Is your busi­ness a pur­ple cow?

Finweek English Edition - - MONEY CLINIC -

WE ARE ALL FA­MIL­IAR with the story of Jack and the Beanstalk: one morn­ing Jack woke up and found that he and his mother had no money. So his mother sent him to town to sell their one and only Af­ter a long day, he re­turned home with only a few beans to show for his ef­forts.

I am con­vinced that Jack would have been in a much bet­ter po­si­tion if he had a

He never would have had to climb the beanstalk to find his for­tune in the first place. It would have been right there in front of him and he would have re­ceived a king’s ran­som for his pur­ple cow. Why a you might ask? Well, this is the story of the pur­ple cow: Seth Godin, one of the great mar­ket­ing gu­rus of the 21st cen­tury, came up with the idea when he trav­elled through France a few years ago. When Seth saw the first lot of cows stand­ing next to the road, he thought them very in­ter­est­ing. How­ever, with so many cows next to the road this pic­ture soon be­came bor­ing and he did not no­tice the cows any­more.

Based on this ex­pe­ri­ence Seth thought to him­self that a pur­ple cow next to the road would surely make a dif­fer­ence and one would no­tice that! In the book that fol­lowed (

Godin says that the key to suc­cess is to find a way to stand out – “to be the pur­ple cow in a field of mono­chrome Hol­steins”.

In other words, if one re­lates this story to the busi­ness en­vi­ron­ment, the essence of the pur­ple cow is that it is re­mark­able. It is worth talk­ing about and worth pay­ing at­ten­tion to. Busi­nesses that are re­mark­able are ex­tra­or­di­nary and known for their ex­cel­lence. Con­versely, if your of­fer­ing is good, but not re­mark­able, your busi­ness is ac­tu­ally in­vis­i­ble (a brown cow) – no mat­ter how much ef­fort you have in­vested in de­liv­er­ing a good prod­uct or ser­vice.

So, what can in­de­pen­dent fi­nan­cial ad­vis­ers do to cre­ate a busi­ness that is re­mark­able?

Un­for­tu­nately there is no win­ning for­mula to cre­ate a re­mark­able busi­ness. Based on the re­cent study I con­ducted among in­de­pen­dent fi­nan­cial ad­vis­ers in Jo­han­nes­burg, how­ever, I sug­gest the fol­low­ing guide­lines to as­sist in mak­ing an ad­viser busi­ness more no­table:

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.