Don't hesitate to seek external help or advice where need be. Sometimes, it takes an external, emotionally unattached individual to detect your business flaws and render unbiased advice.
For Anyone Trying to Grow a Business…
One of the First Tasks is to Map the Competitive Landscape
With a good understanding of the competition facing your company, you’ll be able to identify and exploit opportunities as they develop. Carrying out competitor analysis should take place in conjunction with your earliest efforts to plan your new venture and continue as your business grows.
It is essential your Business Plan demonstrates that you have a viable business proposal by evaluating the competitive landscape. You must be able to demonstrate to prospective investors, Banks, Venture Capitalists and Business Angels that you have a clear understanding of the competition.
Our Reports provide the competitive analysis that Banks and VC’s look for, utilizing our own bespoke systems to uncover competitor information from the Internet and a plethora of other sources, and tools to translate that information into actionable intelligence that will help influence investors.
You need to convince the reader of your Business Plan that you are knowledgeable about the competition and that you have a clear, definitive plan that will enable your new business to be successful. Your Business Plan should be very clear on who your target market is, what your market niche is, exactly how you’ll stand apart from your competitors, and why you’ll be successful doing so.
VC’s generally do not like to hear that a certain idea has no competition. Either the entrepreneur has not done the groundwork properly or he has no idea how the market could develop. So never say that you don't have any competition. A well written Competitive Analysis Report can really impress investors.
What does that give you?
- Strengths and weaknesses as compared to your competitors
- Obstacles real or perceived which may be holding you back
- Strategies to eliminate the obstacles and improve market position
- Tactics to defend yourself from others eroding your position
- An understanding of your competitors’ past and present but equally importantly, how they are evolving
- Barriers that can be developed to prevent competition from entering your market
Why do you need it?
- Because you should know how your service and offering compares to the competition
- Because it is an essential element of any Business Plan
- Because you should be aware of what helps or hinders winning new business
- Because it’s important to know how your charges compare to others in your field
- Because it will help you forecast the returns that may be made from an investment of your time or money
What are the benefits?
- Knowledge of your market position is essential whether you’re a market leader, a market follower, a new entrant or researching a new opportunity
- Identification of how you can win more business means you can instantly implement the necessary changes
- Information which is affordable, attainable and of huge value to your business whether large or small, national or international, product or service based
- Provide an informed basis to develop strategies to achieve competitive advantage in the future
- A Comprehensive analysis will help convince a potential investor that you know your business