1 Quick Tip for All Businesses

whatisaproblem

I came across an article which interested me, mostly because it involves start-ups and the article involved ‘Quick tips’. You can find a link to the article here.

The suggestions given within the article are all thoughtful and I would consider something that all start-ups should use. I will admit, cultivating a company that would attract employees would be father down on my list. I would much rather focus on making my business model or my means of competition a profitable alternative for the market.

Speaking of the market, I was very surprised to notice that there was no mention of the market in any real way. Yes, the first point is about being aware of the processes and business model of your competition and industry standard to ‘play within’. But those elements of your industry might be the main point for your consumer that has created the opportunity.

Warren Buffet Blog2

Many companies have become successful in developing a new business model or ignoring the industry standards that are currently set. If Uber decided it wanted to follow the industry standards of the taxi service industry, would they be unique? Would they be a viable alternative to the rest of the industry? My answer is no.

Most surprisingly, the article did not mention that you need to identify what problem you are helping the consumer to solve? I had a conversation with a young local artist about her custom vases around this point. She stated that people bought her product because it is art. True, but the reason they bought that one piece is because it fit well into the environment (proper size, dimensions, etc.) but it a sense of emotion that missing. In general, people who do buy art have a place in mind or a look that they want to have in their next piece. Purchasing that item helps to solve that goal.

Can you think of an item or a service that you have purchased that did not solve a problem or a pinch point? I originally thought candy but it helped solve problem of craving something sweet.

What are your thoughts? If you were to give one quick tip for all businesses, what would it be?

Have an awesome week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867

 

 

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