Three Ways To Define Your Business
November 25, 2011 by Mike Certoma
Defining your business in a clear and concise manner is what paves the road that potential customers will walk down in order to get to you. That’s why it is so important to be able to articulate what you do and what you offer in a brief and compelling way.
This is especially true for those of you seeking government contract work. You will need a business plan that is on point so that your bids will be taken seriously, and be held to the same standard as more experienced contractors.
A good business summary accomplishes two things:
- It tells potential customers why they should do business with you
- It gives investors the necessary information they need in order to decide on investing
So what is the best way to define your business? Answer the following three questions:
1. What is the problem? The reason your company exists is to be the solution to some type of problem. In your summary, address the issue and why your company provides the best solution.
2. What is the solution? Here is where you spotlight your value proposition, which is what your customers receive in exchange for their money. For government contractors, this is a good time to address cost-effectiveness for your service or product. A good way to test this out is to run your value proposition past several existing or potential customers and ask them if they’d buy and what their constructive feedback is. Plus, it will help you sharpen your business summary to better explain your offer.
3. What is your market? Now you have to define your customers. Once you identify this, you can fine-tune your marketing pitch to be more specific.
Use these questions to help you make intelligent adjustments to the core of your business, which will lead you to establish a strong presence and client base. It will also help your own self-confidence in performing your job, once you are able to clearly articulate what your company offers.