The shape of modern business looks very different for today’s enterprise than it did just a decade ago thanks to radical advancements in technology, communications, and connectivity. But the more things change for today’s organizations, the more they stay the same: Many elements required to successfully own or operate a firm remain timeless. Looking to start or grow a small business and find some small measure of success? Be sure to keep the following five elements in mind as you go about drafting a game plan — each essential to achieve your goals for the business.
Value
The features, uniqueness and benefits of your business are what differentiate you from your competitors. Donald Neubaum, College of Business Associate Dean for Research at Oregon State University, states that businesses must continue to offer value to customers over the long-term, assuring that their offering is unique and something that competitors can’t provide. Many of these unique advantages, also known as “value drivers”, include constants like reputation and cost control, along with market specific characteristics like taste or innovation.
As an example, technology companies must have a core product or “know how” that solves a customer problem. Key value/profitability drivers for tech companies include: highly skilled workers, quality and cost control, and research and development. How can you determine what counts as a value driver for your business? Conduct a SWOT (strengths, weaknesses, opportunities and threats) analysis to help you identify your business’s most important aspects.
