V. Competitive Analysis
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Direct & Indirect Competitors
The following businesses are located within a 30-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Star Standard Accounting Solutions
Star Standard Accounting Solutions is a large accounting firm in [location]. In business for over 40 years, Star Standard Accounting Solutions delivers accounting services to corporate clients across the area. Star Standard Accounting Solutions also offers a variety of ancillary services such as tax preparation, auditing, and financial reporting for large corporations. The company works with some of the most well-known companies in the region and has thousands of clients.
A Plus General Accounting Services
A Plus General Accounting Services is an accounting firm that specializes in financial strategy and consulting for businesses of all sizes. The firm has been in business for over a decade and has acquired a loyal client base.
Clients are able to work with accountants in person, over the phone, through email, on video conferencing software, or completely through a new digital application. Although this firm has an excellent track record for service, it is also the most expensive accounting company on the market.
Accounting Services For You
Accounting Services For You is also an accounting company that offers clients an array of accounting, auditing, tax preparation, and consulting services. The firm has adopted a technology-driven approach to accounting services to streamline the process for its busy clientele. Accounting Services For You is mostly known for its innovative use of technology to serve a large number of clients through an online portal. The company has been in business for about two years and has obtained quick brand awareness due to their unique branding and marketing strategy.
While Accounting Services For You has a strong branding and following, the online-only support is not equipped to handle complex accounting needs.
[Company Name] enjoys several advantages over its competitors. Those advantages include:
- Location: [Company Name] is centrally-located in the community, which provides ease of access for clients. The firm’s office will be located between the retail and business districts, making it accessible to a larger customer base.
- Competitive pricing: [Company Name]’s pricing is more affordable than its closest competitors.
- Management: The management team has years of accounting experience that allows the Company to market to and serve clients in a much more sophisticated manner than competitors.
- Relationships: Having lived in the community for over 25 years, [Founder’s Name] knows all of the local leaders, newspapers, and other influencers. As such, it will be relatively easy for [Company Name] to build brand awareness and an initial customer base.