Growth

Spot your weakness before someone else does

Andrew Sadauskas /

taskmasterA 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!

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Andrew Sadauskas

Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.

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