3 Development Tips to Guarantee Success
In this video, Matt reviews these three development tips. Will he agree that they will guarantee success?
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript:
Business Advice Video:
3 business development tips that guarantee success. Competitive research within your sector is very important to understand the market that you’re trading in. Don’t be afraid to divert from the strategy if it’s not working. Review what you’re doing frequently just to make sure that the balance in your business is working out in the favor of the company.
Matt’s Reaction:
Alright, there is three simple tips. That’s all stuff I would agree with. Knowing what your competition is doing is definitely helpful when you’re launching your business and even as your business grows. If everybody in your industry starts changing the way they’re doing things or what they’re offering you might wanna understand why. And if that’s something you need to do as well. Or if they’re doing it but not having much success or whatever, you don’t wanna be driven by what your competition is doing and always feel like you have to match and do exactly what they’re doing. But you wanna understand what’s happening in your space. If you just kind of operate with your head down and never look up and never see what’s going on that’s how you end up owning, you know, a typewriter business, and everyone else is buying desktop computers, and you didn’t realize things had shifted. So definitely be aware of what the competition is doing.
And it’s okay to pivot and change strategy as you go along, right? There are changes that are things that you should think about changing. Just because you’ve always done something a certain way doesn’t mean that there is an opportunity to continue to improve. I hear from CPA firms or people who are working with CPA firms, like “Oh, Quick Book Desktop from 2008, that’s you know, recent enough. You don’t need to upgrade your software.” Alright, well 2008 software is like 100 years old. And you know software years which are like dog years but even more so. If you’re somebody, you’re talking to somebody who’s telling you that you don’t need to improve the way you’re doing things or that there’s no reason to upgrade, you might wanna think twice about that advice. Because chances are more likely they’re just stuck in their ways rather than there really are no benefits to considering improving things as you go along.
And then the last piece of advice, review what you’re doing. That seems like the same side of what he’s already said is be okay with pivoting. Look at what the competition is doing and then consider upgrading, updating the way you do business. That’s all good advice. I think those are all things that people should put on their to-do list as business owners. Occasionally stick your head up and see what else is going on, rather just always having your head down in your own business and kind of missing the bigger trends.
