(Time to read this Blog is about 3 minutes)
Before we get to the main topic, here are a few things that caught my attention this week:
- According to McKinsey Research, ‘opportunity’ and ‘fairness’ are the two biggest predictors of employee satisfaction. So, honestly, how does your business rate in these two key factors?
- I’ve recently sent email requests for help to the ‘Service Department’ of 2 companies. It took 3 months and 3 emails to get a reply from one of these companies. I emailed the 2nd company 2 weeks ago…and I’m still waiting for a reply. I think when folks email or leave a phone message with a business, they expect to hear back within 24 hours…tops. What’s your commitment to reply promptly…and are you delivering on it, every time?
- Breaking news about ‘the virtual Donald Cooper’. Regardless of what else is going on in the world today, businesses still need to sell more, manage smarter and grow their bottom line. So, I’m now delivering my bottom-line insights on marketing, management and profitability online, through Zoom Conferencing. Clients include businesses, Associations and Chambers of Commerce. Many of these value-added programs include interactive follow-up Sessions and ongoing 1-on-1 Business Coaching. For info, simply email me at firstname.lastname@example.org.
Now, to this week’s important topic:
Defining your ‘WHY’…improving clarity in your business!
As business owners, leaders or managers, our 1st job is clarity. I’ve been beating this drum for years…long before Simon Sinek wrote his excellent book ‘Start With Why’. If we at the top are not clear about this stuff, who else in the business can possibly be?
Right now, our society is going through a transformational process of questioning our values, standards and priorities. We’re rethinking what and who matters. Much of it messy. Some of it is scary!
So, while we’re in this questioning frame of mind, now might be a good time to explore some fundamental ‘why’ questions about your business. Below are my ‘8 WHYs’ that you need to be clear about in your business or department. Set aside a few quiet hours with some of the best minds and hearts in your business to think deeply and answer honestly these 8 questions? You’ll be amazed at how this exercise will bring new clarity, passion and purpose to your business or department.
- Why are we in business and why are we in this particular business? What’s our clear ‘purpose’? An 11-year survey of 207 companies showed that businesses committed to a clear purpose averaged 571% higher gains in earnings! How do we define financial and personal success?
Note: For help in creating a clear purpose for your business, Click Here to download my Biz Tool #B-2.
Note: For help in ‘Defining Success’ in your business and your life, Click Here to download my Biz Tool #A-8.
- Why are we located where we are? Is it to optimize growth or lifestyle…or did it just happen and we’ve never questioned it? Are we operating in the right part of ‘town’? Are we in the right city, the right state or province, the right country? If we have multiple locations, are any of them dragging us down, sucking cash or hurting our brand?
- Why do we have the business model we have? Will it be relevant in tomorrow’s very different and increasingly competitive world? Is it relevant now? Or is it of historical interest only? What new or different business model could replace us?
- Why do our target customers buy what we sell? Take the time to carefully answer the questions below:
When our target customers are buying and using the products or services we sell:
a) what are they really trying to do?
b) what do they want or need to know?
c) how do they want to feel?
d) about how much do they expect to pay?
e) what combination of functional, emotional and financial value are they looking for?
- Why should people buy it specifically from us? What’s our clear and compelling value and experience proposition that ‘grabs’ our target customers, clearly differentiates us from our competitors, makes us ‘famous’…and grows our bottom line?
One of the biggest complaints in business today is that ‘there’s no such thing as customer loyalty anymore’. This is simply not true. It’s a lie! The truth is that people are loyal to what’s best for them…or what they assume is best for them. So, our 1st job is to do the work to be what I call the clear ‘wise choice’ for our target customers. Our 2nd job is to communicate our compelling value story in everything we do, because there’s no point being ‘the best’ if we’re also the best kept secret.
- Why do we define our target market the way we do when technology allows us to reach and serve a much larger market, if we’re extraordinary…and if we choose? How could we use technology to communicate with and serve a larger target market…or to serve our existing customers in more ways?
- For each process, policy or rule in our business, why do we do it that way? Is it working? Does it deliver compelling customer value, more engaged staff, a safer workplace, an environmentally responsible outcome, improved efficiency or profitability?
- Why would top-performers want to work for us, rather than someone else? Are we a ‘talent magnet? If not, what needs fixing?
Note: For help in creating the kind of business that attracts and engages top performers,
Click Here to download my Biz Tool #B-19.
You’ll be amazed at the power of asking ‘WHY’. If you have any questions about this introspective process, I’ll be delighted to chat with you. You can email me at email@example.com to set up an appointment.
That’s it for this week…
Stay safe…live brilliantly…and do at least 3 important or kind things each day!
Donald Cooper speaks and coaches internationally on management, marketing, and business innovation. He can be reached by email at firstname.lastname@example.org in Toronto, Canada.