What is your Business Niche?May 24, 2022
This month our business leaders spent time articulating their business niche, and how they are communicating their niche to their employees, customers, and vendors. Our small groups also spent time discussing Christian virtues and how they relate to their business and their niche.
From our Grand Rapids Round Table: Your organization structure must support your niche. Unique services will have a unique organization behind those services. The tendency is to reduce our services to the lowest common denominator. Unless we are intentional about our niche, we run the risk of becoming a generic company with generic offerings.
There will be pressure to be like everyone else. Leadership must stay strong and say, “this is who we are.”
One business owner from our Kalamazoo Round Table indicated that his niche was how his business was structured. His employees were empowered to control their relationships with customers. The employees answer to a customer instead of a boss. He believes this is one reason he has low turnover.
Also from our Tuesday morning Kalamazoo Round Table: To develop and understand your niche, you must understand your why? Why are you doing what you are doing? What is your passion? And once you have your why, you will be able to develop your niche.
A business must understand and be able to articulate your niche for your customers, vendors and employees.
Don’t be distracted by shiny objects. When aware of new business opportunities, ask yourself, is this new business opportunity in line with your why or niche? Use your niche to help make sound business decisions.
Often business owners are visionaries. One process that businesses can put in place to capitalize on their visions:
- Schedule a time and place to discuss new visions or ideas with a trusted group of leaders in your organization.
- Allow then to speak freely to evaluate new ideas without consequence, against the why and niche of the company.
- Allow the good ideas to be developed.
Global Be prepared to define your business by answering two questions:
- What is your business?
- Why should I care?
All time zones Measure everything you’re doing against the seven virtues. Focus on prudence, fortitude, temperance, faith hope and charity. If you focus on the virtues in your personal and professional life you can rise above the noise to use your brain and God given talents. This will allow you to lead yourself and others in a proactive fashion
Prudence — Do I find the good in every situation and means of achieving it.
Justice — Am I giving what is due to God and neighbor.
Fortitude — Am I intense in facing difficulties and temptations, overcoming fear and other obstacles in my moral life.
Temperance — Am I balanced using created goods, using pleasure in moderation, and seeking that which is good.
Faith — Do I truly believe in God and that all He has revealed is true.
Hope — Do I desire the kingdom of heaven and eternal life, trusting in the promises of Christ, and rely on the grace of the Holy Spirit.
Charity — Do I love God above all else for His own sake and love my neighbor for the love of God.
Pursuit of the Virtues delivers the FRUITS OF THE HOLY SPIRIT:
Love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, and self-control. What FRUITS matter MOST to your business and personal life?
Global: Focus on the virtues without announcing to everyone you are focused on virtues. It will be evident to those you deal with, and you will be respected in your business.
Additional Words of Wisdom
One All Time Zones Round Table member discussed his four grandchildren. Once the schools re-opened, two grandchildren went back to in-person schooling and two remained at home. These decisions were based on individual needs, maturity, and abilities. This lesson can be applied to employer, employee relationships. Be thoughtful of each employees’ innate skills and abilities when assigning tasks, responsibilities and privileges.
The number one reason employees quit a job is because of their relationship with their boss. Self-examination of yourself as a leader is critical. What kind of relationships do you foster with those that work for/with you? Recommended Webinar: June 19, 2020 with Paul and Rich Lewine. This webinar features insights to getting employees back to work. The Q & A part of the program is particularly insightful.
Don’t spend time looking in the rear-view mirror. Be firm in your mission and understand the value of your product.
Profile your customers. Don’t let one customer be more than 10% of your revenue.
- Join us on Friday, July 22 at 8:00-9:00am for a Global Webinar, with Os Hillman, President of Marketplace Leaders and Aslan Group Publishing.
- Our Grand Rapids Leadership Breakfast Social with Linda Kleist, owner of Identity Creative, is on Friday, August 19 at 7:00-9:00am at the University Club.
If you are unable to attend our events, subscribe to CBRT’s YouTube channel where you can review all past event presentations.