Find Your Hidden Wealth
The first question is, “What is hidden wealth?” Hidden wealth is an unused, dormant or under utilized part of your business that contains great value. All businesses have at least one hidden wealth. Even the best businesses in the world contain hidden wealth. The key is to determine your hidden wealth and begin to mine the potential gold that lies therein.
All businesses are different. Each business should require their leaders to conduct a concerted effort of introspection and egoless honesty to determine what their hidden wealth may be. One way to begin is to ask deeper and better questions about your business than you ever have before. What is the story of your company? How is that unique and more importantly, how does that benefit the customer?
Begin a journey to determine what your business does best. What does your business do better than anyone else? Then ask yourself these questions about that one thing, “How”, “Why” and how can I prove it to my customers in a way that benefits them and motivates them? Once you determine the one thing that you do better than anyone else, then ask your customers what they think you do best? See if what you feel and they feel are the same things. If your business does something great but your customers don’t know, it won’t matter. If you customers don’t hold the same value in what you think you do great, it won’t matter. Better questions lead to better answers and better businesses.
Ask yourself, “What do you have that others don’t have and what do you have that is better than what others may have?” Is your sales staff better? Is your service better? Is your location better? Is your inventory better? Is your pricing structure better? Is your process quicker? Is your facility better? When you determine what you have that’s better, you must ask yourself, why is that true?
Wait, you’re not done yet. You must also ask yourself, how can I explain what we do and how it’s better in very specific terms that the customer cares about? You can’t say you have a large inventory. It doesn’t mean anything. But you can say you have 500 vehicles worth ten million dollars in inventory and that no one comes close to your selection and because of that it takes the hassle out of shopping. What ever you decide is your strong point, ask yourself this question, “Who cares?” If you can’t tell your customer in a way that benefits them, they won’t care.
Some companies have a large database of customers that are not being valued and asked to do business again. Some companies have a great location with many possible synergies with other local businesses that aren’t being explored. Many companies have community relationships that aren’t being utilized. Many companies have talented but untrained people. Many companies are either sending the wrong or mixed message to the market or sending a good message to the wrong market or utilizing either the wrong medium or not enough mediums to reach their market.
Each company has under utilized assets that contain vast riches if they can be explored and tapped. In your company are you looking for the next “magic” angle and the real magic is already there right under your nose and it’s just not being used?