Stewards Log: 10:29:17:05:2010
As you may recall last week we were talking about business transference and the various levels of risk and potential reward associated with it. Today I’d like to share some IDEA’s for using Tier 1 – Building on your foundation.
You have a foundation, which is to say a business you own, or operator, or work in and you want to build it up in a relatively safe and cautious manner. We will want to build upon what you have, so let’s consider what you have and then share some idea’s to build on it.
Jot down on a paper the answers to these key questions.
What is your businesses #1 Value to your clients?
(Why do they choose your type of business?)
Who is your best customer?
(not necessarily by name but as a market segment)
What is your Unique Value to your clients?
(Why do they choose you over the other options?)
It is important to understand these critical foundations of your business before we start any sort of experimentation. Now I will offer a host of idea’s for building on your business foundations, you will need to filter them based on the questions above.
Options to Build on
Magnify – Do what you already do, just MORE of it, more often, BETTER.
Where do your customers come from? Do you advertise, then try to expand that advertising by adding more to the distribution, add ONE more source of advertising, or one more media type.
Why do they choose you? If you have an outstanding Value to your clients, one that keeps them coming back again and again, how can you improve that? Can you add to the value, inform them (better/more/more often) of the value you add? Can you get them to tell more people about you and your product/service.
Substitute – replace one component of your business with another alternative.
Again it is VERY CRITICAL you understand your value (and don’t pull a New Coke) when substituting.
What limits your business? Do you have a supply challenge that limits your growth, can an alternate product, package, or source remove those limitations?
What costs your business? Can you reduce one element of your costs by replacing a component with one of lower cost (not value)?
Some great business growth has come from simple, systematic enhancements to what was already there as oppose to the great new frontiers of Innovation.
So what ONE thing will you improve in your business this week?