How much time do you spend developing your products and services?

May 17, 2012

When you start a business, it can feel a little daunting.  Your friends and family may be scared for you, nervous that you won’t find the work.  After a while though, you realise that the real problem isn’t finding the work.  With some sales and marketing training and a bit of help, a business can rapidly grow.  The real problem is not finding the work, it’s choosing which work to do.

Whatever industry or business sector you are in, there are countless opportunities for you to grow your business.  The question is – which one will you take, or more importantly – which one will you turn down.

Have you ever launched a product or service without taking care of your existing products or services?  It’s easily done.  Your customer has a need, you want to fulfil that need so you offer them a solution.  Your solution may be not be 100% systemised in your business but you know you can do it.  Continue to do this with more customers and suddenly your product/service line goes from 10 – 100.  But have you spent the time and effort perfecting the products and services that you have already?  Are they fool proof, fully systemised, are the team trained up on them?  Can more than one person in the team offer the product or service?  Or is it dependent on one individual?

Nobody wants to ever turn down work or turn down an opportunity for new business.  However, if your service/product offering becomes so large, the quality can suffer and your promise to the customer can become diluted.  Analyse the most successful customers and it is often the case that there is real focus in one area rather than a broad product/service offering.

The trick is to pick that part of your business that you believe is where the growth is going to come from.  Growth could come from any part, but there is often one thing you do that potentially could be massive for you if you become focussed on it and developed it into something great.

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