Christmas fete season is coming, which means somewhere a panel of slightly nervous adults is about to be pitched to by ten-year-olds.
Last year I was on one.
Year 6 at my daughter's school run their own fete stalls, but first they have to win them. Each group pitches to a panel of strangers, Dragons' Den style. They have to explain what their stall costs, where the profit comes from, and why theirs is the one people will queue for.
They were brilliant. One group pitched DIY lava lamps, which were very cool and slightly alarming. Another had me firing a Nerf gun at a sock pegged to a washing line.
What stayed with me wasn't the stalls. It was the questions. Every ten-year-old in that room had to answer them out loud. Most owners I work with haven't answered them in years.
The Year 6 test
Here are the panel's questions, pointed at your business:
What does it cost to run, honestly? Including you. Your hours, your evenings, the salary you don't take.
Where does the profit actually come from? Which product, which client, which hour of your week. Not "across the business".
Why would anyone choose you over the stall next door? In one sentence, without using the word "quality".
If it goes wrong on the day, what's the plan? And does that plan work if you're not there?
If you can answer all four inside a minute, you're ahead of most owners.
If you can't, the good news is that it's the cheapest audit you'll ever run. The bad news is that a ten-year-old would have found you out.
Hit reply and tell me which question tripped you up. My guess is number two.
Claire
P.S. If you're coming to Business Club on Friday, bring your answers. It's the best room I know for testing them.
