Heard those words before? Well it applies to entrepreneurship too.
Keeping things simple may be very difficult to do when you're in the midst of the "fog of business", but it's something we should all strive to achieve.
The 4 P's include finding the customer's point of pain, have a passion for your business, perform like you promise, and price equal or lower than the competition.
These should be the bywords for every small business in today's very competitive marketplace.
Here they are: 1.
Pain Point: Find your customer's point of pain.
What does she need to make her business and life easier? A friend of mine actually asked a potential customer what pained him in business.
What does he need to compete and succeed? How novel! The thought of asking this question to a current customer or potential client rarely comes into play for entrepreneurs.
But it should.
When you can find that point of pain and solve a problem, both you AND your customer benefit.
A partnership is formed and more products can be developed out of the process.
Passion: Many small business owners have a passion for what they do.
However, that passion can dissipate over a period of time.
After a while it recedes into owners actually hating their businesses.
When the passion is gone, the company may be gone too.
Find a way to keep the passion 24 hours per day, 7 days a week.
Take vacations, get a good mentor, and don't try to do everything yourself.
A good walk on the beach and some sage advice can keep those juices flowing.
Performance: In today's fast paced small business world, performance is part of your brand.
If you perform well in all aspects of the business, keep your promises, and make a better product, you will be successful.
If your product is "subpar" and delivery is continually late, forget it.
The business is doomed.
Price: Your pricing should be equivalent or less than the competition.
It's not easy to do, but design the products to be better than the rest, and delivered at a lower price.
Innovate! Find that point of pain, have a passion for your business every day, perform well, and price everything right.
Those are the 4 P's.
Then remind yourself that if you abide by these, you will be successful.