Apply These 5 W's In Your Business To Double Your opportunity to Success

I have a significant insight about the strategy of establishing any small business in different industries, and today I wanted to share it with you. The names have been changed to protect the innocent.

One of my friends had established a small company in XY city in Canada, his plan was to offer general cleaning and maintenance services which can compete other cleaning services companies in the market place.

After a one year he has finally come to realize there is just no way to make it work. It was heading in the wrong direction and start losing many customers. He and the business both broke, behind on his personal bills from funneling all his available cash into the business and receiving at least 3 -5 collection calls a day.

In the end of 2013, I met him in Canada and we started talking about many things that negatively impacted his business. He told me that he is not sure he can live with the guilt of simply walking away from this business that took a year to create. The shame of not being good enough or smart enough or prepared enough to make it stand out in competitive market.

I kept listening and listening without adding any comment until I raised my hand to stop him and asked him;

Me: Have you done any research or business plan before open this business? Have you applied five W's of marketing? I read from his eyes that I am asking about something doesn’t relating with his story!

Friend: I don’t know what do you mean by W’s marketing. We all do the same thing here when start small business. Everybody in the business has the same tools, the same skilled technicians and it has just turned into a battle over price, price, and price.

Me: So you have no distinguishing strategy, nothing that sets you apart?

Friend: No. which strategy you mean and what is the W’s? 

Me: Starting a business has its perks. However, there are some areas that you need to review, build a strategy before you hang an "Open" sign on your storefront, the best way to begin any business venture is research, plan, write it down and then act.

One of these strategies is Five W's: who, what, when, where, and why. 

Who? You need to understand your community – your clients, customers, and your potential customers – to succeed in your business. The better you know who they are, the better you can deliver value for them and the better you can serve businesses that want to connect with your customers or clients.

What? What makes you different? To people who might be interested in your service, or to businesses interested in connecting with your audience, you need to stand out from the crowd of alternatives. It is important to understand the details of the products you will market. What are you doing to distinguish your product from the competition? The more you seem like just another service technology or just another advertising vehicle, the less time, attention and money you will command.

When? Timeliness has economic value in any business. Creating deadlines and delivering the services on time is crucial to keeping yourself on track. Don't procrastinate! The business that can offer a services or product according to the scheduled time is on its way to success as it is considered valuable for consumers and businesses.

Where? Location is going to be increasingly important: you should figure out how location will (or won't) contribute to the success of the business. Will you work out of your home to start or will you lease office or shop?  Where will you be located and why is this good location for your business.

Why? You need to understand (and be able to explain) why someone would use your product or service and why a business would pay for any services you offer. You have to understand what Clayton Christensen calls the job that you are doing for a business or a user.

Whether you’re starting your first or your third business, expect to make mistakes and face some barriers. This is natural and so long as you learn from them, also beneficial. If you do not make mistakes, you do not learn what to do less of and equally, what to do more of.  I would say the great thing about owning your own business is that you get to decide what you want to do and what direction you want to grow in.

Before starting your own business, it’s important to take some time and reflect on what needs to be done to get a successful business off the ground. The planning stage is crucial, and will set the stage The Five W's of business for how efficiently your company operates. If the planning of your business is still in its infancy, finding your ‘Five Ws’ can be a good way to understand the basics of how your business will operate.