Can you sell your business to prospective clients?

by | 5 Mar 2024

Understanding the WHAT / HOW / WHY of your Business

In my short time here in Broome, I’ve already had the opportunity to meet a number of local businesses and have been impressed by the innovation, creativity, and passion that people are bringing to grow both their personal aspirations and the products available to this vibrant community.

 

Each time I have met a new business owner I have asked the same question:

 

“Tell me about your business?”

 

In almost every instance, people have either struggled to find the right words, or given me a long-winded response detailing everything their business does.  How to describe your business is not something we often stop to think about, but being able to sell yourself in networking situations in just a matter of seconds is a vital skill.

 

There is a simple marketing technique that I find is critical to not only establishing clarity around a business pitch, but also for establishing the foundations for your business plan and marketing strategy. There are just three simple things you need to understand and be able to convey:

 

WHAT:                Your business does that makes it unique.

HOW:                  You achieve this.

WHY:                   You do what you do.

 

 

The WHAT:

Whether you are a new-to-market product or are operating in highly competitive business sectors, being able to set yourself apart from the competition is vital. It establishes your point of difference and gives people a reason to consider your product. As such, your ‘what’ needs to highlight what makes you special. An example of the “what” for a mythical restaurant in Broome called Above the Tropic could be as follows:

 

  • I run a fine-dining restaurant in Broome called Above the Tropic, that only uses seasonal local produce.

 

In both networking and marketing situations, the ‘what’ is how you introduce your business, so it should capture peoples’ attention, highlight your speciality or point of difference, and most importantly, it should make people want to know more.

 

The HOW:

This is your opportunity to explain a little more about how you achieve the unique aspects of your business.

 

  • We work with the Kimberley’s finest producers to deliver menus that change seasonally and showcase the Kimberley’s unique products in a quality dining experience.

 

The WHY:

This is your chance to share your personal motivations for being in this business. Emotional connectivity is a critical factor in many business partnerships and ventures, so sharing a bit about your reasons for doing what you do gives people a valuable insight into who you are.

 

  • Because we want to share our passion for this region’s produce with our customers to give them a high quality and truly unique Kimberley dining experience.

 

 

When combined, your WHAT / HOW / WHY forms the foundation of a capability statement for your business:

 

“Above the Tropic” is a fine dining restaurant in Broome that only uses quality and seasonal local produce. We achieve this by working with the Kimberley’s finest producers to deliver menus that change seasonally and showcase our unique products in a fine dining setting. Our aim is to share our passion for this region’s food with you, our customer, to give you a truly unique Kimberley dining experience.

 

Understanding how to communicate your business effectively in this manner provides you with clarity about what you are trying to achieve, which is critical in developing both your business and marketing plans.

 

It is also a valuable resource for you to recount when networking at your next Broome CCI event.

 

If you want support with developing a WHAT / HOW / WHY for your business, or with any other business matters, contact me, (Scott Ballem) at the Broome Chamber at adviser@broomechamber.com.au, to take advantage of our free business advisory services.