Every organization has a life cycle and some last longer and squeeze out more value than others. Despite the plethora of potential reasons a business fails, the number one reason is the inability to generate sustainable profit.
Why does this happen?
→ Lack of customers
→ Price of deliverables
→ Poor quality or service
→ Inventory management
→ Poor trained employees
→ High employee turnover
→ Just “ok” customer service
→ Wrong market timing
→ Unclean retail stores
→ Bad location (for retailers)
→ Zero referrals
→ Zero upside leverage
→ No or low action in marketing
→ Not engaging with new technology
→ Improper legal compliance
→ New government regulation
→ Negative return on capital
Choosing the right price for a product or service is critical. On one hand, it values the resources used to produce it. On the other, it values your own time and effort behind the good. It also has to be priced correctly for the market, either by being truly novel or by adding unique value at a lower price point if possible. Hard to sell a similar product or service for too much higher than a close competitor.
That’s why it has been ultra hard for us at Key Bridge to price the membership service appropriately. Admittedly, we are still…
There’s an old phrase: “sell to the masses, live like the classes.” This mentality drives a lot of the so called “progress” around the world. In America, almost every single major company does this. Apple, Microsoft, Amazon, Google, Facebook, Visa, Mastercard, Johnson and Johnson, Walmart, Nvidia, Proctor and Gamble, JP Morgan, Home Depot, Berkshire Hathaway… and the list goes on and on. Each of these companies sell products to the masses and their market capitalization reflects the value they provide to their customers.
The overwhelming takeaway is this. The more people you serve (sell to) the more valuable you become…
The body of content available on the information super highway (aka Internet) is far too vast to actually download, as Google once hoped. Today, it uses algorithms to put the “most relevant” data on the front pages. Most relevant to a search isn’t exactly always the best when we look at it from a business perspective. Even a targeted search for something like “better business strategies for restaurants” yields over 70 million results. Looking at the first page only means finding all the most cliche ideas. Nothing is targeted or specific to any one restaurant. …