What does your business do better than anyone else in your market? I hope you can answer that question. If you don’t, you’ll be forced to differentiate on price (and you will need to get comfortable with the idea of slashing your profit margins – not fun).
Businesses that fail to differentiate are doomed to compete on price. Do 1 or 2 things better than anyone else, or you will struggle to be profitable.
One more thing: you won’t be able to do 1 or 2 things better than anyone else if you try to be all things to all people. Don’t do that. Stay focused.
Strong work Nick. I think this is great advise definitely good stuff to think about.
Thanks Luther. I appreciate the comment, and hope it helped in some way.