Real time accounting offers many benefits for business owners! It is something we implemented at…
To enjoy business success there are four critical questions that need to be answered:
Business Success Question 1 - Who?
To enjoy true business success the first step is to clearly define your target audience – that is, who are your ideal customers or major customer groups?
Lack of clarity around your “who” is a recipe for frustration, a depleted bank account and ultimately business failure!
You need to define:
The more you understand your customers world, the better you will be able to tailor your offer to their specific needs.
It will also mean your marketing is far more targeted and effective!
Business Success Question 2 - What?
Having established your “WHO” the next question critical to business success is to look at your business, and what you do, from the customer’s perspective:
This is about building your business from the outside in – rather than the reverse!
The reality is, in most instances, a product or service is simply something customers use as a means to an end to either:
Where the focus is internal, or on a product or service, business success is elusive!
Bank accounts are also depleted as internally focused marketing simply doesn’t work!
Understanding your “WHAT” is about defining the business you are really in!
Business Success Question 3 - How?
Whilst this may appear obvious, it is critical to ensuring business success!
That is; to engage your customers, you need to be able to clearly articulate:
How you go about delivering your product or service is critical to business success and your overall value proposition.
You can create a powerful offering by examining all parts of your “HOW” through the customers eyes:
Business Success Question 4 - Why?
The final question to answer is – Why should customers choose your business, over and above the competition?
Unfortunately, this is a question many businesses struggle to answer in a truly effective way!
To enjoy business success, you need to be able to clearly articulate:
In most instances, your “WHY” will not be found in the product or service, but rather the way it is delivered!
Some questions to consider:
Defining your “Why” is absolutely fundamental to business success, for when it is unclear, the customer will see little differentiation and the focus will invariably shift to price!
Being able to clearly articulate your WHO, WHAT, HOW and WHY is fundamental to business success!
Whilst it is possible to answer these questions in a superficial manner, the real gold is found when you drill a bit deeper!
Ultimately, they give your customers a reason to do business with you, remain loyal and refer others.
From a financial perspective, they also mean less wasted time, resources and money, which is good for the bottom line!
At The 500 Group we are working hard on getting our Four W’s right – we are not there yet – in fact, it is a journey that seems to continually evolve!
If you would like to learn more, don’t hesitate to get in touch!