The ONE Question EVERY Business Needs to Answer

In this blog post, I'm going to take a look at the ONE question that EVERY business needs to answer. And it's not what you might think...

If your business is still in its infancy, then you may be wondering how much money it should make or whether or not it can even turn a profit. But these are questions that shouldn't concern you just yet.

"What problem am I solving?"  is THE question every business owner needs to ask themselves before they commit any more time, money and energy into their company.

If your product is solving a problem, then you have the opportunity to make money.  The problem must be relevant, relatable, specific and somewhat urgent in the mind of the prospective customer.

For example, if your company offers an app that makes it easier for people to schedule appointments with their doctors and dentists from anywhere in town, they will be solving problems of convenience for both patients and providers.

Another example: if someone buys a product because they need something that solves their transportation needs (ie., Uber), then another person might make a purchase because they need something that solves their time management needs (ie., Uber Eats).

If you aren't solving a problem, then your company will have a difficult time ever being profitable or sustaining success long-term because customers won't be willing to pay for problems that don't exist.

Now you might be thinking, what about the purchase of luxury goods?  What problem are they solving?  

The answer is simple: they are solving the problem of having something that others don't have.  The desire to live in abundance and affluence would be a good way to summarize this type of purchase. Using your disposable income to purchase a private plane, helicopter, yachts, luxury vehicles, investment properties, timepieces, designer handbags, and the like are all a matter of personal preference.

The point of this is that there has to be a problem in order for customers to buy from your company, and the nature of what they are buying will depend on how you solve it.  Your objective is to create an environment where their success can be achieved.

In order to do this, the first step is to ask the question  "What problem am I solving?"

If you've been struggling with this question and would like support, accountability and guidance, join the Women’s Circle of Joy.