Do You Really Know Your Business?

As business owners we’re forced to ask a lot of hard questions or suffer the consequences.  Every week I hear from business owners around the world about how they’re struggling to succeed or questioning why their business isn’t succeeding.  Sometimes there’s a simple answer, sometimes there are several factors, and other times it is much more complex.  Sometimes there’s an easy fix, and other times it doesn’t seem like there is a fix.

The first question I always ask myself when approaching a new project or client is: who needs this service?  If there are no customers for your service, if there are no unsatisfied customers in similar businesses, or if the customers who could be yours don’t understand what you offer you won’t be successful.  Once you’ve established that people do want your service and are willing to leave the brands they’re currently with for something else or something better, then you can get to building and selling your service.  Get to know who your customers are, what they care about, and what they spend their time doing when they’re not thinking about or using your services.  No one wants to be sold to all the time and as awesome as your product or service is, it’s not likely that your client’s entire world will revolve around it anytime soon.

The next question I always ask is: does the world need another of this business?  Because if the world is saturated by this business you’ll find it hard to get off the ground.  This is especially true when it comes to product businesses like jewelry, clothing, knick knacks, and health and wellness products.  There is always someone who thinks theirs will sell simply because it’s a popular industry, no matter how saturated the market is, which isn’t the reality.

The final question we’ll discuss today is: does this service meet any client needs or solve their problems?  Because if you’re not providing the solutions to the real problems people have you aren’t really doing them a service.  If you’re selling what you’re selling without concern for the customer and only focused on your bottom line, you’ll find out pretty quick that people will stop buying and start spreading the word that you don’t care about your customers.

So how aware are you as a business owner?  Do you know the big and small picture of your business and your customers?  If not you may want to take a closer look.

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