7 Ways to Guarantee Business Success
What’s the recipe for business success? It’s really more of a process than a recipe; one that is cyclical in nature. The following strategies will help to guide you through that process…
1. Define Your Business Purpose
Why do you want to own your own business? Why is that so important? Why does this business idea make sense to you? Why, why, why? There are no lies after 5 why's! Like a 3 year old wanting to understand, asking yourself WHY will help you to uncover the value you offer to customers and the true goals of your business.
2. Identify Customer Pain Points
Always, always, always focus on customer needs. Personal goals may have to take a back seat at times. Your customers are paying you to fulfill THEIR needs, not your own. Always look at your business, its products or services, its messaging, and its pricing from your customer’s perspective. Get customer feedback, and pay close attention to it.
3. Price Accordingly
Price your solution in a way that guarantees the best experience for your customers. Don’t cut corners for fear that customers will not pay what you’re asking. Offer great value, and charge the appropriate price for filling customer needs. They need your product or service, they will recognize the value that you provide, and they are willing to pay for it.
4. Differentiate from the Competition
Show potential customers why they need YOUR solution. Arm yourself with marketing language that focuses on customer needs and what makes you different from your competitors.
Do the things that only you can do. Allow others to do what they can do. Many business owners and managers get caught up doing things themselves either to save money or time. The reality is that a business is not scalable unless you can trust others. Let them learn, fail and repair mistakes. When you focus on those things that you alone can do, opportunities will outpace ability, and you will have the cash flow to expand the expertise of your staff.
6. Identify Performance Indicators
Identify one or two easily measurable numbers that can pinpoint your financial health. Make sure your staff is aware of them and able to measure progress. Your staff doesn’t need to know all the numbers, but it is crucial to share goals. Encourage your team to buy in emotionally and celebrate goal achievement. Get to know your staff. Determine what motivates them. Implement a rewards system that validates their hard work when the business is succeeding.
7. Be Mindful of Change
Always look to the horizon for new customers and emerging markets...then go back to #1. Customers who are satisfied today, may have different expectations tomorrow. The economy, technology and consumer are ever-changing. Ensure you remain an industry leader. Know what changes are taking place and what your industry leaders are doing to capitalize on the next wave of demand. Go back to WHY, and adapt your business practices in a way that guarantees success.