Compare Your Business With This Perfect Business Strategy- Are You 5 Out of 5?

Not all videos Matt reacts to does he like, but this time we have an exception. Matt and the original video’s creator advise on what you should have in your business strategy to have a successful business in 2024.

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: 

Business strategy, let’s break it down into five different questions. First, who are the people you wanna sell to? These are your target customers. Second, what problems do these people have?

This will lead you to create products and services. Third, where can you find people with these problems? This lead you to your marketing strategy. Fourth, how will you sell your services to these people? This is your sales strategy. [Fifth] out of every other option in the world, why should they buy from you? If you can figure that out your business is gonna explode. It is your unique value proposition, your unique differentiator, and it’s the thing that you should be looking for.

Matt’s Review:

Alright, well, finally we have a TikTok where I really agree with all the points. This guy has it spot on. I think the very first thing you should think about when you’re starting your business is who are your customers gonna be. You don’t wanna start a window washing business where you thought of the service first and then you try to figure out who needs their windows washed. Really the better way to think about it is who are the customers that I’m gonna target? Is it high-rise building owners? Is it residential business owners? Is it business property owners like car dealerships or something? Figure out who the customer is first, and then figure out what services you’re gonna offer them. Because some things might go with one but not the other. And the whole startup process and how you target and how you price everything else is gonna depend on who that customer is. Window washing for a 40-story building is a totally different thing than window washing for a single homeowner. And that 40-story building guy might need other things that wouldn’t apply to the homeowner and vice versa. So really understanding who your customer is first I think is the key to everything else. And then yes, figure out what you’re gonna sell them, and how you’re gonna find them, and how you’re going to approach the whole process. 

And then No. 5 question is really the crux of the whole thing. They’ve got other choices for whatever you’re selling, whatever you have there’s other things they could do. Even when somebody says “I’ve invented something brand new that completely revolutionary idea no one else has it.” Well, even if that’s totally true, which rarely is, people already figured out some other way of doing it, right? If you came up with a new way to write things, right, well like “Nobody’s ever invented this. This is amazing. This is an extraordinary invention. There’s nothing else like it in the world there. I have no competition.” Well, yeah you do. People currently are using pens and paper and pencils and they write stuff on their laptops, so there’s lots of ways to write stuff down. You’ve invented a new way of writing stuff but that doesn’t mean just because your invention is brand new that you don’t have competition. that there are alternatives, right? So there’s always choices. So your goal as a business owner or potential business owner is to figure out why would somebody choose to buy from you versus all their other options. And if you have good compelling reasons, then you can get sales. If you have no real reason for somebody to buy from you versus all the other choices out there, then they probably won’t or they’ll just do it by accident once in a while cause you just happen to be the first person they stumbled across, but they wouldn’t buy from you again. They wouldn’t tell their friends about you, they wouldn’t talk you up in a community of like-minded people, it was just really an accident. So make sure you understand who your customers are, how you gonna reach them, what you gonna sell them, and why they should buy from you versus any of their other choices. If you have that figured all out, then you got a very solid business in front of you. If you’re missing any of those pieces you have some work to do. So awesome job “mostjanda”, Michael Janda. I totally agree with everything you said.