Posted by JuJuan Buford @JSBUFORD
Let's pretend that a very good friend of yours asked you to drop off a very important package somewhere, and you agreed to do so. Soon after you receive a phone call indicating the package needs to be dropped off in Oklahoma City on a specified date, absent any additional information. Two questions that should immediate come to mind is:
#1. How big and heavy is the package? What is it?
#2. Where specifically in Oklahoma City?
You need this information, so you can decide how much you may need to invest in transporting the package. Additionally, you need the exact location so you can plan the most time efficient, cost effective route. You will need to account for construction, weather, rush hour traffic, fees, the expense of a vehicle, the expense of staff or a driver if you need to delegate the commitment, etc., etc., etc., If you just jump into your vehicle without accounting for these potential challenges, the journey could turn out to be a nightmare.
The same applies to your entrepreneurial journey. It's not what you know in business that can kill you, it's what you don't know. Here are a couple questions and exercises I often pose and share with entrepreneurs to get them to think more critically about their businesses. Remember, the goal is to expend as little capital and time as possible, and earn as much as possible.
#1. WHO IS YOUR BUYER AVATAR? YOUR IDEAL CLIENT, OR BUYER PERSONA?
Identifying who your ideal client is doesn’t mean you dismiss potential clients, but you need to know who is already seeking or predisposed to patronize you, don’t need to be convinced regarding your value proposition, and can easily afford your services. Your branding, marketing and prospecting techniques, and how you execute your client services should all be geared to attract and retain your ideal client.
Besides, not being willing to do the work. Not taking the time to think critically about this question inarguably kills a small business faster than anything else. Because it kills your desire. You're expending energy and feels like things aren't getting easier because you're getting traction with your most profitable clients and you're not serving people who you really, really want to serve.
#2. WHAT'S WORKING?
There is a famous axiom out there about money not being everything. Well, it is, if you don't have it. Capital is the lifeblood of your business. The only way you're going to create predictable income is to create predictable outcomes. In order to curate processes that work, you must identify the habits that work.
This lays the groundwork for you, the self-employed entrepreneur, to grow from a team of ME to a team of WE. In other words, transition from being a practitioner or creative that is owned by their business, to becoming a business owner, building an asset (organism that breathes, produces, and re-produces) that generates revenues independently of you having to do everything.
Be meticulous about writing down your habits and your process. These notations will eventually serve as the track that your organization runs on.
#3. WHAT ARE MY 3 UNIQUE CHARACTERISTICS THAT SET ME OR US APART?
What is your signature worth? What are your guarantees?
Jimmy John’s became notorious for their “freaky fast” promotion, claiming the establishment could put a sandwich in your hand in less than four minutes. Dominoes guarantees if you are not completely satisfied with your Domino's Pizza experience, your monies will be refunded.
Your guarantees can, but don't have to be robust and boisterous. I remember when guaranteed delivery times were not existent, and for an establishment to do so was a big deal. Or your guarantees can be something simple, and nuanced in accordance with the tastes and sensibilities of your clients. It’s the consistency of the experience that matters. It’s your patrons feeling like they’re receiving more than what they’re paying for that creates the stickiness. This is what builds your brand.
#4. CREATE A LIST
The list is your starting block. Identify those individuals or business entities that will be most receptive to your value proposition. And identify individuals and relationships that could lead you to your ideal clients. At some point you are going to need to establish a database/CRM of all your prospects and clients, so you can track your progress and quickly identify where your process may be failing you, or serving your interests.
Creating a list provides a track for you and your sales team to run on. How big should the list be? Big list. Big checks. Small list. Small checks. No list. No checks. I encourage you to start a Project 100: build a list of prospects until you reach 100 names on your list.
#entrepreneurshipisempowerment #smallbizarchitect #smallbizarchitecture #nextoppsocial
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JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
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