In this episode of Business Owner Breakthrough, host Pete Mohr discusses the importance of regularly evaluating whether your products align with your promise.
Pete encourages business owners to consider whether their products and services are still providing clients with the best possible experience and outcome. He also emphasizes the importance of constantly seeking out new opportunities to innovate and improve, even if it means letting go of some products or services that may no longer be as valuable.
Here are a few things Pete covers:
The importance of regularly evaluating whether your products align with your promise
The need to constantly seek out new opportunities for innovation and improvement
The value in letting go of products or services that may no longer be as valuable
It's time to take action:
Reflect on whether your products align with your current promise and consider making adjustments as needed
Constantly seek out opportunities to innovate and improve your products and services
Don't be afraid to let go of products or services that may no longer be as valuable
Are you looking to make some changes in your business and your life in 2024? Head over to speaktopete.com and book a chat with me to see if we're the right fit!
Want to know how aligned your business really is? Download the Business Alignment Scorecard to measure your Promise, Product, Process, People, Promotion, and Profit, and see where you need to focus next. Download here
Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching or talk to Pete about speaking at your next event head over to http://speaktopete.com to find a time that works for you!
Are you ready to move from operator to owner? Well, decisions in your organization should be made at the lowest possible level of your business. Every day, there is a framework that can help and it's called the five P's. Understanding your promise, aligning your product process and people to it will generate the most amount of profit. And that's when the freedom comes. Freedom from the day to day management and freedom to start doing the things that you want, and deserve to do, inside and outside of your business. No one ever said it was easy, but it's time to start the process on the business owner breakthrough. If you'd like to chat with me about helping you break through in your business, simply go to speak to p two.com. That speak to pete.com, to book an appointment and to see if we're a right fit. Are your products aligning to your promise? It's a big question, you know, and it's something that I think there's an assumption there that they are. But I'm asking you to go back after you did your homework last week, and maybe rewrote a line or two of your promise or thought about your promise a little bit as part of your action items and homework from last episode. So do you have some products that maybe don't quite align with your current promise? Just because the promise is the one you used to have? Just because the products are the ones who used to have in the way you used to do business? Is that the way it's going to be down the road? Is that going to provide your clients and customers with a better life. And just because you've done something, just because you've offered that service or that product for five years, 10 years, 25 years doesn't mean that that's the way to profit in the future. Maybe it is and that's great. But all of these things, just bring into question that it's good to question your business every now and then it's good to sort of reaffirm that, yes, this, in fact, is the right product and service. And this is what our clients don't want all of those things, it's great to come up with that end result, it's also good to come up with the result that says you know what, maybe we need to tweak this a little. Or maybe we need to actually let it go. Everybody's heard of Pareto law, or most people have this idea of the 8020 rule. And if we look at it, I kind of use 10 at 10. So we want to sort of parse off 10% of our offering that's no longer valuable. You want to hone and make it cheaper, better, faster, all of those things, that core offering, which is that sort of middle 80%, let's call it. And then here's the next thing that we often don't do, because we're mired down in the fires of running our business and all this stuff. But be always an never ending ly looking for the new things that are coming in so that we can deliver the service deliver that product in an even better way to provide our clients with a better experience, and a better end result. And I think that's one of the things that we need to do as leaders is to always be looking for ways to innovate around that stuff, always be looking for those new things, test and try those things. Maybe they become part of your core, or maybe they don't, and that's okay, too. But always be testing and trying the things with the full clarity and why we started with the promise. And so when you're bringing these things in on, I'll flip it back because we started off by using shoe topia, as an example. Our promise is to help our clients look great and feel fantastic. So if I'm looking at a brand, for example, or even a shoe within that brand, is it going to help them look great and feel fantastic. And sometimes it's going to be weighted a little bit more on the look rate. And sometimes it's going to be weighted a little bit more on the field, fantastic. But ultimately, you have to have a combination of both in order to deliver the promise. And if it doesn't do that, then we really can't look at that line. And what I'm looking for is really something you know, if we put it into athletic footwear, while the the newest New Balance shoe is even lighter, and even more cushioned, and I'm thinking to myself, I love the look of that shoe. And I think our client will too, and it's even better than the previous one, then that may be a good fit for our promise to deliver an even better experience at our store. So that when they walk out the store, like we said in that last episode, they look back and they say you know what utopia is my favorite shoe store. So how do you align your products and services with your promise and every time you're looking for a new product or service to fit into that equation it has to deliver the promise. Now here's one thing we didn't chat about in the last episode, which is the idea around Having multiple promises. So you can have an overarching promise, like, look good and feel fantastic. But you know, underneath that you may have minor promises that help deliver certain portions or pillars of your business. And that's okay too, just as long as they fall within the overarching promise of your business. So, you know, when we look at all of those different things, just make sure it has full alignment. And if it doesn't, it's time to parse it off, that's that 10%, let it go. Because what happens is, then you're gonna be focused even more on finding the ones that do, your business will flourish because of it. And so will your profit, because you're getting more in alignment with your people, right that, that fourth P, and just to remind everybody, it's the promise, the product, the process, the people and the profit. And when we have all of these things in alignment, that's when the business really starts to hum for us. So today's exercise, really is to go through a detailed list of all of your key services, key products, key brands, whatever it is that you sell in your business, and check off whether they aligned to the promise. And if they don't, you've got some homework to do, how can you get them in alignment? Or how are you going to let them go? And what are you going to bring in to replace it? And what are you going to focus on so that you're not confusing your client, when you tell them that this service belongs in your business, but it doesn't actually deliver your promise, you see how these things align. So, so important, and it's when we have this clarity, we have the clarity, then for all of your clients, for your team, and for all of your suppliers. And that's your job as the leader is to communicate with clarity, that promise so that everybody can get in behind it, and push it through and develop that business even further. So once again, homework for the week, take every service, every product that you have, and go through with it. Checkmark essentially, does it align to the promise? does it align to the promise? does it align to the promise? The next level of that is, is it still profitable, right? So it has to be aligned to the promise, but it has to be a profit center for you to and if you've found that your margins have depleted on that particular product, or it's just not in demand anymore, then it's an opportunity for you to reassess that product too. So it's always one of these things. We should be doing this on a regular basis. I like to look at things sort of on a quarterly or a seasonal basis, if you're a seasonal business, you know, once least twice a year going through these different things and saying, Are we still aligned? Is it still good? Are we still aligned? Is it still good? And if it is great? How do we make it even better? So think about all those things, and be actionable this week around your products. Now go and make it a great day
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