Business owners LOVE the idea of being able to lead from their raw, untamed and according to them, shockingly accurate instincts. The very idea of being able to understand their business, customers and market without the need for conscious reasoning, feeds their inner Gordon Gekko. IE: The need to feel like a business rock star. Sadly, such beliefs are nothing more than an illusion, rarely translating into a business model that will take the world by storm. Greed, as it turns out, is not so good after all (click on the photo to link to this famous line from the movie, “Wall Street”).
“Wait a minute, Im not a greedy person!” Im not speaking of “greed” in the traditional sense. The kind of greed I’m talking about is far more insidious and hidden. Its the kind of greed that craves instant results and quick fixes, absent any kind of accountability. Its a greed for “getting more” without truly doing the Due Diligence that “more” requires. Exceptional business development is born from an already strong business model that takes courageous and yet well thought out steps, to go to the Next Level. A good grocery store is just a good grocery store. But a good grocery store that changes the rules of the game, transposing a mundane task into something utterly fun and engaging, that would be (CLICK)– Central Market.
Step #1: Break Down Your Business Into Profit Centers
Every business of any size is typically driven by several if not many, “Profit Centers”. A Profit Center, simply stated for our purposes, is source of revenue. For example, a hotel may break down their revenue streams into room rentals, food/concession, meeting rooms and conventions/group profit centers. In reality, they probably would have a far more complex profit center scheme, but that should give you an idea of the concept.
Step #2: Seek To Understand Every Aspect Of Your Business Model
Know your numbers, know your customers, know your sales patterns, know your revenue trends, know your expense trends, know EVERYTHING there is to know about your business in great detail from A-Z. The better you factually understand your business, the better equipped you will be to build a rock solid business foundation from which you can then take to the Next Level.
Step #3: Transform The Status Quo Into Setting The Standard
A well built, properly managed business model that is on solid ground and thus craving new opportunities is the position you want to be in. List the five things that almost everyone in your industry offers. List the five things that almost no one in your industry offers but that you strongly suspect your customers would greatly appreciate and/or enjoy. List the five strategies that your industry typically uses to keep and wow customers. Now list five ways that you could use to wow and keep customers that is at least TWICE AS ENGAGING as what the industry typically delivers.
Once you have some idea of how you want to take your business to the next level, do so as effectively as possible. Click here to learn how. But in the meantime, please understand that exceptional business development is born from strength, not pipe dreams. Know your business inside-out. Solidify your business model as stable and credible. Then and only then, will you be prepared to effectively transform the status quo into something much more.
Food For Thought-
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