Winning a small business competition like the 702 Small Business Competition can be a game changer for any entrepreneur. Not only does it provide a sense of validation, but also grants access to valuable resources, networks, and funding for growth and recognition. However, just like any competition, winning the 702 Small Business Competition requires strategic planning, dedication and hard work. This blog post will give you some tips and strategies that will increase your chances of winning the competition.
Tip 1: Focus on the Problem You Solve
The first thing the judges will look for in your entry is your understanding and ability to articulate the problem you solve. Every successful business identifies and solves a problem, and the competition is no exception. You need to have a clear, concise and compelling case for the problem your business solves and why it matters. Don’t focus on your product or service, but rather, focus on the problem. Your solution should be a natural, logical progression from the problem statement.
Tip 2: Differentiate Yourself from the Competition
No business operates in a vacuum, and the judges are well aware of this. You need to demonstrate how your business is different from the competition. What makes you stand out? What is your unique value proposition? What sets you apart from others in your industry? You need to be able to demonstrate how your business solves the problem in a way that no one else can.
Tip 3: Numbers Don’t Lie
The judges will want to see that you have a solid understanding of your business’s financials. You need to demonstrate that you have a clear understanding of your company’s revenue streams, costs, profitability, cash flow, and future projections. You also need to provide specific examples of how your business has demonstrated financial success and/or growth. Don’t just throw numbers around; explain what they mean and how they relate to your overall business strategy.
Tip 4: Tell Your Story
People remember stories more than they remember numbers or specifications. You need to be able to tell your business’s story, including its origins, any pivotal moments, and what it means to you. Make it authentic, engaging and relatable. Your story should demonstrate the passion, commitment, and perseverance you have for your business. But don’t get carried away by your story alone; support it with data and research to add credibility to your claims.
Tip 5: Attention to Detail
Finally, don’t overlook the details. Make sure your entry is free of spelling and grammatical errors. Have others read through it to ensure it makes sense, is easy to read and has a natural flow. Triple check that it satisfies the competition’s entry criteria and that you’ve provided all the necessary information.
In conclusion, winning the 702 Small Business Competition requires a combination of strategy, planning and execution. Focus on the problem your business solves, differentiate yourself from the competition, have a deep understanding of your financials, tell your story and pay close attention to details. Remember, the judges are looking for a business that is not only financially viable but also makes a positive impact on society. All the best with your entry!
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