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What is your competitive edge in business?

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Kristine Daw is the Managing Director of Dawtek, a Melbourne-based company specialising in tenders and proposals, tender training, copywriting, editing and creating business templates. Kristine and her small team have a range of clients including small businesses, multi-national corporations, all levels of government and not-for-profits.

1300 DAWTEK or dawtek.com.au

So what do we really mean when we talk about a business’ competitive edge? In the business world, we’re really talking about what differentiates you from your competitors. Obviously, before you can articulate it clearly to others, you need to know what it actually is.

Don’t get me wrong, it’s a really hard question to answer, especially if you’re a start-up and relatively new to business. If you’re stuck, have a go at answering the following questions.

1. Who is your ideal customer?

Almost every business has a portion of customers who they don’t really have to actively sell to because their product and service solves their needs so well. What does that customer look like for your business? Dot point it out and get really clear on this. In the long-run, this is going to help you to figure out how and where to market. Before you can do this, you need to know where your customer is and how to reach them.

2. What problem do you solve for people?

When you understand the problems you’re helping people to solve, you can then focus on getting into your customer’s shoes. From here, you can figure out how to speak in their language and communicate exactly what they want to hear.

3. What is the one market I’m going to focus on?

If you think everyone falls into your target market, please go back to question number 1. Your product and service is not going to appeal to everyone on the planet and it doesn’t have to! By focusing on the one market, you’re focusing your energies towards the group of people who are most likely to engage with your brand and make a transaction.

From here, the next step is to put together a solid Business Plan. Your Business Plan will force you to think about and address the key areas you may not have considered up to this point. Of course, a quick Google search for Business Plans is likely to return hundreds of results – in my experience, finding a Business Plan template isn’t hard. However, finding an effective Business Plan template is very hard.

After using our Docuhub template, so many people give me a call and confess something along the lines of: my first thought was to head over to the Government’s website and download their Business Plan template. As soon as I opened it, I immediately felt incredibly overwhelmed and put the thought of writing up a Business Plan off because it fell into my too hard basket.

Trust me, the Business Plan template we’ve put together is manageable, easy to follow and logical. I’ve been in business for over a decade now and I’ve done my fair share of Business Plan drafts. My top tip is not to try and finish your entire plan in the one sitting. A rock solid Business Plan needs the chance to grow and evolve, along with your strategic thinking. Set a goal to work on it for say 30 minutes a day (or else it will just become one of those things you never get to as something else will always be more urgent) and continue refining it over a few weeks or even a month.

Keep in mind, even once you’re at a point where you’re happy with your Business Plan, this isn’t meant to be a fixed document. Your business planning needs to change and evolve with the times – I like to set myself a reminder to go back and check my Business Plan every 3 months, just to keep myself accountable. There’s no point in drafting anything up if you don’t plan to follow-through.

As mentioned, I’ve been in business for over a decade now and I’ve used all of my business experience to put together the templates you’ll find right here on Docuhub. There’s over 600+ templates to choose from (and we’re always updating and growing the list). Not only do these templates save you time, they’re all compliant with current Australian legislation and provide you with a competitive edge.

If you’ve got any questions, our team is on-hand to help. Simply contact us and we’ll get back to you as soon as we can.