Business Tip #16 - Who are you?

Several years ago, I read an article about economics of Formula One racing and was stuck by a quote from the head of Tag Heuer, the high end watch maker.

Roughly quoting, "we probably spend too much in advertising through Formula One but we do it because that's who we are".

I'm not a believer in frivolously spending money on expenses but I was struck by his belief in "that's who we are".

So if you own a business do you know "who you are?"

I often preach about having a vision that runs throughout your organization, from employees to vendors to customers. You'll find, in the most successful small businesses, a community that is united by that business.

Some questions to ponder as it relates to your business.

1) Who is your "ideal" customer?
2) If you had to communicate to these customers face to face, where would you go to "bump into them"?
3) If your business were to support one charity that all of your customers would support, what charity would it be?

I like to tell people that many of my clients are the people who will pay you in ducks and chickens, which is fine with me because that works with my personality. But if I want to meet more of those people as prospects; I'd be wasting my time going to a formula one race. I'd be better served heading to a NASCAR race.

When you start to ask these types of questions, a certain theme starts to develop. With that theme, your selection of vendors becomes clearer, how you find the "right" employees becomes clearer, etc.

I'm often use the example of "mob" attorneys who end in trouble. More often than not it starts with something innocent; like defending a gangster with a DUI charge. But that person brings in his buddy who's in trouble, then another. The next thing you know, you're going to parties populated with gangsters.

Eventually that attorney gets wrapped up in a mess. All because he never really questioned where his business was headed.

So if you want to really make your business go, know who you are!