Profitology

Category: Authority Branding

  • Embrace the Naive Expert

    Embrace the Naive Expert

    n my role as Business Advisor, I meet with an average of 15 business owners a week, and of those 15, typically 3 are business owners I haven’t met previously.

    I am truly in my element in this environment. I thrive on meeting new people, learning about their business ideas, gaining insights into industry “quirks” and experiencing the motivation and drive entrepreneurs have for making a difference in their community.

    When faced with industries or business concepts I am not familiar with I have, on occasion, found myself apologising for not being well versed in the particulars of the industry.

    Until recently that is. I was fortunate to sit in the audience of a presentation by Duncan Wardle, Former Head of Innovation and Creativity for The Walt Disney Company. Duncan introduced the concept of including a Naive Expert when holding brainstorming sessions, and making important business decisions.

    He spoke of the benefits of having an unrelated person in the room to ask the “silly questions” and encourage the group to think differently.

    Armed with this insight, my perspective of having limited industry knowledge has changed. I now embrace my naivety of industry quirks, and use it to my clients advantage when working with them to provide insights in to their business operations and strategy.

    It provides me with the avenue to ask the basic questions, to challenge the status quo, to remove the blinkers, and to present out of the box ideas. All the while applying my knowledge of business principles to achieve sustainability and longevity.

    This approach empowers the business owners to consider their options from other angles and to come up with a business model which sets them apart from their competition.

    So when planning your next brainstorming session, or if you’re feeling stuck in your business, reach out to an unrelated party, who DOESN’T know your industry or business. They may be your most valuable contributor.

  • Why Businesses Thrive with Feedback

    Why Businesses Thrive with Feedback

    Recently I ran a full-day workshop for clients. Many of the attendees seemed to find the workshop enjoyable and helpful. They actively contributed to the discussions in all sessions.

    There were great vibes in the room all day long. But you can never tell how you impact others until you get their feedback.

    Then I read the feedback forms…

    Truth is, the overall assessment wasn’t terrible. In fact, they gave me some great pointers I could use for future events. But I’ll admit that the feedback stung a little bit, especially because they were not what I expected.

    Maybe it’s the perfectionist in me. I was crushed because I always desire to excel in everything I do. But after that initial disappointment, I was able to reflect more clearly on the feedback I had received.Without getting the participants’ feedback, I wouldn’t have gained valuable information and insights on areas to focus on for improvement.

    I find that getting feedback from clients is the easiest and fastest way to learn and do my work better.

    Why Business Owners Need Feedback

    Receiving well-thought-out feedback helps us grow. As a small business owner, there are plenty of reasons to seek feedback from customers about the product or service you provide. Here’s a short list I have come up with:

    1. Encouraging feedback opens the lines of communication.

    When you show your customers that you welcome their feedback, you are less likely to lose them. In fact, they start to feel comfortable giving comments on areas you need to work on. This honest sharing (or disclosure) ensures that problems or issues are acted upon, resulting in happy clients.

    1. Regularly asking for feedback builds customer loyalty.

    By taking the time to ask clients to rate your product or service, you show that you care about their views or opinions.  When you embrace customer feedback like it’s a blessing, you are more likely to have repeat business.

    1. Businesses that value customer feedback get more referrals.

    Continuing from point #2, when customers are convinced that you care about their experience with your product or service, they begin to trust you. Don’t take their comments for granted and they become more willing to refer your business to their friends, family members or colleagues.

    1. Positive feedback boosts employee morale.

    Satisfied clients and happy customers often leave great reviews of your product or service. The staff that provided exceptional service gets credit for the job well done. This, in turn, helps improve the employee’s morale and productivity at work.

    1. Spot training opportunities through feedback.

    We all have blind spots – weaknesses or flaws in our behaviors that we don’t realise until an outsider points them out. Soliciting feedback helps us identify what we need to improve. Fight the urge to react or defend yourself. Instead, try to see feedback as an opportunity to change for the better. This practice will help you look at your business from different angles with the view of continuous improvement.

    Get into the habit of seeking feedback. The more frequent you ask for feedback about your performance, product, or services, the easier it will be to think it’s a normal part of growing your business.  

    Try it today. Ask your customer for feedback. Start with this question:

    What’s one thing that I could do with my product or service differently that would make it better?

  • Key Point of Difference

    Key Point of Difference

    As a small business owner you may know your product or service inside out. But do you know how that product or service differs from your competitors?

    In order to run a successful small business you need to be able to identify that aspect of your business which helps you stand out from the crowd. Consumers are faced with a wide range of choices and you need to give them a reason to come to you as opposed to your competitors. This problem is amplified with consumers having access to the internet to source information and goods from anywhere in the world.

    Understanding and promoting your Key Point of Difference is an important part of generating sales and encouraging repeat sales.

    Factors to consider when promoting your point of difference are:

    1. The needs and wants of your customers. Are you providing a solution for a problem, or fulfilling an emotional desire?
    2. What are the strengths of your business in providing the product or service? For example, offering free delivery, providing the product or service on time, greeting customers by name.
    3. Review what your competitors are doing. Take into consideration what the market leaders are doing in your industry and think about how you may be able to adopt or improve on their strategies. Ensure you take into account the needs of your customers.
    4. Identify the weaknesses of your business and determine ways to overcome or limit the impact of these weaknesses.

    Remember, you must deliver what you promise, so ensure your key point of difference is achievable and sustainable.