Developing an effective business strategy is vital for growth and achieving ambitious goals. The "1 Million Dollar Problem" worksheet guides you in honing in on key facets of your business and your audience. It can assist in understanding your value proposition, recognizing your unfair advantage, and crafting a compelling message. By identifying the central problem your business resolves that could command a theoretical investment of a million dollars, you clarify your vision and ensure that all efforts align towards that goal. Remember, this isn't necessarily about generating $1M in revenue, but about understanding the magnitude of the problem you're solving, or the value your solution adds to the business.
This one-page strategy canvas contains the following sections:
Understand what your customers truly desire or require. This could be based on market research, customer feedback, or your understanding of the market.
Often, what you're selling isn't just a product or service - it's an experience, a solution, or a status symbol. Identify what you really provide to your customers.
List the typical objections or hesitations that prospects may have towards your offering, so you can address these in your messaging and strategy.
Specify the key performance indicators (KPIs) or other metrics you'll use to gauge the success of your strategy.