A business plan software review is not a requirement for creating a quality business action plan. However, a lot of new business owners rely on business plan software to complete their competitive analysis.
In this section of our free business planning course you'll learn the importance of The Competitive Analysis section of the business plan.
The Competitive Analysis should clearly identify your competition by its product line or service. In addition, the information should be broken out by market segment; assessing strengths and weaknesses and clearly identifying any potential barriers of entering the market.
"Finding and exploiting competitive advantages is not a part-time endeavor."
Provide market share data for each of your competitors. Project the time and costs that will be necessary in order for your company to get a foothold into the market.
Don’t limit your competitive analysis to only the top competitors in the market. Expand your assessment to include the minor players as well. You might be surprised to find out that one of those small fish are getting ready to introduce something brand new to the market that will allow them to have a competitive advantage in the very near future.
List the strengths of your competitors. This allows you to assess what they are doing well so that you can develop those strengths into your own service delivery systems.
Commonly known competitive strengths mentioned in a typical business plan software review include:
Weaknesses of the competition are of particular importance because you have the opportunity to capitalize on those weaknesses and gain an advantage over your competition. Our latest business plan software review points to potential weaknesses that you may be able to capitalize on.
As you assess your competition you will no doubt realize that you have some important barriers to overcome. Do not allow those barriers to stop you from realizing your dream.
Expect barriers to come up; welcome those barriers and go about the business of addresses each one as it raises its ugly head. Always remember that adversity is what makes the journey interesting.
Potential barriers you might face include funding, personnel, technology, market resistance or your own personal training. Each one of these challenges can be overcome over time if you have the commitment and discipline to make things happen.
You can learn more about the competitive analysis by checking out the business plan software review articles at www.paloalto.com.
Many times people possess a natural shyness that gets in the way of them proactively reaching out to meet others. This feeling can be overcome, and must be; if one is going to become a successful business person.
People that are shy are also often times overly sensitive and can get their feelings hurt easily. Again, this is a weakness that must be overcome before it causes irreparable damage to your career.
Those who possess solid self-esteem are typically not victims of shyness and not overly sensitive. To be a complete person who enjoys all the fruits of the world, one must be conscious, although not in an offensive way, of his own self-worth and dignity.
"It's called running a business because if you stand still your competitors will be running over you."
In order to overcome shyness and sensitivity, you must place yourself squarely in the mix of people. While uncomfortable at first, over time you’ll become less anxious and more comfortable with your less sheltered surroundings.
Yes, this will require willpower and an unbending determination to conquer a major barrier to your success. Archbishop Whately, who suffered from natural shyness and sensitivity, could not bare the thought of others thinking poorly of him. In order for him to overcome this crippling handicap, he made up his mind that he would not allow himself to be concerned with what others thought of him. With some practice, he quickly overcame his fears.
Great business leaders regularly have to step out of their comfort zone. They were not fortunate enough to enjoy the convenience of what technology provides us today. Don't miss out on any of the key information provided in the business plan software review articles mentioned above, or our free business planning toolkit. Unfortunately, these important business leader lessons are not included in most business plan software review articles, but that's why we include them here.
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"You need a plan to build a house. To build a life (or a business), it is even more important to have a plan or goal."- Zig Ziglar