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Focus on Your Core Services for Best Results

Why being the jack-of-all-trades leads to being the master of none.

By Lester Salvatierra, Area Director -- BNI Ventura County, CA

A business college professor drilled into us that we should always “narrow our focus and stick to it”.

It made sense at the time, like so many other guidelines I was taught in business school. But recently this remark resonated in a fresh way. Talking with my business colleagues, from a variety of careers in health insurance, financial planning, mortgage lending, business consulting, I realized that all of us have been presented the opportunity to participate in projects or service requests that fall outside of our normal specialty.

When business is less than full capacity, the first inclination is to take any business you can get your hands on. If you have spare time to do it, why shouldn’t you go after other types of business?

From experience, I’ve learned why not.

The issue is when doing something outside of your core service, there is usually some type of learning curve: time which has to be invested so you can follow through. You simply can’t hang a new product on your shingle; you have to know and learn about it to sell it with competence.

If you get enough of this same type of business, which initially did not fall in your main line-up of products/services, then you can perhaps consider making it one of your regular service offerings. Then you have automatically broadened your product business scope. Instead of just selling widgets A, B, and C, now you have A, B, C, D, and E to sell. If all of them are aimed at the same market group and they naturally blend in together, then you have a good mix.

Still consider that you will have to market five products instead of just three, which automatically increases your marketing expense. A printer friend of mine is a successful example of this; he started with standard paper printing products and now offers specialty imprinted items, banners, and even car wraps. It all has been a good profitable blend.

But the problem is that more often, we get requests that are dissimilar from our expertise. In the effort to get more business and satisfy more customers, you gradually become the “jack of all trades and the master of none.” Your reputation can suffer as others perceive that you aren’t successful enough in your core expertise.

Before You Drop 20 Poles in 20 Different Lakes

One gentleman I’ve known for years offered financing for various projects, then he added merchant card services, and a few months later he include home mortgage financing. Just recently in speaking with him, he justified his strategy by saying that if he offered enough services then he wouldn’t have to say no to anyone. After that he added immigration services, helping immigrants get properly documented. He was like the fisherman with 20 poles in the water; problem was that each pole was in a different lake!

Here are three guidelines to follow so you don’t fall into the “I can do it all” category—and fail:

1) Identify your core services and products. What do you really want to do and what do you excel in? Identify your experiences and strengths and market only what you do best. If you are good at analyzing financial documents and think logically, then don’t try selling prepaid legal services or including them in what you do. Solidifying an elevator pitch will help you narrow your focus; if you can’t state your core business in a couple sentences, then you either don’t know what you are focused on or you’re focused on too many things. Become the specialist and avoid becoming the generalist.

2) Learn to say no. If you spend enough time networking, you will be approached to add some service, market some product, or even add a new feature to your core business. Be firm in letting people know you are only focusing on your core expertise. Even attending an information seminar on something that doesn’t fit with your business model is a waste of time. Discipline yourself to stay on track.

3) Test it. If you’re thinking of adding a new service, test market it first--and only add one new service at a time. By only adding one element, you keep your test phase manageable. More importantly, you do not appear fickle, bouncing from service to service. Your goal is to always add services that help your clientele and improve what you already do for them.

The test phase will also help you evaluate if there is a sustainable market for your new product. In the interest of efficiency and effectiveness, you don’t want to pursue a service or product with little growth potential.

Particularly when the economy slows down, people scramble to make ends meet. They tend to add on to their standard product line. It’s a natural tendency, which on the surface seems fine. However, it will distract and take away time and effort from your core strengths. During slower periods, it makes better sense to improve and re-focus on your main business.

What can you do to improve your main services and what new markets can you penetrate? Can you partner with an adjunct business to pool a marketing strategy? These are all questions you should be asking yourself to keep your core business intact and on target.

Lester M. Salvatierra is an experienced and licensed Finance Specialist with First U.S. Finance. He helps small to mid-size companies lease or finance a wide variety of equipment and special projects nationwide. He is passionate about referral marketing and is a business networking coach and Area Director for Business Network International in Ventura County, California. Sign up now to follow his business networking blog at: http://theRogueNetworker.com.

Tags: Core Services, December 2011 Edition

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