Ever Heard of A Pain Point In Business..?

I publish this newsletter once a week keeping the content unique aimed at The Small & Medium Business Segment. All that I write, I have experienced and it works. I write about finance, management strategies, unique perspective that allow you to spot opportunity and much more. I had coined a word 'OMpossible' several years ago which has been accepted by a US University as a Neologism. OMpossible was defined by me as 'All Is Possible'. No Limitations.

So if you ever feel that you don't find unique, out of the box tips and content somewhere which can help you in business, this is the place to tap. Subscribe to this newsletter and I promise you that I will offer content that show you newer ways to think, ponder and execute your decisions.

Lets Talk About Pain Points Now...

All of us have pain points; on our body, in our lives, relationships and also in business. Today's Newsletter - The BIG RED's focus is on Business Pain Points & How To Find Your Opportunity With Potential & Existing Customers by Identifying Their Pain Points.

"Pain Points are those points where you are weak." This applies to businesses too, some have weak management, some are weak on capital, some with weak skills and some exhibit their weakness while making decisions, either in bad execution or delay in making them. There could be various other weaknesses but I cannot for obvious reasons list all of them since there are too many to list.

ASSESS....

Now lets look at an example of how to proactively create an opportunity from a pain point? Assume you are in food business and it's not doing well. You need to assess your business in the real sense of the word, so you need to hire a professional who understands how to assess such a business without bias considering the low business aspect or if you do not have the budget talk to a few friends, your business neighborhood colleagues whom are in business and ask them their opinion of the same. Also look at similar types of businesses that are doing well and compare what differentiates them and consider if you implement the differentiator, would it work for your business?

You should be able to get some input which gives you some indication of certain aspects that are "Incorrect" in your business equation. It could be product, location, quality, delivery or simply a situation where you haven't reached out to the right market segment as yet.

IDEATE....

Simply imitating ideas of others may or may not work. Why not aim at making it better, by going one or a few notches higher in respect to the offering in the marketplace from similar businesses. Ideating, brainstorming with your friends whom are good at this or if you have a core team may help you get there.

COSTING - TIME & MONEY...

Be sure that you know what the changes are going to be and their cost to you both in terms of money and time. Time is money, consider relocating from one location to another - this will cost time and money both since it involves finding a new place, interior development, licencing procedures and of course getting the message out there of your availability.

EXECUTION....

Once you have the above parameters worked out and everything fits in, execution will be the mainstay focus. To get the operation going as soon as possible with all necessary changes adapted and precision targeted.

Pain Points are relevant to your business whether they are yours or your competitors - both are important to show you the way to win over markets and reach success. There is so much data out there but you need to derive information via analysis. Analysis depends upon the objective of the research.

Your goal is simple - more, bigger and better business arising out of bulls-eye reach. One of the leverage you can use above is 'Pain Points'.

Also remember, complex theories are just complex theories, success is derived from making and keeping business simple - even if it is the most complex business eco-system in the world.

Raj Sukheja

CXO, Red Mammoth Ventures LLP, Mumbai, India.

Author of Published Books called 'Masters Playbook of Ompossible' & 'Business Sharpshooters' available on Amazon and Other Online Platforms.

Entrepreneur, Futurist, Speaker, Finance & Business Consulting Specialist with over 30 Years Experience having worked in Various Country's across The Globe. The Author can be reached at email [email protected]

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