Don't Devalue the Basics

As small businesses, we are all searching for the AI silver bullet or the SaaS solution to all of our problems, but when is the last time you reviewed the basics of your business?

I have been often caught in the trap of seeking solution providers to my issues. But how many issues can I alleviate by spending time on my business, versus in my business? In this article, I want to freely provide some advice I received from a business consultant over the last year and a half.

You may scoff at the below but I am candidly shocked that I had not taken the time to review, polish off and revamp these over the course of running this business:

1. Value Proposition. Can you tell me in 60 seconds, 30 seconds or 10 seconds what it is you do? I am a career marketer, this should have been table stakes. I could tell you why I believed we were different and how our offering was superior, but was it really in the voice of my customer? Was that going to drive prospects to me versus my competitors? Taking the time to review your company/product value proposition is critical to ensure everything following works in harmony.
2. Niche Customer. Have you identified, out of all your customers, who is the optimum customer? Who delivers you the most value; personally and professionally. Have you built everything in your company to communicate with, and work for, this customer. Many folks say "but that is so limiting, I'll never make enough." You can always add a niche customer persona or expand your definition but without perfecting your process for who you want, you will be nothing to everyone versus everything to someone.
3. Basic Tracking and Analytics. Do you know exactly where your business is coming from? Do you track it and refine your marketing channels and tactics accordingly? If you don't do anything today, start with an excel spreadsheet and for two weeks, ask every customer how they found you. The answers may surprise you and help you in refining your marketing. Have you actually done a deep dive into your free Google Analytics for your online campaigns? Google's goal is to extract as much money as possible from you. You may be shocked to see how many keywords you are buying that you don't remember selecting...
4. "Are your sales people professionally trained on how to sell?" We have all heard that ad, but are they? Do they ask for the business? Do you coach them on what they are saying and how to ask for the business in a comfortable way? Is that pitch aligned to your value proposition? You need to make sure that you are "selling" the right product so expectations are managed for your customers through the process. Are they selling customers on providing a positive review of your product or service?
5. Have you fully evaluated what you need or want to "own" and what you should be outsourcing? As business owners, we need to be smart about outsourcing. It was likely easy for all of us to say I need a CPA and a lawyer, but how many processes eat up valuable time of your employees. Take the time to evaluate local marketing providers. Could your office administrator do more valuable work if you outsourced inbound calls? Do you have tangential service lines or products that may be better through a JV or partnership. Be great at what you need to be good at, outsource the rest.
6. Put your process on paper. Literally from how you market to how you close out an invoice. How many different employees are in each of the swim lanes? Do they know they own that swim lane? The entire process on paper can help identify gaps, training opportunities, efficiencies and additional revenue opportunities.

I will be the first to say that if you haven't done this in awhile, it can seem like an overwhelming task. Block 4 hours on your calendar a week and tackle two tasks a month. Those 4 hours a week won't be lost, they will provide long-term benefits and likely more time to do these exercises with frequency.

I hope the above was helpful. If there is anything I can do for you, don't hesitate to reach out or follow me for more info.