How often do you think of new products or services for your business?
If you are an entrepreneur like me, you are constantly brainstorming new IDEAS. You write them down on paper, put them in a Google Doc, or better yet, jot them down on a napkin in desperation to get the idea down on paper before you forget!
What would happen if you were to pursue EVERY IDEA? You would probably be overwhelmed and exhausted all the time. Some ideas are not worth pursuing, but how do you know whether or not to act?
The first question you should ask is, “Does this product or service solve my clients’ biggest problems?” After all, this is what your business is all about. Next, you should ask, “Does it solve my clients\’ problems without including me in every conversation?” Try to create a way for your clients to move forward without needing you to be present every step of the way. This will enable you to really scale your business in the future.
Here are three more questions to ask yourself BEFORE you roll up your sleeves and build a new offering:
- Is this new offering aligned with your CORE IDEA? Whether you are just starting out or you have a successful, growing business, clarifying the core solution you bring to the market and staying aligned with it is critical to growing a scalable business. All of your products and services should support the core idea of your business.
- Is this product or service competing with something you already have? How many times have we set out to create new offerings that cancel out the work we have done in the past? We set out to offer a new product or service that is very SIMILAR to something we created before and yet we decide to start from zero every time.
- Will this product or service contribute to sales for other products or services? I speak a lot about this when I teach about scalable business models. Each product or service you offer needs to be strategically positioned, like stepping-stones, to service your client’s next need. Whether it is an entry-level product or service (low investment, easy to commit to) or a higher ticket offering, your clients will likely start at the bottom and work their way up. However you design your product offering, make sure that each one fits with the others like a well-planned puzzle.
As an entrepreneur, creativity is one of your strongest traits. Do not let it be your weakness by following every spark of inspiration. Some ideas will only create more noise or make you lose focus from the overall growth of your business. Remember, you are building a business, not just a bunch of products and services that you are trying to sell. Create a strategy and stick to it!
You can also check out the Clarity First eBook. It can help you become clear on where your focus needs to be in your business right now.
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Dolores Hirschmann is an internationally recognized strategist, clarity coach, TEDx organizer, speaker, and author. She has over 20 years of experience helping entrepreneurs and organizations realize their potential by clarifying their “idea worth sharing.”