Sustainability is one of those things we hear a lot about in today’s busy world. What does it actually mean though?
Sustainable Profits are reliable and repeatable, they are generated because you add significant value with your product or service in a way that customers recognise and are willing to pay a fair price for. That fair price is above the costs of providing the service and so generate profits. They become sustainable because the value comes from something that isn’t easily copied and so others can’t undercut you and commoditise what you do.
When you sell confidently and customers receive what you promise and they expected – everyone wins. The customer’s swapped money for the outcome and got the outcome they wanted, and you’ve swapped skill and experience for more money that was needed to provide it.
Simple to say, harder to implement. We’re often too close to see the full value of what we have been doing, and ways of making the delivery both top quality and fairly priced may need skills we haven’t yet got. That’s why we recommend the following three steps:
- Share your story with a trusted group, have them question and challenge your assumptions and deepen your understanding of what you do.
- Design a new process for delivery of your product or service, change one thing to either increase the value, or decrease the costs.
- Use the results and feedback to hone your offer, value proposition, delivery approach & cost base to lock in and make your profits sustainable.
Working with a trusted ‘mastermind’ group through this process helps to make sure you stay in track, in focus and work, literally, on purpose.
The xTEN Club offers open mastermind sessions in London and Bristol. These sessions are designed for no mopre than 6 business people to present an opportunity or request new insights from the group through a structured process. You’ll leave with clear implementable actions to provide an immediate business benefit.