Not every customer buys for the same reason or values the same things. In order to have a compelling value proposition, you need to be crystal clear about who your customers are and how you’re going to capture their attention before their dollar.
Work out the precise problem you are solving for each segment, their needs and purchase decision trigger points, then create a promotional strategy tailored to each segment. By doing this, you will help cut through the general noise created by an abundance of competition from other coffee shops and web developers, for example.
A lot of new business ideas aren’t actually new. Many of the ideas I see have been done before in pretty much the same way, making it difficult for a potential customer to determine why they should choose you over your competitors.
My industry, the accounting industry, is a prime example for this. It’s virtually impossible for a business owner to distinguish between the job two accountants will do on your annual financial statements and tax return.
As much as a business needs this work performed, it’s become a commoditised price driven purchase decision and once the purchase is made, the client often sees no reason to switch to another accountant to perform the same job.
So we use grants and funding plans as a differentiating point that helps to distinguish us from our competition. It also creates what we call “doors“. There are multiple doors our clients can come to us through, and once they do we usually end up servicing their general accounting needs as well.
Unless you plan to operate as a sole trader, you’ll need to hire employees at some point in time. Think carefully about this and consider the skillsets, values, experience and attitude you want from your team and how you can best introduce and utilise your human resources (including yourself) to get the best leverage and results for the business.
Part of this involves a clear perspective on your own skills, interests and capability gaps and how you can meet those gaps when employing staff.
If you don’t know where you’re going, then you probably won’t get there. You need a clear picture of what the future of your business will look like. Some of the questions that will help create the picture are:
Establishing a business involves a lot of nitty gritty detail that you’ll need to roll up your sleeves and make happen. It’s easy to get caught up in the here and now and become obsessive about the first year or two. Having a vision for the bigger picture can help you to stay focused on the end game, motivated during the tough times and make the right decision when you’re in the thick of it.
As you start making some wins and hitting the major milestones on your path to that future, you should take the time to celebrate the successes and share the wins. Some business owners are visionary and don’t have a problem with focusing on the big picture, but instead keep moving forward to the next opportunity without pausing to enjoy the moment and acknowledging the results of their efforts.
Stopping, reflecting and acknowledging your achievements, both internally and externally, is a good thing to do. Not only does it act as a kind of reward for your efforts, but success breeds confidence and acts as a magnet that helps draw the right people to you and can open doors.
