In this time of new goals and exciting product development, how are we doing at our core services? Successful companies may diversify but ALL growing companies are really great at one specific service or product.
With new projects and exciting ideas flowing through all that strategic planning you have been focusing on for your company, we must remember to always be working on building our pipelines and delivering on the promise of our core offering. At best, new products or services can enhance our revenue from our regular services. But there is a worst case to consider. Our new products and services may not be accepted by our market and existing clients. Consider that anytime something new is being introduced you run the risk of losing momentum in an established deliverable.
I have been talking a lot lately about how to simplify your packaging and prices so that we can make it easier for our prospects to buy from us. This also supports my general theory for growth within a company. To have truly sustainable growth we must be brilliant at one thing!
Yes. Yes, you do LOTS of different tasks for your clients but, really, isn’t the core of your business one thing? Hair salons may sell products, offer eyebrow waxing and read your tarot cards BUT they must be brilliant at their One Thing…hair services.
Maybe you are a financial solutions company. You offer forecasting, budgets, valuations and CFO services BUT you MUST be brilliant at your accounting services. One Thing = accounting. This allows growth of your already excellent reputation and the opportunity to expand services with each client.
Like the suggestions in Gary Keller’s book, The One Thing, focusing on a single core offering can lead to success thus making business easier. People are attracted to this concept because it allows for focus when so much of what we deal with as a business owner gets overwhelming. Taking this practice and coming back to focus on supporting your core offering let’s a company continue to improve and grow to be brilliant at that offering.
You will know you are ready for the shiny new ideas when it is EASY to understand how to fit the development and launch onto your plate. Ok…maybe not always EASY. Schedule the time to allow for dedicated development, research and implementation OUTSIDE of the needed support for the core offering. If we have our processes and personnel able to offer AND deliver upon our brilliant one thing, then it may be time to look to our new and exciting shiny ideas.
New programs and products can help diversify companies. This can be good to allow for a larger investment per client, lower your risk of low cash flow cycles, growing market shares and creating profit margin growth. However, their development and energy can take your eye off the ball. Making sure that your One Thing is covered and successful before starting the next inventive project IS taking care of business!
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Talmar It Up is an operations and management firm that was founded by Talmar Anderson. Working with business owners and corporate teams, Talmar It Up works to bridge the gaps in business education and management experience. Whether working on projects to build teams or one on one through monthly consulting to grow businesses, Talmar Anderson uses energy and enthusiasm every step of the way. Got more questions? Jump over to www.TalmarItUp.com!