The First Step is business 101: Understand Your business fundamentals.
It may seem too basic for "your" business. But not having the full understanding of your fundamentals is like playing basketball and not knowing how to dribble between your legs. Here are are the three fundamentals that you must understand.
Define the business your in
Often the business you think you're in, isn't that business at all. Why isn't there a Union Pacific Airline? They thought they were in the railroad business, not the cargo business. To understand the business your in, you need to take a real and open-minded look at how the customer is "actually" using your product or service.
Build your Business/Revenue Strategy
Build your business around the products that make you money. Why wouldn't you do that? We'll sometimes a businesses revenue streams change over time. Amazon, for example, makes most of its margin on data warehouse services.
Get Organizational Buy-in on your go-to-market strategy
Say it, say it again, and say it until you're tired of hearing yourself. They explain why and what's in it for them. As the leader of the organization, it's up to you to get everyone on board with your vision, strategy, hopes, and dreams. Just because it's your dream doesn't mean it can't also be theirs.
Once you have the basic down you can crack the code on exponential growth
Cracking the code on growth is about taking an external view of the business and go-to-market strategies. You have the "right" product and you've secured capital to bring it to life. Now what?
Know your customer inside and out. Have an understanding of their buying triggers and cycles
Understand your competitors. Not just who you "think" are your competitors. But rather, who is winning in the market and what are they saying about their product or service
Understand your product strengths and how they meet your customer needs, desires, and/or wants. And, why your product is better than a competitor's substitute.
To find out more, contact Mahdlo for a complimentary hour consultation.
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