What limitations have you attached to your business?
I often speak with business owners, who have restricted the growth of their business because of limitations they have placed on themselves, often without knowing. Interestingly, in the majority of cases, these limitations are groundless. In other words, a lot of business owners are missing out on countless opportunities, needlessly!
For example, I spoke with a business coach last week, who currently limits herself to working with businesses that are based within a hundred miles or so of her physical address; even though she delivers her services remotely, via email, the phone / Skype etc. In other words, there’s no need for her to place that restriction on herself. As a result of this pointless, self-imposed limitation, she has placed a very low ceiling on the growth potential of her business.
I’m not suggesting for one second that business owners should just randomly offer every service they can possibly think of to everyone. I am simply saying that it’s crazy to ignore the benefits to your clients and yourself, of offering a more complete and valuable service, based on what makes good, commercial sense.
This reminds me of a software company I met a few years ago, which produced specialist software for the chemical industry. They had introduced a training package, aimed at helping users of their software, who wanted to get the absolute maximum from it. Within 18-months, they had created a new, six figure income stream for their business. They spotted the need and decided to do something about it, rather than say; “we’re not a training company!”
I think it’s a good idea from time to time, to take a fresh look at our business and check that we are not offering a range of services today, based on the way things were 6-months, 12-months or even a few years ago. Times change, and as they do, new opportunities and possibilities are unearthed. However, unless me move our thinking forward, it’s way too easy to miss all that great potential.
By the way, there are 32 questions here, which are designed to stimulate your mind and help you spot new opportunities to develop your business – Check them out!
I’d be interested to hear if you have developed new services or adapted your business in other ways, in response to changes you have spotted. Please share your feedback with a comment.
Photo: Qfamily
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Great post Jim! It’s easy to get “trapped” in the comfortable surroundings of “what you’ve always done”. Although it is important to remain focused on your core offering, you have to be aware of the industry around you. You’ve got to look for new opportunities and seize them (before your competitors do).
We’re a web hosting company, and used to avoid writing software as it isn’t our core offering. However, we found so many opportunities for software packages and add-ons that it would have been crazy to not do this ourselves. It was a good decision, and is something that fuels new growth year after year (even though it’s often a pain to write).
Rob Mangiafico´s last blog ..What a Toothpaste Dispenser Can Teach Us About Ecommerce Marketing
Jim, I love this post and Rob is right, people do get trapped — in this is the way it has always been. Both of the largest non-profits I worked for had that mentality to some extent. With me, I love innovation and strive to stretch into new ways of doing things — within reason, of course.
By focusing only on my business and using trusted advisors and mentors to guide me, I can make healthy changes and find new sources of revenue…
Thank you for the confirmation!
Julie Walraven | Resume Services´s last blog ..I Love My Clients #1
► Blowing the lid off your potential! http://bit.ly/dtwvWg ((Today's Blog Post))
Blowing the lid off your potential! http://bit.ly/dtwvWg [Jims Marketing Blog]
RT @jimconnolly: Blowing the lid off your potential! http://bit.ly/dtwvWg [Jims Marketing Blog]
I love it when current or prospective clients ask me if I [also] do “X”, and I get to answer, “Not yet, but let me see what I can figure out.”
I started my business in 2004 as “just” an audio producer, doing voiceover, song parodies and radio spots, but I’ve since adapted to include things like video production, cartoons & animation, and various social media services… A little extra work? Sure, at first, but my business has UNQUESTIONABLY grown as a result of finding solutions for my clients’ problems, and not pigeonholing myself into one fixed set of services.