As I have been studying different audio books as part of my MBA on the Run program I have tried to come up with a workable set of values for rating businesses. The concept is to come up with a set of standards that may point to business success. The ratings need to be universal, concise, and easy to remember.
I’ve come up with five things that I think cover the major bases and form an easy to remember acrostic.
- Product or service
- Key Values
Over the next few days I’ll post about each one in detail. The general synopsis is that each business has a unique story to tell about its products or services. When you experience this business you find a unique atmosphere, including colors, icons, and style that set the mood or tone for business transactions. The routine is the process you take to buy the product or service. It is the journey you take to the front counter or maybe the online path to the website. Once you have done business with the company you will come away with key values. This is the one sentence tagline in your mind about the overall business experience.
To give you an idea of the concept we’ll use United Parcel Service as an example. The story starts in 1907 with 19 year old messenger boy, Jim Casey, in Seattle Washington. He saw the need for a personal delivery system and started a business using bicycles to deliver goods to the local businesses. This story has evolved from its humble beginnings as a service company to one that offers hundreds of products and services worldwide.
The atmosphere is instantly recognizable… Brown. The simple icon that says UPS on the side of the large brown delivery trucks says more than the name of the business. It says quick service by following the simple UPS routine. Drop off a package at one of their retail locations or call the company for a pickup. The routine is simple and straight forward. You can track the packages progress on the web and you know that it will get to its destination on time.
The one sentence key value that many people come away with is “fast and efficient.” This key value is what translates into word of mouth advertising and drives millions of customers to do business with them on a daily basis.
Five simple business concepts that define almost every business. Get them right and your business will flourish… miss the mark on one of them and risk mediocrity… miss more than one and risk extinction.
Up next: Telling Your Story