Create a Powerful Unique Value Proposition and Make your Business Successful – Part 1

Your unique value proposition means through which you can communicate with your customers about what makes you better than others and why they should choose you over your competitors. It is a message that you send out to the customers and it should be such that can effectively permeate through whatever you do.

Your unique value proposition is that appealing and distinct idea that sets your business apart from your competitors. When creating your unique value proposition it is important that you have a clear idea of what your customers expect from your business. Through your value proposition you can clearly show your customers how your products and services can benefit them.

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A unique value proposition:

  • Guarantees to resolve a certain problem or accomplish a certain goal
  • Clearly explains how your solution can benefit potential buyers
  • Effectively identifies the quantifiable outcomes your customers can expect when they implement/buy your solution
  • Clearly demonstrates that you have a good understanding of your target prospects, what they want to accomplish and where do the alternatives fall through

A compelling and solid unique value proposition is:

– Distinctive – It helps in distinguishing the value you’re offering vs. the value your customers can get elsewhere
– Distinctive – It helps in delivering quantifiable benefits and outcomes while providing the customers a reason to take immediate action
– Defendable – It helps in providing evidence to support the claims you make and decrease the buyer’s risk
– Sustainable – It can stand the test of time and can be delivered with consistency

There are infinite possibilities of creating a unique value proposition. Nevertheless, it is best to use a unique value proposition that addresses dramatically an evident void in the industry that you can efficiently fulfill and make your small business successful.

I’m going to talk more about it in the next blog of the series. Stay tuned!

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Business Coaching for Entrepreneurs- Finding the Missing key to Success – Part 8

In the previous blog, I talked about growth phase of the business development process. In this blog, I’m going to take this discussion further and talk more about the next phases of the business development process.

In order to achieve growth, a business needs to either attract new customers or attract the customers from its rivals (competitors). This step requires a careful understanding of your own customer base and the customer base of your rivals/competitors.

  • Expanding your Market Share

Finding the answers to some important questions will enable you to get a clear understanding of not only your own target market but also the market of your competitors and place you in a stronger position to expand your market share.

  • Diversification

A number of businesses grow by taking advantage of the opportunities in the environment to diversify. Diversification may involve expanding into a new segment of the existing market or expanding the business into an entirely new market.

  • Joint Ventures, Partnerships, Mergers and Acquisitions

If you are considering strategies for growth, it is significant for you to understand that a business can also expand by forming alliances and partnerships with other businesses. While on one hand joining with other businesses can cause some problems in terms of decision making systems and processes these partnerships offer a number of advantages such as improved resources, greater skill set, enhanced markets and reduced or minimized commercial risk.

Maturity phase

The phase of the business development process is characterized with increased competition and market saturation. During this stage, it may be wise to re-evaluate your business mission and vision statements and your business objectives. The goal of your business at this stage is keep your customers engaged and interested in your offerings and maintain profits at pre-existing levels.

Hope you’ve enjoyed the blog series as much as I’ve enjoyed sharing it with you.

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Business Coaching for Entrepreneurs- Finding the Missing key to Success – Part 7

In the previous blog, I talked about creating a concept for your business. In this blog, I’m going to talk about the next stages of the process of business development. Let’s begin!

Once you have analyzed the feasibility of your business concept, the next step is to launch your business venture and gear it into a rapid growth phase. This is one of the most important phases of the business development process which requires diligent planning.

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How to Gear Your Company into a Rapid Growth Phase?

Rapid growth depends on the momentum you are able to build by leveraging your team, business systems, and processes, and workflows. Your overall growth is greatly dependent on the end-result: the growth in sales and an increase in your customer base. This can be achieved by aligning your sales strategy with business goals, hiring the right people and building the right sales team, improving process workflows for your sales, boosting sales management.

However, on an organizational level, rapid growth is dependent on three factors, namely:

  1. Delegation of responsibilities and creation of fixed positions — Can you delegate the responsibilities? Do you have defined job roles where you can transfer authority and responsibilities?
  2. Cash flow management — do you have enough cash to meet the demands of growing the company? Do you have a healthy, core cash flow machine (perhaps a core product and service base) which can cushion setbacks as you aggressively push ahead?
  3. Change Management — have you anticipated the big changes and how to tackle them as your company grows?

To gear your company into a rapid growth phase the business systems have to become more refined to meet the growing needs of the company.

Hence, it is about first building and then empowering and building these resources for a better and more effective growth strategy prior to exit and valuation. You have to hire the right people. People who are not afraid of rolling up their sleeves: ideally, people who are much smarter than you and who would not only support your work but eventually supplant it.

I’m going to conclude our discussion in the last blog of the series. Don’t forget to follow up!

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Business Coaching for Entrepreneurs- Finding the Missing key to Success – Part 6

In the previous blog, I talked about strategic planning. In this part I’m going to take this discussion further.

  • How will I raise capital for my venture?
  • What are some challenges and risks for my business?
  • Who are my competitors?
  • What role will I play in my business?

Once you find answers to these important questions, you can gather them in the form of a concise, professional business plan. Irrespective of whether you are planning to start a fast food restaurant or introduce a new product or service, you need to make sure your business idea is good enough to succeed. Timeliness, attractiveness, sustainability and provision of value are four ingredients that are critical to the success of any business concept.

  • Timeliness – Timeliness means, you need to enter the market with your business idea at an appropriate time. This is the time when the demand for a specific product or service still exists and/or the market is not saturated.
  • Attractiveness – Attractiveness means, your business concept has the potential to catch the attention of your target market or at least some future customers so as to ensure financial viability.
  • Sustainability – Sustainability means, your idea has the potential to lay the foundation of a real business. If it has the potential to grow and evolve with the changing needs of your market, it means you are headed in the right direction.
  • Offering Value to the Buyer – Your business should create, deliver and capture customer value.

 

In order to avoid over estimation/optimization during this phase-which is a major reason why most businesses fail, it is essential for you to make an assessment of the opportunity, the size of the market and the players that are already serving this market that you can learn from.

Once it has been established that your business concept has all the elements of a successful business venture, you’re all set to move through to the next stage of the business development process – the Launch phase.

I’m going to talk more about it in the next blog of the series. Don’t forget to follow up!

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Business Coaching for Entrepreneurs- Finding the Missing key to Success – Part 5

In the previous blog, I talked about the advantages of writing a business plan. In this blog, we are going to talk more about it. Let’s begin!

It is important for you to realize that starting a business, not only requires hard work; you need to have a prudent planner to get your business on its feet. The key to success in this high-risk game is to be proactive.

A business plan will allow you to be prepared for potential issues that may arise tomorrow. It will also help you develop your business concepts and evaluate risks before you put your money at stake. The planning part of the business development process will help you evaluate the weakness and strengths of your business concepts and the threats and opportunities in the market.

In addition, a well designed business plan will also serve as an effective marketing tool to impress potential lenders. The type of your business, the geographic location, demographics, the size of the market and economic conditions are critical to determining the success and failure of your business.

Preparing a solid business plan that takes into consideration all these factors is critical to the initial success, potential growth and survival of your business.

When writing a business plan, it is of vital importance for you to find answers to some important questions. These need to be integrated well into your business plan so that when you launch your business, you have a clear idea of the direction you need to take to achieve your business’ strategic goals and objectives.

I’m going to take this discussion further in the next blog of the series. Don’t forget to catch up! See you soon!

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