ZACH DE GREGORIO, CPA
There is one main idea, that comes up over and over when you study business strategy. That idea is “Celebrate Your Unique Qualities.” Now you might be saying, “That is it? What is the big deal?” I encourage you not to take this concept for granted. Your ability to think in this mindset, is one of the biggest differences between successful business people… and everyone else.
I want to talk through a simple example to show you what I mean. Imagine you are operating a business in a certain market, and you have three other main competitors. All four companies sell a very similar type of product. You see this scenario play out in the business world all the time. What happens is intense price competition. If any one company tries to raise their price, the buyers in the market will just go buy from the other three companies, because the products are virtually the same. So all four companies are stuck at the market price. Now imagine your company develops a unique feature on your product. You are now able to raise your price, because you are adding new value to the market, and people are willing to pay more. The other three companies are still stuck at the lower price, because there is nothing that differentiates them in the market. What this example shows is that your unique qualities, if they are adding value, directly relates to how much money you can make.
This idea of “Celebrate Your Unique Qualities” is one of the central ideas of business strategy. This actually involves a lot. You need to answer these questions:
• What makes your business unique?
• How does that add value to your customer?
• How does that compare with your competitors?
Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.