Insights and Business Advice
Becoming a Nightmare Competitor
Your Nightmare Competitor is coming. What are you doing about it?
I recently undertook a masterclass with the co-author, Mat Lock, which has helped me to implement the ideas raised in my own business.
The starting point of business innovation using the nightmare competitor method is a 4 step process;
- Describe the customer of the currently established business
- Profile the business model of the established business
- Identify customers not served perfectly by the established business
- Create a business model that serves those under serviced clients.
As you will see the basis of creating your nightmare competitor is to have a client-centric focus. If you can see how you can challenge your own business model with a specific client base in mind, you can look at your current business standards and practices and then consider how you can challenge those standards.
A simple example from the accounting industry (and frankly many other professional services) is time based billing.
Most accountants charge by the hour. Your fees are determined by how long it takes your accountant to do your work x the hourly rate that your accountant charges. In effect this means that the more inefficient they are, the higher the cost to you. Many clients also complain that they hate the surprise invoice at the end of having their work done.
In order to take away this (very) reasonable complaint of our industry, we implemented up front pricing of our accounting work. From a clients perspective this means that they don't pay for our inefficiencies and there is no surprise bill at the end.
But what if we went one step further?
What if we introduced a monthly subscription-based accounting model?
Clients choose the services they want and they simply pay an all inclusive monthly subscription.
No surprises and no large hits to their bank account.
And then another step again.
What if your accountant could help you with bookkeeping, loans, legal needs, financial planning, all under the one roof?
Is the ship rocking yet?
As mentioned above, the starting point in applying this to your own business is to identify a customer group that is not perfectly served by your business model. What would a business look like that did perfectly serve these needs? Can you become this business?
How can you become your own nightmare competitor?
Take control; become the Nightmare.
Get ahead of tomorrow to achieve success and satisfaction. Contact Clifton Accountants now.