I have 2 new questions for you this week – if you’re a business-minded person, I’d love to hear your take on these questions which I also do as a FB live video every Wednesday at approx. 1 PM here: www.facebook.com/mountainharvestmedia
This piggybacks off of the last question 2 weeks ago, which was “how much power do my customers have?”. Rather than the concern of losing business, though, this component has the possibility of stealing your money in unfair price-gouging which will cause you to have to increase your retail price, which may drive away clientele. They both have negative implications if you’re not careful. Last time we decided that, in order to maintain control over your business and not allow clients to dictate what you do, you need to either expand your customer base or always appear confident and not desperate when dealing with clients.
We’re back with some of the most important questions to ask yourself as a Colorado small business owner or manager.
Now, I’ve heard there are some dumb people out there who think they have no competition. I call BS. EVERYONE has competition. It is cocky and naïve to think otherwise. Yes, you may be at the top of your industry, so you might FEEL as if you don’t have competition, but that was the downfall of the Hare when he lost to a Tortoise, so it’s time to drop that act, STAT. Know your competition, even if you are the best right now, because if you’re not paying attention to who they are and what they’re doing, they may just pull a fast one on you as they begin to notice your weaknesses and capitalize on that, becoming strong where you’re weak and pulling ahead.
So – do some homework…
We’re continuing on with our list of questions we should be asking ourselves if we’re getting ready to start a business or just need a refresher course for a business boost.
This is a continuation of question #2 from last week which was “what is my value proposition”. As I said, it’s good that you know it but you have to memorize an elevator speech to ensure that others can know what’s in your brain, too.
Here are some good things to remember when constructing an elevator speech (30 sec) or the longer CFB speech (Challenges, Features, and Benefits - 3 minutes):