"Never letting the competition define you. Instead, you have to
define yourself based on a point of view you care deeply about."
As a business owner, you need to have a strong vision for your business,
but also focus on developing a unique selling proposition (USP) and
ensuring that you are communicating that message effectively. When
you are making great profits you generate good cashflow, which is the
oxygen that keeps your business alive.
"Its only exceptional value that delivers strong margins"
Make sure you fully understand the drivers that make that happen. Be the business that delivers exceptional value! It's only exceptional
value that delivers strong margins and hence the cash flow that the business needs to not only survive but to thrive. Competing on price
generally means that you cannot convey the exceptional, or 'USP' to your target customers.
"Be the business that delivers exceptional value"
If you are not clear and passionate about your USP, and what causes you to stand apart from your competitors then it's extremely difficult
"What causes you to stand apart from your competitors''
for your customers to be clear and excited about what you are offering.
There are examples of companies in very competitive industries that have a very clear USP (to their target customers) who command
premium pricing; think of Apple which has no price competition although their competitors clearly compete on price!
If you need help with increasing cash flows or working on your USP you can speak to us, as established business accountants or consider
a business coach to assist you to develop your USP.