Fall Back to Basics in Your Business
As the fall season kicks into gear, it’s an opportune time to revisit the “basics” of my business, to reset and ensure I am still following the roadmap I had set for myself when I first started. Too often, I see business owners looking for that “magic” solution. But in reality, success comes from mastering the fundamentals—and doing them consistently, even when they seem "boring."
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Fundamental #1: **Why Did You Start Your Business?**
You didn’t go into business to get excited about payroll or creating marketing strategies. You started because you wanted to solve a problem or create something valuable, like delicious frozen yogurt, high-quality environment friendly clothing, or develop confidence in kids. It’s important to reconnect with that original passion.
Ask yourself:
Why did you start your business?
Was it to solve a problem, save people time, or improve one quality of life?
Are you still focused on that initial “why”?
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Fundamental #2: **Who Are You Serving?**
When you first started, you had a clear idea of who your audience was. Over time, it's easy to stray. But ask yourself—who was your product or service designed for, and why is it important to serve them? How do you want to make an impact on their lives?
Refocusing on your core audience can bring clarity and direction.
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Fundamental #3: **What Is Your Bread and Butter?**
You may have expanded your offerings, but don’t forget the core product or service that drew people to you in the first place. Sticking to what works will keep your business grounded. We call those “best sellers” or “in-demand” service for a reason. For instance, if you started tutoring in math and you are known for getting GREAT results math and then later added science and reading, remember that math was your foundation—your bread and butter. Always come back to that.
Fundamental #4:**Know Your Target Market**
An essential part of business basics is understanding your target market. Map out the demographics of your target market and ask yourself:
Where does your target market spend their time and money, both online and offline?
Where can you, as a business owner, get the most value by being present?
This could be physical spaces like local networking events or online platforms like social media groups. Understanding where your audience "hangs out" is key to positioning your product or service effectively. If you're not meeting your audience where they already are, you're likely missing out on valuable opportunities.
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Fundamental #5: **Understand Your Costs**
Another fundamental often overlooked is costs. Understanding the cost of running your business is crucial to long-term success. Whether you’re delivering a service (Cost of Services Sold or COSS) or producing a product (Cost of Goods Sold or COGS), knowing these numbers will determine whether you’re actually making money.
For example, in the food industry, you actually need to calculate both—COSS; service costs (space and labor) and COGS; production costs (ingredients, tools, and presentation). Make sure you clearly outline:
Starting costs: What does it take to open your doors?
Operating expenses: What are your ongoing, day-to-day expenses to keep the business running?
Profit margins: What’s left after all the costs and expenses are covered?
Knowing these figures, like the back of your hand, will help you determine if your business is profitable and where adjustments are needed to ensure sustainability.
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Fundamental #6: **Where and How Often Are You Promoting Your Product or Service?**
Marketing consistency is key. Where are you showing up, and how often? Consistent engagement with your audience, whether through email, social media, retail spaces, physical events, ensures your business remains top of mind. Remember, it’s about showing up regularly where it matters most and maximizing the number of touch points you make to your most important customers.
Conclusion—
While it’s tempting to look for shortcuts, there’s no substitute for the basics. Knowing your audience, understanding your costs, and sticking to what works are the pillars of any successful business. So as we transition into the fall season, let’s fall back to the basics and build on a strong foundation.
Please share your thoughts, comments, and suggestions, by scheduling a virtual coffee as I am always open to listening to what’s coming up for you.