What we’re covering today is your “X Factor”. This is a unique quality that your business has that makes you stand out from your competition.
It’s what brings your clients back again and again. It’s what keeps them loyal. It’s what makes them never even consider working with the competition.
Your X Factor could be simply how you deliver your services or the speed with which you deliver your services. Maybe it’s a proprietary technology that you’ve developed or some intellectual property that no one else has. It’s something that really makes you stand out and makes you really valuable for your target market.
Why is it important to have an X Factor?
- Stand out from your competition
You’re not going to get shopped on price or lumped in with everybody else.
And you’re going to be seen as unique and desirable which means you can actually charge a premium for your products or services.
- When it comes to the valuation at the time of the business’ sale, a buyer is going to
want to see that it’s differentiated from competitors
As well, that the business is clearly valued and respected in the marketplace, and has better cash flow and profitability than all the other competitors.
This week, give some thought to what the X Factor is in your business.
What is that amazing quality that you have that maybe you’re taking for granted? You might be overlooking what your customers continue to come back to you for. Consider doing a customer survey to find out what your clients truly value about working with you.
Connect with me here on LinkedIn, and see you next time in episode three of our business value growth series!
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