Occasionally, I talk with a business owner who struggles to clearly and simply state what their business does, its unique value proposition, and the concrete benefits of its products or services. This brings to mind an Albert Einstein's quote: "If you can't explain it to a six year old, you don't understand it yourself.”
While some people may think, "that's ridiculous - of course a business owner understands their own products or services - if they didn't how would they succeed in business?" Yet, I find that some of the business owners I talk with may have a strong understanding of the features of their products or services, but may struggle to simply and clearly articulate the benefits that a customer derives - and perhaps if they did a better job of this their business may have been even more successful.
Your business broker or investment banker will need a clear understanding of your product and service offerings, and why they are relevant to customers. If you can't explain this to your business broker in a way that a six-year old can understand, there's a lower probability that your business broker will clearly understand it and be able to communicate it to buyers.
While some people may think, "that's ridiculous - of course a business owner understands their own products or services - if they didn't how would they succeed in business?" Yet, I find that some of the business owners I talk with may have a strong understanding of the features of their products or services, but may struggle to simply and clearly articulate the benefits that a customer derives - and perhaps if they did a better job of this their business may have been even more successful.
Your business broker or investment banker will need a clear understanding of your product and service offerings, and why they are relevant to customers. If you can't explain this to your business broker in a way that a six-year old can understand, there's a lower probability that your business broker will clearly understand it and be able to communicate it to buyers.
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