For the next few weeks, we will be focusing on how to increase your business. Not just increase in one way but increase in every way. And there are a lot of things to be considered. Everything may not appeal to you but something should.
The worst position in business is to not understand the business you are in. What do I mean? McDonald’s sells burgers and fries. But they are not in the food business. What business is McDonald's in? McDonald’s is in the real estate business.
The business you are in is not necessarily what you sell. For example, let’s say you manufacture bags. That doesn’t mean you are in the manufacturing industry. You could be in the fashion industry instead. But if you play the manufacturing game, you will lose and keep losing.
And this leads me to the first question:
What business are you in? Why do your customers buy from you?
If you can’t answer this question articulately, then something is wrong somewhere. You are not doing something right. And if your business is having financial challenges, it is a sign that you are doing things wrong. If you are not making sales as you should, my first point for you is to question what you sell.
Stop selling what you know how to do! Sell what people buy! Think about this. Seriously consider it. Business is not the product or service you provide, business is the customers you serve. Ask yourself this question:
What can I sell that 90% of the world around me will be buying?
You can explore that question in several directions. Here is another variant:
What are the people around me buying?
Business is not about what you can do. Business is about what people are buying that you can give them a better offer on. Think about it.
For those who have a stream of customers already but you are unsure of how to scale what you do, this next question is for you. For those in Nigeria and other parts of Africa, take this as a rule of the thumb: SELL SERVICES! There is a limit to what you can do with products. Imported goods can paralyze your business at any time. There is Amazon, AliExpress and those platforms are getting bigger. But they can’t compete with you on services.
So, here is the question you need to answer to scale your business, especially if it is a product-based business:
What service can I render in addition to what I am selling that will separate me from the competition?
This is the food for thought for the week. I hope it turns into an action that will transform your business.
More to come next week. Cheers!