Business Basics - Your Products



You once had a remarkable vision but the reality of your product is far from what it meant to be. Have you realized what you offer as your product is great but your bottom line is not in a good shape? Or, you believe your resources are limited which makes it impossible for you to promote what you think it’s best.

I am glad you have passed your denial stage. You would be capable of welcoming the change when you overcome your delusions.

Let’s take a closer look and go through what I call product success points. In order for your business to thrive:

- Your customer should be able to relate to your products, so don’t make it sophisticated, make it easy to understand
- Your product needs to be in line with your target audience, be careful who you are servicing (Age group, social class, earnings’ bracket,…)
- Your product has to be scalable which leads to a satisfying sales rate . The math is simple, you earn more when you sell more
- Make sure your product stands out, Others are doing the same “but not like yours”
- Your commodity or service ought to be marketable without a hitch

Now that you have check marked your product success points, let’s uncover how they relate to your profitability.

Honestly, we all know the main purpose of every business is to make money. Some do and unfortunately others don’t.

Some businesses are straight forward than the others in terms of their business model, the product they sell and their customers. Imagine a local fish and chips shop. Remember we are trying to get back to basics and build from the bottom to the top.

In theory it might sound fantastic, If a local fish and chips shop, correctly chooses the shop location, makes the look of the store stand out and offers fast and responsive customer service, it would be on their way to make an excellent business.

However, the business still has to have:
Pricing strategies
Marketing strategies
Inventory Management
Overhead Management
People Management
And if they are running multiple locations, it makes it even more complicated.

Then, what comes to play as a business owner is having smart plans with each, tackling one of the above mentioned strategies.

In the coming posts, I will delve into strategies that every business requires to proudly operate in the market.

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