20 per cent VAT 2012 budget 50% return accountancy accountancy fees accountancy services accountant accountant B accountants accounting for dividends accounting records accounting software accounts accounts software administration annuity annuity rates Autumn statement avoid inheritance tax avoidance of tax avoiding inheritance tax bank lending basic personal allowance BCC big picture book keeping Bribery Act British Chamber of Commerce BS7858 budget budget 2011 Budget 2012 budgeting business business accounts online business advice business cash management business confidence business continuity business continuity management business continuity plans business cost management business efficiency business exit business exit planning business finance business friendly business funding business goals business growth business investment business loan business management business owners business performance business plan business planning business record keeping business records business sale business success business succession planning business survival business tax planning business tips bwe based account cash flow Cash flow forecast cash is king cash management Cash-based accounting cashflow chancellor chartered accountant chartered accountant Birmingham chartered accountants chartered financial planner chartered financial planner Birmin child savings children’s savings choosing an accountant client entertaining Cloud accounting Company Tax returns compliance industry contractors IR35 corporartion tax Corporation tax credit control credit control procedure cyber attack cyber crime cyber insurance cyber security cyber threats data security data security. IT security debt collection debt recovery despite some of the bad press over recent years director’s loan account directors loan directors pensions Directors’ loan account dividends doubl Dragon’s Den dragons den Economic expansion EIS email security employee data security Enterprise Investment Scheme enterprise zones entrepreneur Entrepreneur’s relief entrepreneurs entrepreneurs relief ethical hacker Everyone needs to finance their retirement and exit planning finance finance management financial advisor financial difficulty financial forecasts financial freedom financial goals Financial management financial plan financial planner financial planning financial planning checklist financial planning tips financial wellbeing FSTE 100 FTSE100 fund manager gifts global markets growth growth finance HMRC HMRC enquiries HMRC enquiry HMRC IR35 guidance HMRC tax enquiries HMRC tax enquiry home loans how to manage time ICAEW IHT income tax income tax r income tax relief income tax return independent financial advisor information security information security management inheritance tax inheritance tax planning insolvency Institute of Chartered Accountants investing Investment investment advice investment diversity investment in marketing investment management investment options investment philosophy investment planning investment portfolio investment risk investment strategies investment volatility investments investors IR35 ISO 27001 ISO 27001 benchmark ISO 27001 consultants ISO22301 ISO27001 IT security Jimmy Carr jobs keeping the books key perfirmance indicators key performance indicators KPIs kpi's late payment penalties late payment penalty fines late payments legal tax strategy management information management meetings management standards managing data security marketing investment miscalculated tax motivating staff national lottery new years resolution online accountancy online accountancy software online accounting on-line accounting online accounting software online accounts online tax return online VAT return outsourced accountancy outsourcing outsourcing accounts overtrading owner managers Parker Management Consultants partnership agreements passwords Pay off mortgage PAYE paying a dividend Payroll penetration testing pension pension contribution pension contributions pension fund Pension funds pension investment pension investment strategy pension scheme pensions pensions forecast per personal allowance trap Personal financial plan personal financial planning personal guarantees personal pension personal pensions personal tax return plumbers tax safe plan pre pack administration private pension profitable business sale R & D tax credits R&D tax credits recession red tape reduce tax remote working report on economy research and development tax credits retirement retirement planning risk risk return safest passwords Saga sareholder protection cover security of websites Seed Enterprise Investment Scheme SEIS selecting an accountant Self assessment self assessment tax return self invested personal pension selling my business selling your company shareholder agreements shareholder protection SIPP SIPPS small business small business owners small business tax small businesses small firms SME SME business management SME marketing SME tax planning SMEs social media policy SSAS start up start-up stock market succession planning tax accountant tax affairs tax avoidance tax breaks tax charges tax code tax disclosure tax enquiries tax enquiry tax evasion tax investigation tax investigations tax liability tax man tax mitigation strategies Tax planning tax planning advice tax planning schemes tax reduction tax reform tax relief Tax return tax saving tax saving strategies tax savings tax strategies Tax tribunals taxation tax-break time management time management skills top rate of tax tough times UK Bribery Act UK economy VAT increase vat return VAT rise VAT submission web based acc website security when to pay a dividend work-life balance Xero Xero accountancy software Xero accountants xero accounting xero accounts Xero accounts service

How Martin Luther King’s ‘dream’ provided differentiation

Add to: Digg Add to: Del.icio.us Add to: Facebook Add to: Furl Add to: Google Add to: Live Spaces Add to: MySpace Add to: StumbleUpon Add to: Twitter
Friday July 19, 2013 at 2:37pm
Martin Luther King was not the only civil rights leader in America in the 1960’s however he was the one that everyone followed. Some of his success was down to having a belief or dream that others also held. It’s hardly inspiring to passionately pronounce “I have a plan”. People were motivated to act because they also believed his dream.

Most organisations and their employees know what the company does; some will even know how it does it in a way to win business from their competitors. In other words they may understand some of the core differentiators in the business, such as having a good relationship with customers, superior intellectual property or a strong brand. However, few people know why the organisation does what it does. They don’t understand the purpose of the business, what they are passionate about, what gets employees out of bed every morning.

To understand the importance of passion, and understanding why you and your firm do what you do, consider the following quote. “If you hire people just because they can do a job they’ll work for you for money. But if you hire people who believe what you believe, they’ll work for you with blood sweat and tears.” (Simon Sinek, Start With Why).

To get passion, buy in and action from your employees and your customers, both have to understand WHY you do what you do. What is your purpose? Incidentally the purpose or the WHY is not to make a profit, this is simply the outcome if things go well.

A good example of the concept “people don’t buy what you do, they buy why you do it” can be seen with Apple. As Simon Sinek says consider a circle with WHY at its centre, then WHAT as the middle ring and HOW as the outer ring. Most firms describe their product or service in terms of WHAT and then possibly HOW but rarely address WHY.

Now if Apple did what everyone else does their marketing would say something like What we do is make great computers. How we do this is by designing them really well, do you want to buy one?

However, what Apple actually say is “In everything we do we believe in challenging the status quo and thinking differently (WHY). We do this by making beautifully designed products (HOW). We happen to make great computers (WHAT).”

If you only sell your product or service to people who buy what you do then ultimately you will be seen as a commodity and easily compared to the competition. This ultimately leads to your customers buying your service on price as there are plenty of others who do what you do. You may think that how you do your stuff is a great differentiator but customers will either not care or simply assume the competition do something similar. The only real differentiator is to express WHY you do what you do and you will then sell to people who want your product for why you do it, not what you do.

For example, as Financial Advisors we think we are different and do challenge the status quo in terms of what our competitors do. So why do we do what we do? The answer is because we believe our clients worry about money and want peace of mind over their finances. They want certainty that they will not run out of money in their lifetime. They want to know what they can afford and how they can afford it. They want to know their money is safe that their affairs are tax efficient. Ultimately they want more time, more financial freedom and more life. This is why we run our business and it is also the reason people trust us to advise them.

Andy Parker
Financial Advisor and Chartered Financial Planner

Comments on this post:

There aren't any comments for this post yet. Why not be the first to comment?

Share your experiences:

Your Name  
(to appear with your comment)
Email Address  
(will not be published)
Comments:  
Human Validation Check  
In the box below, please type the characters that you see in the picture. This helps us to ensure a real person (and not a crafty computer!) is submitting this form.

Enter the code shown to the left:

Parker Chartered Accountants and Financial Advisors is the trading name for Parker Business Development Ltd (Registered No. 4116664), Parker Tax and Trust Ltd (Registered No. 06950353) and Parker Financial Planning LLP (Registered No. OC347027). Parker Financial Planning LLP is authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales – registered office contact details here