In this episode of the Business Owner Breakthrough, Pete Mohr delves into the critical task of ensuring your products and services align with your business promise. Building on last week’s discussion about refining your business Promise, this episode explores the importance of regularly assessing your offerings to ensure they continue to deliver on that promise and contribute to your business’s success.
Key Takeaways:
- Reassess Your Offerings: Pete encourages listeners to revisit their product and service offerings in light of their recently refined business promise. He challenges the assumption that existing products automatically align with the promise and suggests that it's essential to reassess periodically.
- The 10/80/10 Rule: Pete introduces the concept of the 10/80/10 rule, where business owners should consider phasing out 10% of their offerings that no longer add value. This exercise helps in honing the core offerings, making them cheaper, better, and faster while staying aligned with the business promise.
- Continuous Innovation: The episode emphasizes the importance of always looking for new products and services that can enhance the customer experience. Pete encourages business owners to test new ideas to ensure they align with the promise and potentially become part of the core offerings.
- Multiple Promises: Pete discusses the idea of having multiple promises within a business, where an overarching promise guides the business, and smaller promises align with specific product lines or services. This structure ensures that all aspects of the business stay consistent with the core promise.
- Alignment Equals Profit: The episode stresses that aligning products and services with the business promise not only clarifies the business direction but also boosts profitability. Pete advises that products must align with the promise and remain profitable; otherwise, they should be reconsidered.
Action Item: This week, your homework is to go through every product and service in your business. Ask y
Are you looking to make some changes in your business and your life in 2024? Head over to speaktopete.com and book a chat with me to see if we're the right fit!
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Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching or talk to Pete about speaking at your next event head over to http://speaktopete.com to find a time that works for you!
Pete's Websites:
Pete-Mohr.com
The Exit Ready Business
Kolbe Coach
Simplifying Entrepreneurship
LinkedIn at https://www.linkedin.com/in/petemohr/
Instagram at ...
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