What's your unique selling point?

Making your business stand out in a crowded market can be a challenge, but differentiating your business will be key to attracting the right customers and giving them a reason to choose you over a competitor.

That’s why it’s important to identify your unique selling point (USP), so you have a differentiator to communicate in your marketing and sales activity.

Giving your company a real differentiator

Not all companies are created equal. Every business will have a unique slant on how it develops and delivers the same product or service. Your USP focuses on what you do better, bolder, faster or more effectively than your competitors – giving you an edge over the other businesses that are clamouring for your customer’s attention.

For example, Apple’s USP was always that the company ‘provides a lifestyle with our products’ by making cutting-edge technology that’s as simple to use and integrate as possible.

To make your USP work for you:

• Define your USP using your products/services – think about your products and/or service offerings and consider where you’re adding value that’s specific and unique to your business. You might be more ecologically sustainable, more budget-friendly, or easier to use than your competition. Own this difference, feed it into your development and think about the end benefit for customers.Tip: ‘People don’t buy products, they buy solutions’ - Put yourself in your ideal customer’s shoes to understand their needs and how you meet them.

• Market the company around this USP – understand where you add value as a business and condense it down to one selling point. While you may be able to list many benefits, boiling it down to one thing will be more compelling. Make sure it’s short, simple and straightforward to communicate, so you and your customers quickly understand this USP. For example, the USP of M&Ms is that ‘the milk chocolate melts in your mouth, not in your hand’. ABUS Locks have dominated security solutions with 'security built on quality' and this position has enabled them to broaden their product range beyond padlocks. A USP doesn't have to be a tagline but when it clearly caputures your point of difference it can become one, such as the Bunnings Warehouse tagline: 'Our policy - lowest prices are just the beginning'.

• Ensure your competitors aren’t catching up – to be a true USP, your differentiator has to be unique. The business world doesn’t stand still, so if competitors now offer the same customer benefits as you, it’s important to review, reassess and adapt your USP. Keep innovating and developing your product/services, so you offer a genuine USP and keep the competitors from nipping at your heels.

If you’re unsure what makes you stand out in your market or industry sector, think about the key benefit you offer your clients. It could be the unique features of your product or service, or the way you do business. A strong USP will help you attract prospects by reinforcing your position as the best choice for them.

If you would like to learn more contact us today.

5 key things to get right when starting a business

Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.

But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.

Building the right foundations

So, if you’ve got a great business idea and you’re eager to get your company off the ground, what are the key foundational elements you need in place?

To get your new company trading smoothly:

• Define your vision and goals – so you know WHY you’re in business, what success will look like and who your target customers will be. If you’re clear about the ‘why’ from the outset, every decision will be easier. Think about who your product or service is aimed at, what their needs are and how your solution solves this.

• Have a robust business plan – providing you with a clear route map for achieving your goals, with budgets, targets and pre-agreed timelines to meet. This doesn’t need to be a huge undertaking but it will need some thought. A good business plan will evaluate the idea and feasibility, as well as identifying opportunities and obstacles.

• Get the finance you need – so you have the capital required to start trading, with enough in the bank to cover operational overheads and start generating income. A solid business plan will help you gain buy-in by proving the idea for investors.

• Measure your performance – once you’re up and running, record and track all financial and non-financial data, so you can measure how well you’re performing and identify, early on, the areas that need attention.

Talk to us about setting up your new business

If you’ve got a world-beating business idea and the ambition to become a business owner, come and talk to us. We’ll help you flesh out your vision, write a workable plan and get your finances in shape for the next stage of the startup journey.

Get in touch.

The right tool for the job

There is nothing more infuriating than having the wrong tool for the job. A screwdriver just doesn’t make the best hammer!

I absolutely love tools, much to my wife’s disdain, and at every opportunity I get, will happily pick up a spanner and work on my car or find odd jobs around the house, (any excuse to pick up a tool) but as an accountant purchasing tools is not tax deductible so it makes it hard to justify the $1,500 Milwaukee set and the snap on tool chest. Therefore on more than one occasion I have lacked the right tool for the job, which makes an easy job unnecessarily difficult.

Having a good accountant is much the same, the process is so much easier when you know which tool is appropriate for the job and having the tool to be able to use it when you need it. We have an arsenal of tools in our tool chest to help your business and we know when to use them. Whether it is the implementation of a budget, a cash flow forecast, to ensure there is adequate cash to fund operations or simply a conversation reviewing your businesses policies and procedures to increase efficiency and increase profitability. Having a good relationship with an accountant makes all the difference. We have the skills and expertise to guide you and your business through each stage of its growth, from starting out, to moving off the tools , employing new staff or planning for large scale growth and development.

If you are tired of having an accountant with the wrong tools for the job, enquire today to upgrade to an accountant with the right tools to lay a solid foundation and build a strong business that can weather the storm.

2018 Tax Checklists

It's that time a year and tax time is upon us. We are looking forward to seeing you all again.

We have included our tax time checklists to help you get your information together.

If you would like to book an appointment or have any questions, do not hesitate to contact us today.