Why is it important to identify your biggest bottleneck in the business? Because the biggest bottleneck should be your priority to fix, to get the biggest boost to your business at that point in time. Once you remove that bottleneck, then you can move onto the next to smoothen your operational issues. This week, I acted on this advice from Nathan Barry’s interview with Ali Abdaal.
At any stage of your business, you will have different bottlenecks. It could be marketing, assuming you already have a brilliant product. In my case, it is increasing email subscription as per my earlier blog on 8 things in the life of a 2-month old blogger.
How am I going to do this?
I’m going to create an amazing freebie to incentivise my email subscribtions. Increasing my email subscribers achieves 2 things for my business strategy. First, it increases my target audience who are able to feedback on their problems that I can help solve. This feedback loop can perpetuate into my future products and make my audience sticky to my content. Second, it increases revenue from future products that are customized to their needs.
1. Excitement and positivity
Last Monday, I decided I would work on a product. I gave myself till end September for the final product launch. As I was working my full time job the whole week, I was looking forward to the weekend when I would be coming up with the product, my first product! The thought of the plan gave me so much excitement and hope and positivity that I thought it was worth noting down. Today is Sunday night, and I have spent about 6 hours across Saturday and Sunday to come up with the first draft in paper form. My plan is to create a digital pdf version. I started with a page in my journal, then 2 pages, then onto a bigger piece of paper which became 3 pieces and finally I combined all into 3 x B4 drawing block papers 😁
2. Rethinking my business strategy
Spending the last 2 days working through 4 iterations of my product made me rethink my business strategy, if this still makes sense. The act stopped me from getting lost in my own idea. I thought of the target population to try the product out with, people that I know that might find value in the product. I jotted down 8 friends and family members that I would test out the product with. This is an important part of any new business idea – test out the product on your target customer base!
3. Opportunity to get feedback
Through the testing out, I could get feedback. Incorporating feedback would make the product only stronger given I would have more than 1 person’s perspective on the value of the product.
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