Page 11 - THE NOTICEBOARD AUGUST EDITION 61
P. 11
August, 2020 Page 11
STARTING A BUSINESS? ........Read this ..... f o u n d a t i o n o f y o u r
Continued from pg 10 business. Information from
o f t h e c o m p e t i t i v e findings above will greatly
landscape: help in crafting a business
· Market share plan. Its better to
· S t r e n g t h s a n d outsource the writing of
weaknesses your business plan to
· Y o u r w i n d o w o f professionals.
opportunity to enter the A good business plan guides
you can use to do direct
market you through each stage of
research:
· The importance of starting and managing your
· Surveys
your target market to business. You'll use your
· Questionnaires
your competitors business plan as a roadmap
· Focus groups
· Any barriers that for how to structure, run,
· In-depth interviews
may hinder you as you and grow your new business.
For guidance on deciding
enter the market It's a way to think through
w h i c h m e t h o d s a r e
· I n d i r e c t o r the key elements of your
worthwhile for your small
secondary competitors business.
business, Dilton Consult
who may impact your
provides services. Visit Business plans can help you
success
www.diltonconsultghana.com or call
get funding or bring on new
020-8131656 Several industries might be b u s i n e s s p a r t n e r s .
competing to serve the Investors want to feel
Use competitive analysis to
same market you're confident they'll see a
find a market advantage
targeting. That's why you return on their investment.
Competitive analysis helps
should make sure to Your business plan is the
you learn from businesses
d i f f e r e n t i a t e y o u r tool you'll use to convince
c o m p e t i n g f o r y o u r
competitive analysis by people that working with
potential customers. This is
i n d u s t r y . I m p o r t a n t you — or investing in your
k e y t o d e f i n i n g a
industry factors to company — is a smart
competitive edge that
consider include level of choice.
c r e a t e s s u s t a i n a b l e
competition, threat of new
revenue.
competitors or services,
Your competitive analysis
and the effect of suppliers
should identify your
and customers on price.
competition by product line
or service and market 2. Write your business
segment. Assess the plan
following characteristics Your business plan is the
Continue on pg 12
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