Issue link: https://maltatoday.uberflip.com/i/1200837
16.01.2020 7 FEATURE Once you've completed the mission statement, said Bacon-DeFrece, it's an easy transition to develop your val- ue proposition statement that defines what makes you unique in the market- place and how you intend to differenti- ate and position your business. 3. Clarify your business model. Alex Muller, senior vice president and chief product officer of GPShop- per at Synchrony said a good financial model includes many of the details you put in your formal business plan – for example, hiring, pricing, sales, cost of acquisition, expenses and growth. As with a business plan, your model should be revisited and updated as the realities of your business unfold. "Start [answering] 'what ifs,'" said Muller. "If I sell this product at this price point and this is the cost of cli- ent acquisition, what rates of return can I get? When you're done building [and testing] the business model, then you can go back [and] write a business plan." 4. Identify your target market. Identifying a target market can be a tricky obstacle. To narrow down your market, Grant Leboff, CEO of Sticky Marketing Club, advised answering the question, "Why am I uniquely placed to solve the prob- lem?" "If you are unable to answer the ques- tion, you either have the wrong target market or the wrong offering," Leboff wrote in a blog post. "More work will need to be done before you start tar- geting your potential customers." If what you offer isn't the most attrac- tive to the type of client you want, you may need to change your offering or define your target market differently, Leboff added. 5. Test your business idea. Entrepreneurs should talk to industry experts, potential customers in their target market and other entrepreneurs to determine their business's viability, said Kara Bubb, principal consultant at Kara Bubb Product Consulting. "Talk to some real potential future clients [and experts], and ask for some honest feedback," Bubb said. "What do they think about your business idea? Who, specifically, are you targeting? How big is the market? Will your mar- ket buy what you are selling? Who is your competition? Simply writing a business plan will not make your company successful, but it gives you a road map to get there. e forethought put into the plan identifies the milestones by which you can mark your progress. writing a business plan As with most ideas, the best way to execute them is to have a plan. A great idea for a startup isn't enough; it must be bolstered by a plan of action