Saturday, September 7, 2013

Bullet-proofing your business - By Kaile Warren

There are seemingly countless considerations with starting and/or growing a business. Few considerations are as important as assuring you can achieve proof of concept with your business. For instance, without proof of concept, you have not proven your business can compete with the competition, much less beat it. Additionally, you need to prove that your brand is uniquely able to hold its position in the marketplace. You also need to know that others cannot easily duplicate your business, make it less expensive to operate, or substantially improve on your business deliverables.

The task of bullet -proofing your business may seem daunting, but the reality is that if you do not do so, your American Dream may be short lived.

Here are some ways to help you achieve proof of concept with your business: Document what the competition is doing and how well, or not so well, they are doing it. It is often times amazing just how much you can learn from simply asking and knowing the right questions to ask. 

Take whatever information you can secure and add it to your own opinions and experiences related to how you want your business to perform.

Then create a list of metrics you can use to determine improvements made, areas to improve upon, and changes needed to secure better results. 

It is very important for sustainable growth to know your business brand. Also know that the way it operates will be difficult for the competition to match or exceed. If you cannot bullet-proof your business by achieving proof of concept, it will be important for you to take a step back and evaluate the possibilities of long-term success. Keep in mind that proof of concept does not necessarily mean your business makes a lot of money during this proof of concept timeframe. There are some businesses that are driven by an economy of scale. Thus, until you hit substantial scale, substantial profits may not, and should not, be expected.

In short, get your business model so that it performs better than others and is uniquely different. Once you have done this you have built a solid foundation from which to grow.

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