Business Success and Your Most Powerful Secret Weapon
By Mark Munday
As a small-business owner your business has an incredibly powerful secret weapon that no other business has. One that, if you use it properly, gives your business that all-important winning edge.
As the economy matures, business becomes increasingly competitive. And this is especially true of the small-business sector. Barriers to entry are usually low. So it is easy for new entrants to open up in competition with you.
The market quickly becomes overcrowded. And when there is a downturn in market demand, weaker competitors are forced to close down. Starting a business is really easy. But 65% of businesses in New Zealand go bust before their fifth birthday.
Clearly, to survive and prosper, your business has to be better than its competitors in some way. You have to find a way to make your business stand out from the crowd. Something that, in the minds of your customers and prospects, elevates your business to the status of preferred supplier.
Doing this is not easy. Most of the time, your competitors have access to similar information, technology, labour and equipment. So how can you differentiate yourself? The challenge becomes ever more perplexing and exasperating as competition intensifies.
The temptation is to look for a silver bullet that will ensure your business success. The one killer marketing strategy, product innovation, advertising copy or sales gimmick that will take your business to the top of the heap.
It would be nice if being in business was that simple. But in reality, the benefits of isolated power tactics are illusory or short lived. This is indeed frustrating, especially because high price tags are usually attached to these much vaunted business tools.
For the best opportunities to strengthen your business, you would do much better to look closer to home. Your business has exclusive use of one resource that your competitors will never get their grubby little hands on - You!
You are in control of your business. And it is critically dependent on your ability to recognize and respond to opportunities, threats and a whole host of related issues. Making the best possible use of your skills, talents, knowledge, personality and abilities is potentially the most powerful strategic tactic at your disposal.
I often hear comments like "But I'm just a normal guy" Just like everyone else out there". This is not true. We all have a unique and extremely powerful set of talents and abilities. Winners are individuals who are the most successful at developing and making the best use of what makes them different.
There are various attributes of your personal makeup that contribute your success in business.
How you think
What motivates you
Your personality profile
What you know
How you communicate
These are the key areas of personal development. Working on them gives your business a sustainable and very profitable competitive advantage. Honing these skills enables you to think more clearly, recognize and respond to opportunities more effectively, and attract the business you want more easily.
We all have strengths in some areas and weaknesses in others. The ongoing success of your business depends on a suitable balance and continual improvement. It may come as a surprise to you, that you can actively control and manage all these competencies.
The best part about improving yourself is the substantial and ongoing return you get from it. Obviously, making a concerted effort to put your best foot forward improves your business performance this year. And the positive effect of improving your effectiveness will be even more pronounced next year, and in subsequent years.
Returns on your efforts multiply as the self-improvement process gathers momentum. Your current business benefits enormously over time. And so will any future businesses that you get involved in.
During coming months, I will be writing articles on the five key areas of personal development that could give your business that elusive winning edge you want so badly. So watch this space!
As a Business Strategist and Coach, Mark works with business owners to help them achieve their business goals. His powerful strategic planning and implementation techniques produce stunning results for clients. Go to http://www.BusinessPlanz.com/ for details.
For expert assistance with creating and implementing a winning business strategy, phone Mark on (09)476-5510 or email him.