The proposition we put forward was to create an online platform for buyers to find affordable and reliable electricity, gas and water supply in their locality. With the ageing population and the rise in single person households, more and more people are looking to reduce their energy bills and save money where they can. It is therefore not surprising that more and more people are turning to the internet to research and find the best deals.
If you are looking to reduce your energy bills, you don’t necessarily need to look far. There are a variety of opportunities waiting to be discovered with the right research and application. The key challenge is in finding the best one that fits your needs and circumstances. This is where we as an industry have failed. The sheer number of options and the complexity of the system means that it is virtually impossible for the average consumer to know where to start searching for the best deal.
Who Are Our Target Customers?
Our target customers are everyday people like you and me who are looking for reliable options to save money on their electricity bills. Naturally, we assume that you are reading this article because you are either already a customer or thinking about becoming one. The key thing for us as an organisation is not to lose sight of that fact and continue to cater to your needs and wants. After all, that is why you are here, right? You want to save money and manage your utility bills more efficiently.
How Do We Solve This Problem?
We believe there is a gap in the market for a site that is specifically designed to collate all the best offers and deals from various suppliers and handily present them in one place. This is where the idea of an online utility exchange comes in. We aim to provide a practical, all-in-one solution for consumers by simplifying the complex world of utility shopping and eliminating the hassle of comparing multiple offers and contracts. Our goal is to make it easy for you to find the best energy deal for your requirements. Whether you are looking for a small dual fuel home appliance like a water heater or an entire property, we aim to provide the best possible solution for you.
The Importance of a Clear Value Proposition
The first and most important component of any business plan is the value proposition. In the case of an online utility company, this is all about what you are offering and why someone should be engaged with your offer rather than those of your competitors. This is especially important when pitching to investors. There is a wealth of information online about how to write a business plan and we recommend that you read up on the subject. This will give you a head start and put you in a better position to convince investors that your business is indeed viable and that they should be backing you. Value Proposition includes;
- A short description of your business
- The purpose of your business
- The value you bring to the table
- Your cost analysis (How much does this cost?
- The market size – Who are your target customers?
- The competitive analysis (The market share you expect to capture)
- The next steps
The Growth Opportunity
The second part of any business plan is the growth opportunity. In the case of an online utility exchange, this is all about how and when you expect to grow. Will you expand internationally? Will you take on more clients? Will you open more branches? You must identify and address these questions now before it is too late. This is especially important if you are looking to secure investment or merger deals. Investors and stakeholders want to see that you have thought this through and have a clear idea of where you are going. This will put you in a better position to negotiate the best possible terms for your business.
Product Or Service?
A business is only as good as the product or service it provides. This is especially true for an online business where you can’t actually see the product you are buying but rather receive it in the form of a package or a service. It is therefore important to ensure that you are offering a quality product or service to your customers. This is far more difficult than it seems and it is something that can be improved upon with a bit of thought and planning. Ensure that you are proud of what you offer and that it rises to the level of quality that your customers are expecting or requiring. Don’t just throw content at the wall and see what sticks – take the time to ensure that what you are offering is of a high enough quality to be memorable and beneficial to your customers. They are the key to your business’ success and growth.
Every business is made up of a series of processes which need to be carried out to ensure that the business operates on a continuous and efficient basis. These processes can be broken down into; Creating income Streams, Managing Cashflow, Overseeing Purchasing, Inventory Management and Production and Quality Control. Each of these areas presents its own unique challenges and opportunities. The more you know and understand about your business’ operations, the better position you will be in to face these challenges and take advantage of these opportunities.
Key Performance Indicators (KPIs)
No business, whether established or aspiring, can truly exist in a vacuum. There are always external forces at work which impact and influence what happens within the business. A key performance indicator (KPI) is a measurable factor that can be used to determine the extent of success or failure of a business. KPIs can be used to gauge and improve upon virtually any aspect of your business – from financial performance to customer care. The key thing is that you must have clear objectives for each of these KPIs and track them carefully, implementing regular and fair evaluation techniques.
It wouldn’t be a business plan without some wise words from the wise. In the case of an online business, these are often the individuals who have the vision and the wherewithal to make your business a reality. Inclusion of key people is therefore critical to any business plan and it is something that you must do early on, even before you actually have a business. You can use the services of an agency to help you connect with individuals who can help you build your business. Just make sure that you thoroughly vet these individuals and ensure that you are partnering with a company that you can trust. Ensure that you are putting yourself in a position to succeed by enlisting the support of key people now, rather than trying to do it all on your own. The more people you have behind you, the better position you will be in to rise to the challenges that lie ahead.
Hopefully, this article has provided you with a clear idea of what a business plan is and why it is important. It is certainly a lengthy document and it can be a daunting task to try and create one on your own without the help of an expert. No one else can walk you through the process and help you make the necessary decisions. The task may even seem overly complicated and there is a good chance that you might not even end up completing it.
This is why you should always prefer to engage the services of an agency. These individuals have the expertise that you lack and they can guide you through each step of the way. A business plan is only as good as the input that you put in and it is important that you ensure the information and content that goes into it is up-to-date and of a high enough quality to make a real difference. The finished product might not seem all that tangible but it will certainly be something that you can point to with pride – and perhaps even offer it to potential investors or merger partners. Thanks for reading! We hope this article has helped you in some way. For other articles, please check out our blog archive and feel free to leave us a comment or email us at email@example.com.