An article in Entrepreneur asked the age old question that lots of business face ‘ are my business ideas good or bad ?’ and set out four questions you should ask.
For small businesses with limited financial, skill and expertise resources, asking those questions will be even more important.
As we are coming out of lockdown into what will be a different consumer and business environment, making the right decisions will be key.
1. am I solving a new problem?
Are you targeting your current customer base or looking for where you customers are going or seeking new ones ? You may be looking to pick up a move to more local shopping where the cost of delivery has historically been high or using more widely accepted digital tools to reach a wider audience for less cost that hitting the road.
2. am I solving an existing problem in a new way?
Your market may be subject to sensitive pricing but as you are only small, you dont have the economies of scale. Why not look at breaking down your price so that people can buy the parts of your service they need at a lower cost and increase your customer base. You can also look at who you are targeting with your marketing so that you are selling to the right person in the buyers organisation. Don’t sell office chairs to the guys who buy heavy plant, target HR
3. Do I have a head start?
Being small you may be agile in developing new products before the larger player giving you a head start in finding new customers. However, they will have the funds to catch up so you need to protect your products with things like patents or trademarks. Also use the time until they catch up to develop and refine your product based on what customers tell you to keep ahead of the pack
4. am I bringing something new to the table?
What is your competitive advantage ? does your experience, connections and network mean you can deliver a new product or service and does your background mean that buyers will believe in your ability to deliver and therefore support you and not your competitors
At Harrisons Business Rescue, we can review your plans and using our skills and expertise, help you achieve them.
We also work with experts in their field to help businesses survive their issues and grow
Contact us HERE
The Entrepreneur article can be found HERE