In business, it’s important to ask questions like, why do I exist and who do I serve? It’s important to look at the intrinsic value of your business to assess these questions. Let’s look at the aforementioned questions, why do I exist and who do I serve, as examples.
Why Do I Exist? This is a great question personally as we well as for your business. I ask this question to small businesses in our initial discovery process. I often get answers that have nothing to do with their business. Answers regrading why they exist revolving around money and things for them. Recognition, time off , respect etc etc. The problem with these answers is that they don’t get your through the tough times and doubt that come along with running your own business. Your existence can’t be superficial.
Who do I serve? Simpy, who are my customers? I common answer is that you customer base is everyone. I have also heard it said that if your customer base is everyone then your customer base is no one. This is an important follow up to the question of your existence in business. If you haven’t spent much time hashing the question of who your customers are, you aren’t thinking enough about your customer.
Understanding the intrinsics of your business will help you to ensure that you are clear on why you are in business and what the value proposition is for other people to engage in business with you. It will ensure that when people doubt your business that you are not discouraged (at least not completely) from the negative feedback. How do you keep yourself engaged in your work?