Wow! 2020 has been an interesting ride. Some business industries have grown exponentially during the pandemic while others have been decimated. Whether you find your business in the “thriving” or “barely surviving” category, every business owner should be asking these questions moving into 2021 – and then quarterly moving forward.
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Question 1: What business am I really in?
Now, when I ask most people what business they are in, they will answer with what they sell or they’ll tell me, “we’re in the manufacturing business” or “we’re in retail” or “we are an accounting firm.” When I ask you, what business are you in, what is your initial answer, without thinking too much about it?
I will encourage you to look deeper.
For example, railroads are not in the railroad business. They are in the transportation business. Apple is not really in the computer business. They are in the business of connecting people through their passions – like communication, music, and pictures.
When I ask “what business are you REALLY in”, then what do you say?
One way to answer this is to determine the benefit you deliver to your client beyond the category or industry in which you’ve built your company.
An added benefit of answering this question is that it gets you out of your box and allows you to think about ways to expand your market. Most businesses describe their business in terms of process instead of benefits. So, I will encourage you to think about the benefits of your business and then use language to describe that business in a way that not only gabs people’s interest but gets you excited about it too! I mean let’s be real. If you aren’t excited then no one else will be either.
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Question 2: What business do I NEED to be in to have an extreme competitive advantage?
Boy, has COVID given us a brilliant excuse to ask this question. What business do you need to be in to not only have an extreme competitive advantage, but in some cases, the ability to survive and grow in the current environment?
Apple knew that it would be difficult for them to compete strictly in the computer industry so they expanded their market to position themselves as the world leader in connecting people.
I have a current client who owns multiple surf shops in a very popular beach town. It’s no surprise that there are a lot of surf shop competitors in that town. Shifting his business from being in the surfing equipment and apparel business to being in the business of selling fun within their brand experience has completely flipped the way they design their customer in-store experience, their events, and the way they interact with the community. This shift has resulted in significant year over year growth for them…during a pandemic!!
Related Post: THE LAW OF ATTRACTION + THE LAW OF ACTION = MAGIC: Applying the Law of Attraction to your business
Question 3: What are the gaps?
A gap is nothing more than the difference between where you are and where you want to be. Once you get clear on the business you need to be in, identify the things you are currently doing that support that vision. What’s going well in those areas? Then identify where you are falling short. Those two exercises will identify the gaps.
Once the gaps are clear, determine the 3-5 most impactful, simple solutions you can implement to close those gaps.
Asking these questions now, and on the regular moving forward, will encourage flexibility and creativity in your thinking AND position you for sustainable growth well into the future – regardless of the business environment.
STACY OLDFIELD
After nearly 25 years in Corporate America, Stacy launched Minerva Management Partners as a way to combine those years of business experience with her life coaching certification and love for coaching women. Minerva Management Partners is a business coaching practice designed to support women entrepreneurs committed to launching and growing their business. Also, as a Results Coach with Robbins Research International, Stacy helps business women to focus their ideas and efforts and holds them accountable for achieving their goals. Whether it’s helping women discover creative solutions to their business challenges, coaching them to be clear and decisive, or helping them see and take action on new opportunities, Stacy guides them to achieve the business and career results they are seeking. Stacy is also the creator of the Minerva 3-Day Networking Challenge and the Network Like a Boss Lady On-Demand training program. Stacy has been invited to speak to many audiences within South Carolina including the Center for Women, Women Entrepreneurs of Charleston, the Women of the Workforce program of the Naval Information Warfare Center (SPAWAR), Charleston Women in Business, Association of Fundraising Professionals, SCANPO, graduate classes at both The Citadel and the College of Charleston (CofC), and Leadership CofC. She currently serves as a mentor through the Women of Excellence Program at Xavier University and previously served on the Board of Directors for the Beautiful Gate Center and on the advisory board of the SC Women’s Business Center.
