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Thursday, August 9, 2012

Define Your Business

As a leader of your brand, have you ever stopped and asked yourself, "Who is my target customer and what value does my business deliver?" These are essential questions to ask about your company because if you don't know the answers, how will your customers? Every brand has some sort of business model but when it is clearly defined, so is your business. Having a defined business makes it much easier to bring valuable products or services to your customers. If your business is in the early stages of development, if you’re looking to improve your business and customer service, or if you never formally defined your business to begin with, these quick and simple steps might help!

What is the future of your business?
If you are starting a business one of the first things you should ask yourself is, "What do I want my business to become?" Your answer could be something as simple as, "To become a successful leasing company," or an answer as specific as, "To become the most respected leasing agency on the east coast, possessing 50% of the market for commercial equipment leasing." Knowing what you want your business to become is vital because goals can and should be pursued very differently. Not knowing the answer to this question can waste time and money.

What is your mission statement?
If your business doesn't have a mission statement, now is the time to create one! Mission statements are an important part of your business model and in defining your brand. They reflect every facet of your business; the products you offer, quality, service, employees and customer relationships. Mission statements don't have to be a certain length, but they do have to be long enough to clarify to customers what business you're in, your goals and your objectives.

Who are your customers?
Defining your audience is critical. If you don't know who your audience is, how are you going to market to them? If you're business is still in its early stages, an easy way to figure out your target audience is by looking at your competitors' audience. Demographics such as age, gender, location, occupation and income level as well as psychographic characteristics like personality, attitudes, values and behavior are also beneficial to take in to consideration when defining your audience.

Who are your competitors?
Knowing who your competitors are is also an important step when defining your business since you are fighting for the same audience. If you have a small business that is going to operate locally, you can find competitors by simply looking in the phone book. However, if your business has non-local competitors you might have to compete with big retail stores that have a larger budget and more resources. You need to do the research to find out what benefits your competition offers and why customers buy from them in order to compete for your shared target audience.

How will you stand out?
Defining your business' strategies that will make your business stand out is an important step that can't be overlooked. What will you do to lead people to choose your business over your competitors? Some possibilities include making your products or services better, cheaper or more convenient. The quality of your employees also makes a big difference - who would choose a store with few employees to answer your questions over a store with friendly, helpful employees around every corner? Taking extra steps to ensure customer satisfaction is always a good way to make your business stand out from the rest!

Knowing your business' goals, mission, audience and competitors are the building blocks that will help you define your business and bring valuable products and services to your customers. These steps require time, thought and thorough research, but it will all pay off in the end when you get to enjoy the benefits of a successful business!

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posted by Tiger Leasing @ 9:17 AM

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