1. Is your value proposition still valid?

4 Tips to Optimise your Business Plan

When did you last review your business plan? Not since you started your business? If not, there’s no need to worry, now is the perfect time to look into it.

Your business plan originally outlined your business idea, goal, mission etc. But as always, plans can change over time and so should your business plan. Especially when unpredictable events like COVID-19 happen, even the strongest of business plans can go out of the window.

It’s therefore recommended that you frequently review and amend your business plan based on the changes affecting your business. ‘But it took forever to put that business plan together’, we hear you say and yes, it’s certainly not a quick task but an important one that will help to keep your business on track.

1. Is your value proposition still valid?

Your value proposition is a statement that outlines what unique value you bring to your customers. Your customer promise, if you will.

It should also take into account what competitive advantage your product or service offers to your target market. However, with the changing circumstances, whether they are driven by the economy, your competition or a newly emerging consumer need, you need to ensure that your business continues to offer unique value to your customers.

If you feel that your value proposition hasn’t but needs to change, it might be a good time to rework your competitor analysis and target market needs to identify new business growth opportunities for 2021.

⇐ Предыдущая 123 4 Следующая ⇒