How are you building your business?
There are really only two ways to go about it.
1.) Selling a product or service
The first way to build a business is to create a product or service which you believe has great value. You then go out to the market and look for as many people as possible to buy that product or service.
Relying on a product or service to serve your needs is by far the most common way businesses get built. And it works! At least for a while. It works until a better product comes along, until a cheaper service comes along, or until the product or service you offer is no longer relevant. (Bye bye, Blockbuster.)
Once any of these three things happens, you’ll be on the hunt for a different product or service to sell. And maybe even a new audience to sell it to. (Hello, Netflix!)
Until that product or service also becomes irrelevant. (Virtual reality?)
2.) Serving a community
The second, and by far the healthiest, way to build a business is one based on your service to a community.
Your community refers to your ideal client. This community could be defined by industry, geography, size, buying style, philosophy, or any number of other criteria. But regardless of the community's characteristics, it must be a collective group for which you have a genuine desire to help become more successful.
As a specific example, the community we serve at Raffa Financial is businesses who value their employees, are vested in their physical and financial wellness, and want a high quality employee benefits strategy to attract and retain the best and brightest talent.
This is the community we serve, and we will run through walls for them.
Businesses built on this model identify the community they want to serve, then go out and have intense, in-depth conversations with the members of that community. The goal of these conversations is to uncover what that community needs to become more successful.
With a thorough understanding of needs, a serve-the-community organization then builds its business based on meeting the those needs by helping clients do more, be more, and accomplish more. But it doesn’t stop there. The powerful, in-depth conversations continue, allowing more needs to be uncovered, identified, and fulfilled.
Over time, these relationships go way beyond a typical business association, and before you know it, clients become indistinguishable from friends.
Which kind of company are you?
Are you running around chasing products, services, and random buyers?
Or is your business focused on service to a community of people?
- Does that community include your customers and your employees?
- Are you dedicated to finding out what they need and delivering it to them?
- Do you have long-standing, solid relationships with clients and colleagues who you call friends?
One last question: When it comes down to it, isn’t this the kind of business you want to work with as well?
Yep. Us too.
Is your benefits broker also a compliance consultant? What about a trusted business partner? Are you confident your policies and processes are doing what they need to ensure that your company, your employees, and your community are all healthy and productive? Get in touch with Raffa to find out what working with a true employee benefits consultant feels like.
Photo by Roman Fedin