From our Founder and President:
As a small business owner, I understand the difficulty of accepting there’s someone better than me. I think I have the best team with the most passion and dedication. I think we operate as a family more than co-workers and sometimes I even think we come up with ideas before anyone else. Crazy, right? I know.
But, that’s my right as a business owner. I can think the world of my team and our ideas and services if I want to. My responsibility, however, is to keep my thoughts and feelings in check. Not only for me, but for my team and my business.
At FIG, we have company saying: “FIG first.” It means we put our personal feelings aside and think about what’s best for the business. This is our commitment to the company, each other and our partners. This means we must be realistic – plain and simple.
This “head in the clouds” topic interests me a great deal. I regularly deal with a lot of business owners, particularly in the beverage and hospitality industries. Unfortunately, many of them are incredibly unrealistic about their own business.
The truth is, a lot of business owners are unrealistic about their businesses and you almost need to be if you want to achieve big. The difference is understanding that fine line between what’s reachable and what is too far gone.
The FIG team recently evaluated a new pre-made cocktail that has major popularity in Europe, but no U.S. presence. The product was good – clean taste, attractive packaging, great price point… lots of potential for success.
This is one of about one hundred thousand pre-made cocktail products out there, many of which have been in the U.S. a lot longer.
This challenge is nothing out of the ordinary. Most new products face the same challenge. The issue for this business is they believe their product is the best and will undeniably take off as soon as it hits the market. Instant success.
In all honesty, they could have the best product on the market, however the ugly reality is: who cares? That’s a tough pill to swallow.
You may know and believe down to your core that your product is killer, but if your competition has the market cornered, breaking through and convincing their current customers to convert to your loyal customers will not be an easy feat and you’d be silly to think so.
But, there’s a way to overcome this. Did you really think I’d leave you hanging with no insider tips?!
Here’s where you need to start to make sure your head is in the game:
1. Get to know your competitors: Who they are, what’s working for them and what’s not.
2. Look for gaps in the industry: Find what’s missing within your industry.
3. Identify opportunities: Consider what your business offers and how it can fill those gaps.
4. Position your brand: Explain how your business differs from your competition.
5. Develop a marketing plan: Set goals and how you plan to accomplish them.
From time to time we all need a reality check. We need to keep our heads in the clouds, while remaining grounded simultaneously. Listen, nobody said running a business would be easy! If you find yourself lifting off into outer space, reach out to us. We’re the partners that will help bring you back down to planet earth so you can refocus on what really matters: your business.