Discover Lucrative Opportunities Hidden in Your Business
I often uncover tremendous opportunities just “lying around” in otherwise successful enterprises. They may be something small like a simple change in a pricing model that results in much higher profits with little additional cost, or it may be a whole new strategic direction that had never been considered but for which they were well suited for.
Case Study #1
An HVAC company was suffering from commoditization and found themselves mired in competition and price wars. I encouraged them to increase the value of their offerings, expand their product line some, and sharply hone their message to more appropriate customers.
They added “whole house” generators to their product line because, well, what good is a brand new AC system if the power goes out? I came up with this idea when doing a little research about their air conditioner manufacturers. It turned out a sister company of one of them actually manufactured whole house generators! We contacted them, negotiated a deal where we’d flagship both brands in exchange for special pricing. A very profitable opportunity hidden right in plain sight.
I also steered them to the often under-marketed area of Indoor Air Quality. We did our homework and selected the most beneficial products to bring to market. Not only did this create a high value (and high profit) upsell for customers interested in new AC systems, it also created an ideal new product line to market to all his existing customers.
In a few short months of aggressive action, his average sale went from less than $5000 to just shy of $10,000.
Case Study #2
The owner of a pre-paid cell phone service business lamented his less than ideal location and poor foot traffic. The location was a commercial business park where retail traffic was practically non-existent. However, his offerings were very appealing. The brands he sold under were re-sellers of the Big 3 networks (so coverage was excellent), there were no contracts or hidden fees, the prices were much lower than the competition, and he had a convenient BYOP (Bring Your Own Phone) option – a rarity at the time.
I suggested he market directly to his own “back yard” – the many businesses in the area that had multiple phones tied to one account. We put together an aggressive marketing plan that highlighted the many benefits of his services:
Demonstrably lower costs
No need to purchase costly new phones (though many did)
And the biggest one: Local, friendly, personal customer service
It was a huge success and changed the direction of his business. A tremendous opportunity hidden right in the back yard.
Do Your Systems Discourage Innovation?
I could cite dozens more examples. The point is this: there is a flip-side to the coin of systemizing your operations – it can actually discourage innovation. Don’t get me wrong, I’m not suggesting you stop developing efficient systems and processes. I’m a maverick, not a moron. However, I am suggesting that once a rigid system is in place, it can be difficult to recognize opportunities for improvement because the status quo rules the day.
The solution? Systemize innovation itself! I’m sure we’ll uncover many ways we can improve and grow your business if we work together. But the real value is in institutionalizing the innovation process so it becomes part of the daily operations.
You Don’t Need A Big Breakthrough, Just a Series of Small Ones
Innovation sometimes comes in the form of big breakthroughs, but more often it comes in incremental improvements that accrue over time. Remember the “1% Solution”? If you improve by 1% every day, in 70 days you’re twice as good!
As I’ve stated before, I don’t approach clients as if they’re broken and need fixing. Rather, I approach with experience, insight, best practices, fresh perspective, and innovations from other businesses that could work wonders for you as well.
Let’s get together and take a hard look at your operation. You might be surprised at what treasures we may uncover.