Creating a point of difference for your business

Victoria is one of the most important states in the Australian economy, as it hosts a number of key tourist and economic features. It is also home to a huge volume of small businesses.

Figures from the Victorian government show that as of 2009, there were 494,993 small businesses based in the state and this number has grown continuously since 2001.

With so many small businesses vying for a space in a number of markets, it is important to know how to acquire that competitive edge. One way to achieve this is through the expertise of a small business accountant.

Another way is to ensure customers can differentiate your product offering from your competitors.

A point of difference says the chocolate man

In a recent interview with Smart Company, Chris Thomson, a co-founder of Noosa Chocolate Factory, highlighted how his chocolate products are handmade, making them instantly recognisable. 

"You need to have a point of difference in comparison to the products in the big supermarket chains," he said. 

However, having the chocolate moulds delivered to Australia, from Germany, takes a substantial amount of time. Thus in the same way developing an advanced business development plan is essential, setting up unique product strategies early can pay dividends in the long-run. 

"So last Easter we sat down and had our Easter egg and Easter bunny moulds designed, and next week we'll sit down and do the same for next year," Mr Thomson pointed out.

With the such intense levels of competition in the state, a business needs to prepared for anything. For instance, this could mean having stringent bookkeeping in place that can allow for a quick review of the financial health of the company. 

If you would like to know more, talk to the experts in small business advice. Contact WMC Accounting today to make sure you are ahead of the small business curve.