At Point16, we’re breaking down the barriers to business brilliance with our unique principles that redefine the game. Today we’re sharing two of our principles that drive our mindset and approach to business.
Principle: Business is Simple
In a world inundated with buzzwords and complexities, it’s easy to lose sight of what truly matters in business. At Point16, we're here to remind you that sustainable business growth doesn't have to be complicated. Strip away the jargon and distractions - focus on the essentials:
1. Create or acquire a product or service.
Whether you're manufacturing goods or offering a service, ensure that you're offering meets a genuine need in the market. Invest time and resources into delivering a product that customers want.
2. Market / sell your product or service.
Marketing is the bridge that connects your product to your customers. B2B (business to business) or D2C (direct to consumer), ATL (above the line), BTL (below the line), subscriptions, perceived values, brand equity… there's a lot of jargon, it doesn't matter. Know your customers and communicate with them.
3. Make a profit.
How? Receive more money than you pay. This means selling a product or service based on where a customer perceives value. Revenue, EBIT, gross profit margins, overhead optimisation, balance sheets, market cap, gear ratios... this is all noise.
And that's it.
Business is simple. Don't complicate it, especially at the start of your business journey. There will be enough intricacies the further into entrepreneurialism and the more specialised your business gets.
Have a product or service that customers know about, want and are willing to pay for, at a price that exceeds your cost.
Use this principle as a way to view your business through a simplistic lens. If your business is not experiencing the results you are expecting, the problem (and therefore solution) lies within one of those three key areas.
Principle: Know Your Business
Understanding your business inside out is where the magic happens. It's about diagnosing what you're good at, what you're better at, and what you're best at across your product, customers, and profit/loss.
No business is a superhero at everything, by pinpointing your strengths and weaknesses, you can focus your efforts on what truly matters for growth.
Here's the kicker: knowing your business isn't just about awareness; it's about action. It's like building a house - you wouldn't just use a hammer for everything, right? You need the right tools for the right part of the job. Similarly, in business, you need to match your strategies to your strengths and weaknesses.
So, how do you know which tools to wield? Simple. Once you identify the areas you want to target, it's all about finding the perfect tool for the task at hand. And let's not forget, synergy is key. When your tools align perfectly with your goals the results speak for themselves.
Knowing your business isn't just a nice to have - it's a game changer. It's the difference between stumbling in the dark and having a road map to success. By understanding your strengths and weaknesses, you can make smart decisions that propel your business forward.
In the end business may seem complex, but strip away the fluff, and it's all about having a great product or service, attracting customers, and turning a profit. With our principles as your guide, you'll have the clarity and confidence to navigate the twists and turns of entrepreneurship.
Remember, our principles aren't rulebooks – they’re perspectives. How you choose to apply them is up to you. But we are here to help you unlock your business brilliance every step of the way.
So, are you ready to unlock your business brilliance?
Comments