All FTSE (top 100) companies were once where you are now. Their key to success? Thinking beyond limits! You may lack the budget or resources, but here's how you can start mirroring the strategies of global giants, even with limited means.
Love the problem, not the solution:
How a FTSE Company does it: Unilever focuses on understanding consumer needs deeply, leading them to create diverse product lines like Dove, Axe, and Lipton.
How you can do it: Focus on understanding the core problems your customers face rather than getting too attached to a specific solution. This mindset can lead to more innovative and effective ways to address their needs.
Your business model is the product:
How a FTSE Company does it: McDonald’s is just a fast food restaurant, but its model delivers consistently good food at a fast rate.
How you can do it:: Your business may be common, yet what makes your business different from the rest? How are you implementing that uniqueness in all aspects of your business? Hint: It usually lies in your customer service!
Traction is the goal:
How a FTSE Company does it:: Tesco prioritizes gaining market share through initiatives like Clubcard, a loyalty program that provides valuable customer data and drives repeat purchases, illustrating a focus on customer acquisition and retention.
How you can do it:: Instead of just chasing revenue or profit, prioritize gaining traction and market validation. Aim for specific milestones, such as acquiring a certain number of customers or generating a particular level of interest for one of the problems you solve!
Use staged-rolled-out strategy:
How a FTSE Company does it: Rolls-Royce introduces new aircraft engine models incrementally, incorporating feedback from airlines and manufacturers to refine performance and reliability over time.
How you can do it: Instead of showcasing all your services and products, introduce them gradually based on customer feedback and demand. This approach allows for more efficient resource allocation and reduces the risk of investing heavily in offerings that may not resonate with your customers. Remember the 80/20 rule!
Think 10x:
How a FTSE Company does it: Apple's introduction of revolutionary features like Face ID in the iPhone exemplifies thinking 10x by aiming for transformative changes rather than incremental upgrades.
How you can do it:: Challenge yourself to think bigger and aim for exponential growth rather than settling for incremental progress. These bigger, expansive goals will help you to push boundaries and see what is truly possible for your business!
Embrace your constraints:
How a FTSE Company does it: Marks & Spencer maximizes store potential despite space limitations, focusing on quality clothing and food to compete effectively.
How you can do it:: Flip your limitations and use them to your advantage. Get creative with overcoming these limitations and how they can even be positive for you and your customers!
As small business owners, it's easy to limit our capacity or capability to grow based on our limitations. Instead of focusing on your limitations, flip your story and think more expansively. How can you think like the big companies so that you're a leader within your industry one day?
Remember, it's not just what you do but how you do it! Style supersedes everything!
As always, I am here to help you get ridiculously loyal customers, so let's get to it!
This list was inspired by lean startup - Eric Ries.
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