Business Mentor Advice: What is the biggest challenge facing business owners?

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What is the biggest challenge facing business owners?

The most recent surveys conducted by Longitudinal Small Business Surveys in  2016, 2017 and 2018 sampled over 15,000 businesses much of it focussed on the owners view of the biggest challenges they faced.

So, what were the results?

In all three Surveys the respondents stated that competition in the market was a major obstacle to the success of the business with it being 58% in 2018, 51% in 2017 and 47% in 2016.

Identifying Your Business Competitors – How Do You Compare?

So what can a business owner do about the competition?

Firstly, establish who and where they are. Search on Google and review their websites. Consider, where possible mystery shopping them to find out what they offer, how much they charge and how their product or service offering differs from your own.

With all this in mind, how do you compare to them, what is different about your offering?

How To Determine Your Compelling Competitive Advantage (CCA)

We believe that every business should strive to have a ‘Compelling Competitive Advantage’ (CCA) something that sets you apart from your competitors. Most business will say their CCA is service but typically that is not enough, there needs to be something else.

Take Domino’s Pizza for example, for a time their CCA was if we don’t deliver within thirty minutes of you ordering, you don’t have to pay.

As a marketing campaign that worked well and increased business, were they any faster in delivering pizza than the competition? Probably not but the promise worked.

Local UK Business Mentoring – Our CCA Declaration

Another example is our company, UK Business Mentoring, our CCA is:

  1. We are rated No 1 in the UK on (based on customer testimonials)
  2. Clients do not have to enter contracts or lengthy agreements – you use us as long as we add value
  3. If we ever undertake work for you and you are not 100% happy then our pledge means you won’t be expected to pay – no quibble, a simple guarantee.

So, what could your CCA be?

How can you be better than your competitors?

What would set you apart?

These days customers want ‘Ease of Effort’ they want the process to purchase/do business to be simple (think Amazon ‘One click purchase’) so how could you give your potential new customers ‘Ease of Effort’ when buying from you?

Maybe a start point is to experience the customer journey through their eyes – try it yourself (or via a friend or loved one) how does it feel? What could be improved?  What would make it the ‘Carlsberg’ experience?

Free Business Mentoring Advice and Seminars UK Nationwide – Contact Us

If you feel you could do with some help with this, or indeed any other area of the business then why not take advantage of our offer of a complimentary, no obligation (we don’t do hard sell) mentoring session in your region?

What’s next? Find a local Business Mentor near you, call us on 0845 6803634 to schedule a complimentary business mentoring chat or email our head office today.

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