms, bookkeeping and more. These can streamline your processes and organize your assets so you can spend less time on the administrative side of your business. • Invest in the Right Equipment. Technology is a well-known timesaver – as long as your machines and devices work like they’re supposed to. That means using a computer with adequate processing capacity and a wireless connection with the right speed. If you’re on- the-go, smartphones and tablets can be invaluable. In the right office, scanners, copiers, shredders, and fax machines can enhance your operations and improve your communications with clients. There’s no doubt that sharpening your competitive edge can boost your business, as long as you’re willing to put in some time up-front to establish a plan of action and rely on resources to help you execute it. Keeping your value proposition front- and-center – and focusing on your core strengths – will help set your business apart and take your business to the next level.