There’s nothing better than watching your business grow and succeed. You put your heart and soul into making this idea a reality, and you will do everything in your power to make sure that it flourishes. But what if your business isn’t doing as well as it could? What if you’re struggling to make ends meet? Well then, it’s time to put your business model under the microscope. You start with the easier fixes first: Website and online image, customer service, packaging, branding, and even outsourcing. But if none of these are helping to boost your growth, then it could be something more serious. It could be that the reason that your business isn’t progressing is that you are hindering it. You could need to diversify or specify in order to keep moving forward. Below is a brief guide to what these things are and how to know which your business could benefit from.
Diversification
Imagine your job is to repair boilers; if anyone needs their boiler serviced, repaired, or replaced, they call you. Someone calls you up and says that their boiler has broken down, can you come and fix it? You tell them that you can, but only if it’s a Worcester Bosch Boiler, as these are the only boilers you deal with. How much business do you think you would get? Probably not a lot. The pitfall here is that you have taken a valuable service, like repairing a boiler and become too niche with it. You need to diversify your service. Analyse your business and ask yourself if you are offering something that is too niche to be a valuable service. A company that rents out earthmoving and construction equipment also has great crane mat rental options. A coffee shop doesn’t just sell coffee; it also sells sandwiches and cakes. What other products or services could you offer that meets the needs of your customers when they come to you?
Specificity
On the other end of the spectrum is the need to introduce a little specificity to your business model. Let’s go back to the broken boiler analogy, but this time you are the one in need of a boiler engineer. Do you search for the trained repairman, or do you ask a general handyman to come around instead? Obviously, the trained repairman is the clear choice. Someone who advertises themselves as an electrician, plumber, gas-fitter, roofer, and decorator, is not someone you would trust to deal with the highly-skilled labour associated with boiler repair. The phrase ‘jack of all trades, master of none’ springs to mind. Ask yourself if your business if offering too much. The first thing the celebrity chef does when helping out the struggling restaurant is to simplify the menu. It is better to do a few things very well than it is to do many things not so well. Be honest with yourself about whether you can offer a good service or level of product knowledge with what you have on offer.
Hopefully, this has helped you to understand about the ramifications that lack of specificity, or diversity, in your products or services could have on your business. Be honest with yourself and soon you will realise what it is that has been holding back your business growth.
The post Diversification or Specificity: Could Your Business Be Missing Out? appeared first on Amazing Life Daily.