Spot your weakness before someone else does
Friday, April 27, 2012/
A few weeks ago I was talking to a young entrepreneur who is just getting their business off the ground.
It’s a service business and it’s got a good idea behind it.
But there was a giant hole in his business plan.
If he could deliver his service, it would help his clients, but he had no reporting system – he couldn’t show them what great results he was getting for them.
Once I told him about the hole – which was completely repairable – I explained why he had to work harder to spot these sorts of issues:
- If I was one of his competitors, I’d stomp him. I’d copy his service, add the necessary reporting and wipe him out.
- If I was an investor, I’d either give him less money or no money. An investor would quite rightly question his ability to access risk.
- If I was a customer, I’d look for another service.
Every business has weaknesses, but how many actually invest time spotting them and fixing them.
It’s a simple and fast way to improve your market position.
Get it done – today!