3:I[5613,[],""] 5:I[1778,[],""] 4:["slug","competitor-analysis","d"] 0:["rnBdUNPWTD1c-_x1hScPE",[[["",{"children":["resources",{"children":["business-plans",{"children":[["slug","competitor-analysis","d"],{"children":["__PAGE__?{\"slug\":\"competitor-analysis\"}",{}]}]}]}]},"$undefined","$undefined",true],["",{"children":["resources",{"children":["business-plans",{"children":[["slug","competitor-analysis","d"],{"children":["__PAGE__",{},["$L1","$L2",null]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children","business-plans","children","$4","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":[["$","link","0",{"rel":"stylesheet","href":"/_next/static/css/b29c6c1d4813d5b8.css","precedence":"next","crossOrigin":""}]]}]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children","business-plans","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":null}]]},["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children","resources","children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$undefined","notFoundStyles":"$undefined","styles":null}]]},[null,["$","html",null,{"lang":"en","children":[["$","head",null,{"children":[["$","meta",null,{"name":"robots","content":"index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1"}],["$","link",null,{"rel":"icon","href":"/images/website-icon.svg"}]]}],["$","body",null,{"itemScope":true,"itemType":"https://schema.org/SoftwareApplication","className":"a1","children":[["$","meta",null,{"itemProp":"applicationCategory","content":"Business Planning Service"}],["$","$L3",null,{"parallelRouterKey":"children","segmentPath":["children"],"loading":"$undefined","loadingStyles":"$undefined","loadingScripts":"$undefined","hasLoading":false,"error":"$undefined","errorStyles":"$undefined","errorScripts":"$undefined","template":["$","$L5",null,{}],"templateStyles":"$undefined","templateScripts":"$undefined","notFound":"$L6","notFoundStyles":[],"styles":null}]]}]]}],null]],[[["$","link","0",{"rel":"stylesheet","href":"/_next/static/css/080fc4158a8a5598.css","precedence":"next","crossOrigin":""}]],"$L7"]]]] 6:E{"digest":"NEXT_REDIRECT;replace;/;307;"} 8:I[4699,["6081","static/chunks/6081-024259f4f6c69551.js?v1744903395678","3842","static/chunks/3842-43e6e4a5599f06c7.js?v1744903395678","6142","static/chunks/6142-d53122bf85c101bf.js?v1744903395678","995","static/chunks/app/resources/business-plans/%5Bslug%5D/page-d07cc0355ed69241.js?v1744903395678"],""] 9:T6ce1,{"id":"cG9zdDoxNjk3","title":"Competitor Analysis, How to do it","content":"\n
Competition analysis is both a process and an invaluable tool for getting the insights needed to make your business stand out in a crowded market. Consider it a key step to success in the business world is knowing your competition in detail.
\n\n\n\nHaving a detailed birds-eye of the competition is a must for any start-up founder and business owner. A good competition analysis can show market trends, give you a peek into competitors’ game plans, and point out where they’re missing the mark.
\n\n\n\nBut doing a full-on competitive analysis can be a tough task, especially if you don’t know where to start.
\n\n\n\nThat’s why we prepared this article. We will walk you through the steps to do a competitor analysis. You’ll be able to figure out who your competitors are and break down what they offer. You’ll also be able to dissect their marketing and sales strategies and evaluate their strengths and weaknesses, and understand their business model.
\n\n\n\nAfter you go through these steps, you’ll be ready to use them to develop an actionable game plan to grow your business and keep you miles ahead of the competition.
\n\n\n\nKnowing who you’re up against in the battle for market dominance is crucial. Your competition extends beyond businesses offering identical products or services and includes any company that might steal your customers.
\n\n\n\nAnalyze direct competitors (those offering similar products/services), indirect competitors (those with slightly different products/services), and potential ones (businesses that could potentially penetrate your market).
\n\n\n\nNow that you’ve got a clear picture of your competitors, it’s time to evaluate their offerings. What promises are they making to their customers? What needs do they fulfill? Do they offer something that separates them from the rest of the pack?
\n\n\n\nBy answering these questions, you can gain insights into how your value proposition compares against those of your competitors.
\n\n\n\nNext, focus on your competitor’s marketing and sales game plans. Evaluate their marketing channels, customer engagement techniques, pricing models, and sales funnels. Are they acing their content marketing strategy? Do they seem to have a strong grasp of social media engagement?
\n\n\n\nOr perhaps there are weaknesses in their sales funnel that they’ve overlooked? Every strategy they apply, successful or not, offers valuable insights for your business.
\n\n\n\nA competitor’s online presence can provide a treasure trove of information. Dig into their SEO strategies, online traffic sources, social media engagement, and online advertising strategies. This in-depth analysis can give you a better picture of their digital marketing strategies and performance and expose weaknesses you can exploit.
\n\n\n\nWith all these valuable insights, it’s time to analyze your competitors’ strengths and weaknesses. Hint: It’s not about looking for faults; it’s about identifying areas where your competitors shine and areas where they struggle.
\n\n\n\nThis step is pivotal to understanding how the market views your competitors and tweaking your business strategy accordingly, which takes us to the next crucial step.
\n\n\n\nCompetitive analysis is not just about gathering data; it’s about using this data to make strategic decisions. Use the insights you’ve gained to revisit and refine your value proposition or pitch deck, modify your marketing strategy, and improve your product/service offerings. That way, you can fill any gaps in the market that your competitors have overlooked and position your business as the top choice for your target customers.
\n\n\n\nAnd if you need help creating a bulletproof financial and business plan, check how Modeliks can help. Competitor analysis is often required in formal Business plans and investor-ready pitch decks. Check our Ultimate guide: How to create an investor-ready pitch deck
\n\n\n\nCompetitive analysis isn’t a one-time task. It’s a never-ending process that must be part of your business strategy. Your competitors’ strategies evolve, the same as your customer preferences. So make sure you update your analysis and regularly review and revise your strategies to maintain your competitive edge.
\n\n\n\nAfter going through these steps, you’ll be more knowledgeable about your competitors. More importantly, you’ll be better equipped to make informed and smart business decisions that will help your business stand out.
\n\n\n\nRemember, a competitor analysis is a crucial part of your business strategy and growth. So, understand your competition, see what they do best (and where they fail), adapt, and always strive to offer the most value to your customers.
\n","slug":"competitor-analysis","date":"2023-11-27T11:44:40","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxMg==","name":"Pitch Decks"}]},"mainCategory":{"mainCategory":["business-plans"],"videoHeader":null},"tags":{"nodes":[{"name":"business planning"},{"name":"competitor analysis"},{"name":"pitch deck"}]},"featuredImage":{"node":{"id":"cG9zdDoxOTI3","sourceUrl":"/images/cms/competitor-analysis-how-to-do-it.jpg","altText":""}},"seo":{"metaDesc":"How to do a competitor analysis, introduction to the benefits, elements of competitor analysis for startups and business, part of pitch decks"},"modified":"2024-03-20T12:27:18","related":[{"id":"cG9zdDoxMDQyMA==","title":"Modeliks 2.0 is Live!","content":"\nToday we released a massive new update of Modeliks. A multidimensional Modeliks 2.0. I am both happy and sad to see Modeliks grow up. I liked baby Modeliks. He was cute and a little clumsy. Now, we created a beast.
\n\n\n\nWe listened to your feedback and made Modeliks by far the best financial planning and reporting tool for SMEs. Alright, I might be a bit subjective, but here is what’s new:
\n\n\n\nAnd there is a lot more to come in the next few months. Stay tuned for new features, and in the mean-time, plan, manage and grow your business with Modeliks 2.0.
\n\n\n\nLet’s recap. Now you can:
\n\n\n\nEnjoy Modeliks 2.0! We know we are!
\n\n\n\nAuthor:
Modeliks Team
A variance report is a financial document that compares actual performance against planned or budgeted figures. It highlights differences (variances) between expected and actual results, helping businesses identify areas where they are overperforming or underperforming. These reports are commonly used in financial management, project management, and operational planning.
\n\n\n\nVariances in a report can be classified into:
\n\n\n\nA variance report is a crucial tool for analyzing financial performance, improving budgeting accuracy, and making strategic decisions.
\n\n\n\nVariance reports allow businesses to track deviations from their budget, helping them stay on top of their financial plans and prevent overspending.
\n\n\n\nBy analyzing variances, businesses can make informed adjustments to their financial strategies, resource allocations, and operational processes.
\n\n\n\nSignificant variances can signal inefficiencies in production, procurement, or sales, prompting businesses to investigate and optimize their operations.
\n\n\n\nHistorical variance reports help businesses refine their financial projections and make more accurate forecasts.
\n\n\n\nBusinesses can identify cost overruns and take corrective action to control expenses and enhance profitability.
\n\n\n\nBy comparing actual results to expected outcomes, variance reports hold departments and individuals accountable for their financial and operational performance.
\n\n\n\nUnderstanding financial and operational variances allows businesses to identify potential risks and implement preventive measures before they escalate.
\n\n\n\nA variance report provides a clear picture of a company’s financial health by comparing budgeted vs. actual results.
\n\n\n\nIt highlights unexpected expenses and cost overruns, allowing businesses to take corrective measures.
\n\n\n\nBy tracking sales variances, businesses can determine if revenue is growing as expected or if adjustments are needed.
\n\n\n\nVariance reports provide valuable data for future business planning and strategy adjustments.
\n\n\n\nDepartments and employees can be held accountable for meeting financial and operational targets.
\n\n\n\nReal-time variance analysis helps managers make quick, data-driven decisions to optimize performance.
\n\n\n\nUnforeseen variances can indicate changes in market trends, economic conditions, or customer behavior, allowing businesses to adapt accordingly.
\n\n\n\nVariance reports are essential tools for financial analysis, cost control, and strategic decision-making. By regularly monitoring variances, businesses can improve their financial accuracy, enhance operational efficiency, and ensure sustainable growth. Whether used for budgeting, forecasting, or performance evaluation, variance reports help businesses stay competitive and financially stable.
\n\n\n\nMake confident decisions with Modeliks. Plan, manage, fundraise and grow your business.
\n\n\n\nAuthor:
Modeliks Team
A Certified Management Accountant (CMA) is a professional designation awarded to individuals who have demonstrated expertise in financial management, strategic decision-making, and performance management. The CMA certification is issued by the Institute of Management Accountants (IMA) and is recognized globally as a mark of excellence in management accounting.
\n\n\n\nCMAs possess in-depth knowledge of financial planning, analysis, risk management, internal controls, and corporate finance. Unlike Certified Public Accountants (CPAs), who focus primarily on financial reporting and compliance, CMAs specialize in using financial data to guide business strategy and improve overall organizational performance.
\n\n\n\nTo earn the CMA designation, candidates must meet specific educational and experience requirements, pass a rigorous two-part exam covering financial planning and analysis, and adhere to ethical standards set by the IMA. CMAs play a crucial role in helping businesses optimize financial operations and achieve long-term success.
\n\n\n\nCMAs provide valuable financial insights that help businesses make informed strategic decisions, ensuring sustainable growth and profitability.
\n\n\n\nWith expertise in cost control and budgeting, CMAs help organizations optimize resource allocation, minimize waste, and improve operational efficiency.
\n\n\n\nCMAs play a critical role in identifying financial risks, implementing internal controls, and ensuring compliance with financial regulations, reducing the likelihood of fraud or financial mismanagement.
\n\n\n\nBy analyzing financial data and key performance indicators (KPIs), CMAs assist businesses in setting realistic goals, measuring progress, and improving overall performance.
\n\n\n\nBusinesses considering mergers, acquisitions, or major investments rely on CMAs to conduct financial analysis, assess risks, and ensure informed decision-making.
\n\n\n\nCMAs develop and maintain financial forecasts, ensuring businesses have a clear roadmap for future growth and financial stability.
\n\n\n\nCMAs ensure that businesses adhere to financial regulations, ethical standards, and corporate governance best practices, fostering transparency and accountability.
\n\n\n\nCMAs prepare financial forecasts, conduct variance analysis, and provide insights into business trends, helping organizations plan effectively for the future.
\n\n\n\nThey assess production costs, overhead expenses, and pricing strategies to maximize profitability while maintaining cost efficiency.
\n\n\n\nCMAs assist executives and business owners in making data-driven decisions, evaluating investment opportunities, and formulating growth strategies.
\n\n\n\nBy implementing robust risk management practices and internal controls, CMAs help businesses safeguard assets and prevent financial fraud.
\n\n\n\nThey develop budgets, financial models, and projections to ensure businesses have a clear financial direction and avoid unexpected cash flow issues.
\n\n\n\nCMAs track financial performance through KPIs and suggest improvements to enhance efficiency, productivity, and profitability.
\n\n\n\nThey ensure that businesses comply with accounting standards, tax laws, and ethical guidelines, reducing the risk of legal and financial penalties.
\n\n\n\nWith the increasing reliance on digital tools and analytics, CMAs leverage financial software and data analytics to enhance decision-making and streamline financial operations.
\n\n\n\nA Certified Management Accountant (CMA) is an essential asset for any business seeking financial stability, strategic growth, and operational efficiency. With expertise in financial planning, cost management, risk assessment, and strategic decision-making, CMAs help organizations optimize financial performance and achieve long-term success. Whether you’re a small business owner or part of a large corporation, having a CMA on your team can provide the financial leadership needed to navigate today’s dynamic business landscape.
\n\n\n\nMake confident decisions with Modeliks. Plan, manage, fundraise and grow your business.
\n\n\n\nAuthor:
Modeliks Team