#1 The 5% Rule. This is my favorite and seriously, if you do nothing else, do this. Always work to do five percent more than you think you can. Most people (and business owners) are looking for ways to do less. Focusing on being five percent more effective, connecting with five percent more customers or taking five percent of your time to work on the future of your business is at least ten percent more than others are doing.
#2 Quit products. Be ready to let go of products and services that do not make you money. An easy method to achieve this is to evaluate your sales and product offerings by talking to customers in a continuous way. Typically, this form of market research is completed at the startup phase of a business; however, it is very helpful to infuse customers conversations into your regular business activities. After all, customers know what they want, and what they don’t.
#3 Get your pitch on. Simply communicating what you do or what you sell is one of the most important business strategies for entrepreneurs. While it can be challenging to define a statement that succinctly communicates your product offering, is definitely worth the time it takes to craft and practice it. If potential customers cannot understand what you do, they definitely cannot find a reason to make a purchase from you.
Competitive advantage is everything in business. It’s easier than you think to stand out, if you make the extra effort to expect more, evaluate quicker and communicate better than the competition. So stop making excuses and start making business success a reality.
The MHC Entrepreneur Development Centre helps students and alumni bring their entrepreneurship dreams to life. We offer 1-1 coaching, training, mentorship and access to a diverse network of startup funding.