Thursday, September 24, 2020

How much can you carry?

Do less. Make more.

Think about doing less by reviewing your product portfolio offering. What do you offer to whom? List them all down. Now ask yourself, which one do you sell best. Which ones you will never part with. Which ones just drag you down. Most business people need a time like this put aside to do spring cleaning. Free up some space within your operations.

Behind most business peoples’ minds is a secret fantasy to be all things to everyone. Business growth necessitates that option to be on the table. It’s probably the easiest option to be put on the table anyway. Just add. We are expanding. We are getting into new markets. We are leveraging our strengths. There are synergies to be optimized within the group. We have all heard those mantras before.

My paternal grandfather probably had those in mind too. Except, he didn’t articulate it that way. He ran a sundry shop that sold everything to everyone in the neighbourhood. Years after he wound down his business and many years after he passed on, we still found things in the attic that he used to sell. Nothing wrong with trying to emulate the wise businessman that my granddad was. But there are other ways. You know that already. We are just giving you a friendly nudge.

There is only so much a consumer or a consumer group will buy from you. Think through this carefully. What do you sell them? Why would they buy it? Why would they buy more from you? 

It’s counter-intuitive for most business people. It’s ok to let some other people make the money. Focus on what you are good at. You can be the upgrade or downgrade. Do your best in not being an all grade. You may end up with a no grade.

Who are you selling it to?