After 30 years in business, I have had my share of accomplishments as well as missteps and lessons learned. Here’s 3 more Strategic Lessons that I’d invite every entrepreneur to take to heart.
💡 Lesson #5: Differentiate or Get Left Behind
In the first five years of business, revenue is king. But the real trick to driving revenue is differentiation—understanding what sets you apart and making that clear to your market.
Here’s the secret – you do that by listening, not talking. Too many businesspeople push their message instead of listening to what their customers actually need, what their pain points are.
The best way to stand out is to deeply understand your customers and their critical pain points and position yourself as the only logical choice.
Why would a potential client choose you over the competition?
The key to driving revenue is differentiation—and to do that you’ve got to listen.
Too many business owners push their message and their offerings instead of understanding their customers’ real pain points. Want to sharpen your differentiation strategy?
Ask your best clients:
“What’s the #1 problem we solve for you?”
“Why is that valuable to you? How does it save you money, time or something else?”
“What’s One Thing we could do to improve OR that you wish we would do and what problem would that solve for you?”
Their answers may surprise you. Then, talk with your competitors’ clients to better understand what others are offering.
Lesson Learned? There are NO ANSWERS in the building! You’ve got to get out, understand your market and position yourself as the only logical choice.
💡 Lesson #6: Not All Vendors Are Created Equal.
Before you hire a consultant or vendor—do your homework.
Early on, I learned that many people will try to sell you things you don’t need. The best vendors don’t just sell, they educate. They make you a smarter buyer in their area of expertise.
✅ Looking for an IT provider? They should be teaching you about cybersecurity risks, not just setting up your systems.
✅ Hiring a sales coach? They should provide you with a model for success, not just generic advice.
✅ Working with any consultant? They should offer references and prove their track record. And be transparent about what is in their wheelhouse and what is outside their expertise.
Do your due diligence. And everyone should provide at least 3 references of clients with whom they’ve worked.
Finally, before making a big investment, ask yourself: How will this person make me better at what I do? What’s the Return on Investment that I’ll get and how will I measure it?
💡 Lesson 7: You Must Know Your Market Better Than Anyone Else
Intimate knowledge of your market is non-negotiable.
Alan Burkhard, Founder and CEO of Placers, encouraged me early in my consulting career to speak directly with customers, competitors’ customers, and even those not using services like ours. His three foundational questions (see Lesson 5 above) shaped the evolution of CEO Think Tank®—and remain just as valuable today.
Don’t build in a vacuum.
Understand what your market values, what their pain points are, what’s costing them time and money, and what they wish existed. Refine your offering with precision, not guesswork. Regularly revisit the 3 questions. Strategy is only good for a few years and should be checked against the latest market intelligence that you have gathered.
When competing against bigger players, clarity and positioning are your greatest assets.
Tags: Entrepreneurial Excellence, Executive Education for Small Business, Overcoming small business challenges, Small business advice