Imagine if your customers were swooning over your products and services. That would be great, right? But they aren’t.
While it seems obvious they would be sneaking in the back door since you created stellar product and service offerings. A sad reality is that many small business owners are struggling to keep their heads above water.
So what is the problem? You have a business. You have phenomenal products and services. Why then are you secretly worried that you may find yourself up under a bridge shaking a little tin cup?
I’ve discovered the top three reasons why entrepreneurs fall flat on their faces.
Not focusing on revenue producing activities:
The Pareto principle, also known as the 80/20 rule, states that 20% of your activity yields 80% of your results. In your business, you are the 80% and your team is the 20%.
Imagine running a Broadway show. You have a team handling admission, wardrobe, lighting, sound, etc. The audience has come to see you. You are the reason why tickets are sold out. You are the star of the show. You must focus on revenue producing activities and allow your team to handle the rest.
Not performing the “wake up sweaty” test for client clarity: Don’t be seduced into solving an irrelevant customer problem. Making assumptions about customer “needs” and “wants” leads to business model failure. Ask your customers what they want. Listen to what they are saying.
You will eventually find yourself spiraling into bankruptcy if you forget the core reason why people came to you in the first place. Imagine what makes them wake up sweaty at night. What keeps them in a state of doubt, anxiety and worry? I promise you, no one is waking up sweaty saying, “I need a life/business coach.” Determine your customer's bigger problems and solve those so they can get a good night’s rest. You will yield higher results.
Not creating a desirable product to fit your market:
In order to achieve a product/market fit, your product/service offering must either assist your client to achieve a specific goal or solve a problem. Customers always invest in products and services that bring them joy, satisfaction and fulfillment.
Stop and ask yourself how your product or service bring value and efficiency to your customers’ life? Consider both the tangible and intangible benefits and remember that the bigger the problem, the bigger your paycheck. Keeping these three simple concepts in mind, will keep customers knocking and your head above water.
Great information from Kadena Tate. She is a contributing author in the NYT Bestseller, “Business Model You.” For the last decade, Kadena has taught service based entrepreneurs how to take who they are and what they know and package that into multiple offerings.
Her work as a business acceleration alchemist, is designed to help you leapfrog the market and make the idea of competition irrelevant.