What is the Essence of your Business?

This post contains key concepts and words that can serve as prompts for you to determine this for your business.

If you wish to be successful in business, I believe it is vital that you fully understand the ‘reason for being’ of your business, i.e. what is at the heart of the business in terms of what drives it, what you aim to achieve through it (Vision), and how you plan to do so (Mission). This can become part (or the source) of what is referred to as your ‘value proposition’, as well as your market differentiator(s).

A business is about a product or service that invariably requires people (and technology), with the right price for an associated quality. You will need to decide on the intended competitiveness hereof, and if it is to be complimentary or revolutionary in breaking new ground or defining/introducing something new. This will drive the business being aimed at a niche market that has limited suppliers and opportunity or applications, or a more widely serviced market, with many suppliers and applications.

Your business can aim to service a narrowly defined or a wide spectrum of geographical target markets and LSM’s (spending brackets) of end consumers, and can do so through various or only a few distribution channels or partners.

Branding and informing the market or creating awareness (marketing/advertising) will come into how you create, grow and sustain demand for your product or service, including offering promotions, rewards, incentives, loyalty systems and/or rebates.

Your offering could differentiate you for your customers, as well as your qualitative aspects, such as

· Passion, drive, energy and enthusiasm

· Focus, attention to detail, comprehensiveness

· Adaptability, resilience, versatility

· Track record, reputation, reliability, consistency, testimonials, credibility, achievements, awards

· Honesty, integrity, transparency, trustworthiness, predictability

· Discretion, security, confidentiality

· Approachability and accessibility

· Compassion, warmth, empathy

· Diversity, inclusiveness, collaboration

· Exclusivity

· Influence

· Continuity, longevity

· Ingenuity, creativity, flamboyance

· Structured or inventive, ’out the box’, instinctive, or spontaneous approach

· Conforming versus challenging, and calculating, confining or liberating style.

Your offering could include any or a combination of the following (inter alia):

· research and development

· manufacturing

· assembly

· distribution

· maintenance

· analysis

· reporting, dashboards, heads-up/early warning systems/prompters

· assessments

· quality control or assurance

· risk management

· consulting and advice

· professional services

· project management

· supply chain management or solutions

· outsourcing of functions

· storage or hosting of solutions or resources

· administration, custodian or stewardship

· sourcing, security, cleaning

· screening, training, education

· entertainment, gaming, gambling

· construction, mining

· agriculture

· refurbishment or repair

· structuring, as well as mergers and acquisitions

· introductions and/or negotiating

· cost reduction

· improved efficiencies or effectiveness

· value-add

· after sales service

· CRM

· warranty support

· volume improvement initiatives

· opening new distribution channels/reducing barriers to entry

· developing or introducing new technologies

· design, testing, prototyping, or industrialization

· groundbreaking or green fields expertise

· strategic services, including facilitating, driving, motivating, leading or supporting

· coaching, mentoring, counselling

· turnkey solutions

· creating employment opportunities

· infrastructure enhancement

· social impact

· environmental impact

· optimize resource utilization

· BBBEE services and effects

· community upliftment

· cultural inclusiveness

· early childhood development

· health and safety

· medical services, pharmaceutical

· spirituality

· compliance

· continuous improvement

· financial services (insurance, investment, banking, financing, etc.)

This process of definition should be regularly revisited, as change is one of the few constants in business, and we need to be prepared to deal with it appropriately.

Good luck discovering and evolving!