A recent survey of small business owners in Vetrepreneur magazine posed the question, “How do you decide what you will outsource in your company?” The results were supportive of the idea that you only need to solve a problem to be successful in business.
The number one criteria for choosing what to outsource was whether that outsourcing would save time. Coming in second place was whether or not outsourcing would save money. Time and money are something entrepreneurs constantly struggle to manage. If your product or service can save your target market either time or money or even better, both, you are in a great position to be successful. Think about this when you are preparing for your next pitch. Have you outlined all the features and benefits for the client but missed how that translates into saving time and money? If so, you may want to re-work that pitch deck or they may miss how you are solving their problems.
The third most common criteria used to outsource was whether the business owner had the skills required to perform the task in question. If the entrepreneur simply didn’t know how to do something, they were more likely to outsource it. That may seem pretty sensible but how many potential clients have you come across that don’t realize they are not able to perform a task or are not qualified to manage an aspect of their business? This is your opportunity to fill a gap in the market place if you can provide that skill set and solve that problem.
Of course, there were several respondents (18% to be exact) that simply said they were too much of a control freak to let anything go to anyone else. These are the potential clients you have to work with over time to gain their trust and respect before you can ever make a sale. Sometimes it is a good strategy to keep a few of these self-proclaimed control freaks in your sales pipeline. Eventually, they will come to grips with the need for help and chances are, your competition has given up on them and you will reap the benefits by simply taking the time to earn their business through patience and education.
Solving a problem, minimizing the pain of doing business or simply providing a service nobody wants to do or can do themselves is what every business should be shooting for when planning their strategy. Saving time or money is at the top of everyone’s list as this survey shows and they are pretty easy targets. However, if you can’t translate your product or services’ features and benefits into a savings for the client, you will lose the opportunity to win their business. The bottom line is, look for the gaps in skills you can fill in a time and money saving fashion and you are off to a great start to being a successful entrepreneur.