Four Steps to Finding the Sweet Spot for Business Success
Ah, the sweet smell of success! Achieving goals and bringing our vision to fruition is the end-game for most of us, especially in our business lives. Unfortunately, business success can sometimes elude us to the point where we have to start looking at what, exactly, is going wrong. Perhaps, the question we ought to be asking is this: What is going right? By honing in on what is bringing you or your company the results you want, instead of focusing on the things that are taking you further from where you want to be, you can discover your sweet spot—the place where you can find true business success.
So how do you find your sweet spot? First, let’s define what we mean by sweet spot. The sweet spot (for an individual or a business) is the intersection of the things that your business does well and efficiently, and the things that the market is willing to pay for.
Finding your sweet spot as a business owner is important because it allows you to operate with efficiency, strength and, usually, profitability. Surprisingly, many companies continue to struggle without ever finding or leveraging their sweet spot. If you haven’t found your sweet spot yet, now is the perfect time to start looking by following these four steps:
1. Cultivate your core competencies
Finding your sweet spot is really an inside job. It’s not about trying to add to what you have, it’s about leveraging your existing core competencies. Your business has made it this far, so you must have some valuable competencies that you can leverage into new products or service.
2. Capitalize on your strengths
Making a list of what your company does well and profitably is a great way to hone in on your strengths and identify your sweet spot. Analyze your business to determine what product or services are most profitable. Then match up your strongest categories with market demand. For example, while you may have a favorite product or service to sell, the market may not support building an entire empire on that one product.
3. Listen to your fans
Do your customers rave about the unique flavors of cupcakes that your bakery only offers periodically? Is your web design service offering clients more SEO than your competition? Listen to why people praise your business —and chances are, the exceptional things that others notice likely reside at the center of your sweet spot.
4. Start seeing your sweet spot
Now that you’ve identified your core competencies, your strengths, and the things that you are objectively good at (according to your fans), put them all together and start seeing where your sweet spot lies. Once you do this, consider the market need for your product or service and create a plan to bring them to market.
If you’re seeking business success and it seems to be eluding you, consider working toward identifying your sweet spot…the place where your products and services and the market price come together in sweet harmony. While it may take a little bit of work on your part, the dividends of finding the right products and services for which your business is truly suited will be well worth the effort.