Understanding Your Business For Growth, Profitability And Success
Understanding your business means being able to tell the story behind its being and the direction you are steering it to an 8-year old child. It means explaining the who and what is involved in the business, when, how and why you operate the way you do. That makes it a difficult task.
But, let’s first appreciate the engine behind your business. Oh, that means YOU.
You are the beginning of your business and a fair share of it revolves around you, while you are alive and thereafter.
Here is something you may already know.
Your business is built upon Your Talent, Your Passion and Your Skills
The best of the business in this world come about when you act upon your inborn gift with so much fire and acquire knowledge on how to use it to serve others; then use the outcome. That makes your business profitable.
Understanding Your Business In 5 Steps
Use them to create your business’ story, it will help you grow it to profitability and on to success.
Why:
This elaborates with absolute surety the reason why you are pursuing your business.
Why do you do what you do?
It could be because you want to make more money to care for your family or have more time with friends. It could also be to give you adequate time to do what you love most; like entertaining people.
It doesn’t have to make sense to everyone; just you!
This reason keeps you going even when you feel like quitting. It makes you rise and work even when you have almost no energy or hope.
What:
This means understanding that your business is a solution to someone else’s problem. That is the major reason it exists.
Though other people may be offering a similar product, ‘what’ defines how you make your clients feel; the experience you give them. There are no two seemingly similar businesses that deliver the same experience to the same client.
Isn’t that why you have your most preferred restaurant?
So, what experience do you want to serve your clients?
Who:
This refers to those you serve with your product.
Not everyone who is in need of your product qualifies to be your client; only those who are willing to give a fitting reward in appreciation for your product. Clarify the size of the reward ahead of time so that those whom you serve are well aware.
There are those who reward you in cash, others, in kind. The choice is yours.
There are also those whom you feel need the experience for free; giving makes the heart glad, so go for it. Consider it as Corporate Social Investment but be careful to ensure it goes into the right hands.
Talent alone isn’t enough to make what you are offering buy-worthy. Now that you know who needs and deserves your product and attention, the next best thing is to define how you deliver such to them.
‘How’ is a unique differentiator between multiple solution providers; it sets you apart from anyone who dares to compete with you.
Your ‘How’ to do business is determined by your Passion, Faith and Skills. Share on XYour Passion:
Remember you are not doing your clients a favor; you are honoring them with your product, giving them an experience of a lifetime. Though your product resembles a hundred others, your effect on your client makes them say, “Thanks the best guy for the job!” Make yourself memorable by offering more than you are paid for.
Your Faith:
Never doubt your ability to solve people’s problems; have faith in your ability to perform beyond their expectations.
While there’s no one size fits all, everyone who qualifies as a ‘Who’ in your business must be served with a double dose of confidence.
Note, fear yields failure, faith yields future; have confidence and believe in your God-given ability to serve.
Your Skills:
This is where research comes in in your business. The demand to give your client an evergreen experience requires that you stay afresh in your field. You will need both the entrepreneurial skills and skills related to your field.
Present yourself to your client as the expert in your field; consider it a confidence booster.
When
This calls for you to differentiate between when you are eligible to serve your client and when you are not. Your client may need your services urgently and at a time when you are not equipped for the assignment.
Can you deliver the amazing solution required?
If so, go for it, it’s your take; your time to mesmerize your client.
What if you can’t?
You have two choices; either refer your client to someone who can do the job or, partner with the expert and take that opportunity to learn from them.
It’s up to you to make sure your client is satisfied. So, even when you refer, you must follow up to ensure that your client gets what they need and more. Never delegate and walk away; once your client, always your client.
Don’t fear sending someone who is better than you to do the job, if you introduce the client to the referred person, your client will see your maturity and appreciate it. This will also give you a chance to grow your network and portfolio.
In Conclusion
Understanding your business is key to benefiting the same people who require your product. So, start now and write your story; when you know what you do, why you do it, for whom you do it, how you do it and when to do it, you will serve mankind extraordinarily and profit at it.
