When business revenue goes flat, 99% miss this —May 04, 2022
When business revenue goes flat, 99% miss this —
- 𝗻𝗲𝘄 𝗲𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀 𝗺𝗶𝘀𝘀 𝘁𝗵𝗶𝘀
- 𝘀𝗼 𝗱𝗼 𝘀𝗲𝗮𝘀𝗼𝗻𝗲𝗱 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗖𝗘𝗢𝘀
One of the tools we use to vet a business/revenue/branding model is Lean Business Canvas. (Let me know and I'll email a working PDF.)
When sales revenue tanks, or worse, never launches — we call that bad product-market fit.
The market doesn't like what you are offering, the way you are offering it. They are fickle!
It's the #1 reason for small business failure. I can spot it in a single conversation.
Lean Business Canvas is a 1-page visual tool used by VC, startups and entrepreneurs to brainstorm through their models.
While there are 9 key questions about your model, I'm going to focus on the most important four.
𝗧𝗵𝗲 𝗣𝗿𝗼𝗯𝗹𝗲𝗺 - What is the BIG problem your future customer wants to pay you to solve. There is a difference between the underlying problem and the symptom. What research have you done to prove your theory?
𝗧𝗵𝗲 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻 - Why is your solution the solution to their specific problem? Go deep.
𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 - Who are your target customers. Narrow it down to a very specific sub-niche. If, B2B, you should be able to create a list.(industry, size by revenue and or number of employees, geo-location etc...)
𝗖𝗵𝗮𝗻𝗻𝗲𝗹𝘀 - How will you make it impossible for your customer segments not to know you exist? What social platforms, SEO, etc... ??
Most entrepreneurs have no problem writing down an answer, it's when each answer is challenged multiple times that the model is truly vetted. Think of getting drilled by the investors at Shark Tank.
There is a huge difference between writing down an answer and VETTING your model.
Vet your model. Need help, email me.