There are a few things that need to happen in order to build a thriving business.
The first and probably most obvious is that you need a world-class product or service that enough people need. In other words, you need to come up with a solution to a big enough problem for enough people that the sales of your product/service can both sustain the business, and you and your team, financially.
Secondly, that world class product or service needs to be offer based to increase the overall perceived value of the package on offer. The thing with products/services that are sold as stand-alone commodities is that there are other people in the market place who offer the same or very similar, and so you often find yourself locked in a race to the bottom on price as there’s nothing else to compete on. When you wrap your offering in a compelling offer you can create something unique to you and you company even though there are others out there who are offering the same core product – the extras in your package are both flexible and unique, which means you don’t have to compete so much on price.
Thirdly, you need world class systems to run the business so you can consistently deliver outstanding service to your clients, and so you create raving fans of your business based on a culture that promotes and rewards high performance. Design your brand in a way that people can relate to, and that creates raving fans that buy everything you produce because they love what your product or service says about them – it’s not about the product anymore, it’s about the message behind the branding that creates a unique identity in the mind of the customer. Harley Davidson do this very well, and so do Apple Computers. Both companies have built brands that when purchased stand to say something about the character of the customer buying. With both Apple and Harley Davidson, that character identity that comes with purchasing their products is one of rebellion, thinking differently and standing out from the crowd. It offers the customer a sense of uniqueness, and gives them a way to display elements of their character through their buying choices – these people are raving fans, and will buy everything made by these companies whether they need it or not. Without their products they would lose a big part of their identity, and this is a compelling and powerful driver for consistent sales and increased lifetime value of a customer.
The systems in your business are also key; when you have great systems then you create massive amounts of leverage in your business. You see, systems should run your business day to day, and you should have world class people running those systems and evolving them over time. Systems create consistency in delivery of the customer experience, and systems that are set up correctly to manage and carry out parts of the delivery process. Without world class systems, you’ll be left doing everything yourself and you’ll absolutely find that you’ll get inconsistent results – especially as you grow. The more times you try to teach or explain a particular way of doing things the more chance it has to become distorted in the mind of the student (in this case, your staff). It’s a classic case of Chinese Whispers and we all know how fallible the human mind can be – even with the best will in the world, people forget and people make mistakes, and world class business systems help to manage and mitigate those performance risks.
Would you like to know more about how developing and implementing world class systems in your business can literally 10X your results? Let’s have a chat – firstname.lastname@example.org