Business Advice

What problem does your business solve?

‘If your business doesn’t solve a problem then what is its purpose’

 

This blog post is designed to ask questions which make you think more about your business.

Does your business participate in a particular market? Yes will be the answer.

But what specific problem does your business solve in that market? Having an answer to this question requires some thought, however this is what can differentiate your business in a crowded market and excel you to become a market leader.

By concentrating on a specific problem your customer have you become the only solution?

There are numerous restaurants in Sligo; they are all in the market to feed hungry people. When you go on your lunch today you can choose a number of cafes or restaurants. What If a Café or restaurant focused on solving one specific problem?

Examples

Sweet Beat Café in Sligo

The problem: Sligo had no café/restaurant dedicated to giving a delicious plant based cuisine.

Sweet Beat solved this very specific problem. They did not just open a café in Sligo; if they had they would have had to compete on price or convenience rather than carving a new market which solves a problem. This has resulted in Sweet Beat being awarded the Catherine Cleary Award.

Cross Fit Sligo

The Problem: Making people better in a team atmosphere.

Cross Fit Sligo is solving this specific problem, by creating an environment where you can become the best you can.

Traditionally all gyms had a treadmill, some rowers a pool a steam but what problem were these businesses solving?

Having membership to a gym will not make you fitter, it does provide a place where you can come and work out.

Cross Fit has taken this concept and flipped it, concentrating on the social interactions people have during a workout rather than just going to the gym and not speaking to anyone working out and going home.  They embrace the togetherness this is what bonds people, and individuals will thrive in a positive team environment as they make themselves their best.

Does your business just compete in a general market?  Or is your purpose to solve that specific problem not everyone may have but you are positioned to solve.

Action Steps

  • Write down the industry you operate in.
  • Write down 3-5 potential problems in this market.
  • What problem does your business serves well at present?
  • Can your business solve just this one problem?
  • Can you integrate your marketing and promotion strategy to highlight the problem you solve?

Examples

  • Ryanair solved the problem of cheap air travel in the travel market
  • Gael Force solved the problem of overcoming a personal challenge in the fitness market.
  • Netflix solved confident online streaming service in the entertaining market.
  • Myca Chartered Accountants solve the problem of Cash flow management for your business, in the accountancy market.

If you have a business and need guidance or clarification on any of the topics discussed please to get in touch. info@myca.ie Book a call back HERE

Myca Chartered Accountants is Sligo’s most forward thinking accountancy practice we want your business to meet your financial goals and not just happy to file your tax returns.