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Many investors begin the business planning process believing they already understand their business. They know what they want to offer, who they want to serve, and how they plan to operate. On the surface, everything feels clear.
Then the business plan process begins.
A well-developed business plan does more than describe a company. It forces investors to think critically about their business from the perspective of decision makers, including customers, lenders, partners, and government agencies. That shift in perspective often uncovers gaps, assumptions, and unanswered questions that had not been fully considered before.
One Question That Almost Always Comes Up: Who Is My Competition?
One of the most common surprises during business plan development is how often investors initially believe they have no competition.
This belief is usually rooted in confidence or uniqueness, not in a lack of effort. However, from a market and decision-making standpoint, it is almost never accurate.
In reality, people always have options.
When customers consider a product or service, they are choosing between alternatives. Those alternatives may include direct competitors offering similar solutions, indirect competitors addressing the same need in a different way, or even the decision to postpone or avoid purchasing altogether.
All of these are forms of competition.
Recognizing this is a critical step in creating a credible and realistic business plan.
Why Understanding Alternatives Matters
A strong business plan requires investors to step into the shoes of the decision maker. From that perspective, the question is not whether the investor believes competitors matter, but whether customers believe they have choices.
Ignoring alternatives does not strengthen a business case. It weakens it.
Understanding which alternatives customers are considering allows investors to present a clearer, more honest picture of the market. This is especially important in business plans prepared for investors, lenders, or immigration-related filings, where credibility and realism are essential.
The Next Critical Question: What Makes Your Company Different?
Once competition and alternatives are clearly identified, the next question becomes unavoidable.
What makes your company different?
This is often the most challenging part of the business plan process. Many businesses rely on general statements such as good service, competitive pricing, or quality products. While important, these are baseline expectations rather than true differentiators.
A strong business plan pushes investors to clearly explain why customers should choose their company over other available options. This process often reveals strengths that had not been fully articulated before or exposes areas where positioning needs to be refined.
Why This Exercise Strengthens the Business
Understanding competition and differentiation is not just a theoretical exercise for a document. It influences pricing strategies, marketing decisions, operational planning, and long-term growth.
More importantly, it strengthens credibility. Decision makers reviewing a business plan can quickly tell when competition has been overlooked or minimized. A plan that acknowledges alternatives and clearly explains value is far more persuasive.
The Real Value of Writing a Business Plan
Writing a business plan is not just about producing a final document. It is about uncovering the right questions early, before someone else asks them.
Time and again, the process reveals insights that help investors build stronger, more defensible businesses. And often, those insights begin with a simple realization.
There is always competition.
There are always alternatives.
And understanding why customers should choose you is essential.
Contact us today to get started
The information provided in this blog is intended solely for informational purposes. While we strive to offer accurate and up-to-date content, it should not be considered legal advice. Immigration laws and regulations are subject to change, and individual circumstances can vary widely. For personalized guidance and legal advice regarding your specific immigration situation, we strongly recommend consulting with a qualified immigration attorney who can provide you with tailored assistance and ensure compliance with current laws and regulations.
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in four different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.
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