By that, I mean what is the strategic advantage in your business, the thing that makes your business unique from others? Is it cost, or is it differentiation? By differentiation, I mean being different for service, unique products, ideas or value. Many business owners know their secret sauce; it’s in their head; that’s what they do every day.
When you visit some business, it is self-evident, and it’s very prevalent and immersive. The secret sauce oozes out of the way the company operates, the staff interact and how the business trades.
In other businesses, you’re not quite sure if it’s secret sauce; or if it’s diluted like water mixed up with some colouring. Ultimately those businesses seem to sit about the middle.
For example, when I was in the US, and I visited a Walmart store, it was quite clear. As soon as I put my foot in the door, you were going to get something that was cheap. They owned the secret source of cost; they owned the space. There was no illusion in the stores’ layout, the way the staff operated, yes; they were friendly, but not boutique. It was quite clear this was a discount operation and you are going to get a discount product.
So back to your business, what is your secret sauce? More importantly, do your team understand that? Do your customers? Like all great secret sauce recipes, what are you doing to develop and enhance that recipe? Are you looking at better ways of improving it? Are you presenting it with enhanced training for your team? Are you looking at new products and services you can add to your current customer offering? What is the next thing you can look at improving? Once you have the sacred secret source formula, how do you take it to the next level?
The secret sauce is a key part of business strategy. The secret sauce sets you apart from other businesses in the marketplace. Once you have that clear in your mind and a plan to make it better and enhance it and refine it, then the rest of it falls into place.
Need help developing your business recipe for your secret sauce don’t hesitate to contact us.