Today I want to give you some inspiration on why you may be one degree shift away from your big boom in business.
Yes, one 😊
Many years ago, when I was starting out in business, there was a concept called 212 degrees, ever heard of it?
Why does that one degree difference matter
Water boils at 212 degrees, but it doesn’t at 211. And the question is, what does that extra degree do? What is the difference between that little shift, that little bit more, that extra effort that may take you from great to even better?
I’ve reflected on this over the years quite a bit. It’s been almost two decades that I’ve been a business coach and consultant. And I think I’m seeing more and more that extra degree difference is accelerating. I’m working with businesses that are opening new locations and expanding and adding new services and offerings and products at a time where many businesses are contracting, they’re fearful and they’re not experiencing their very best.
Why some do better and others don’t
So, I’m looking at the differences between, maybe, the types of clients that I work with and businesses and industries that are struggling and contracting. And what I see is truly that one degree difference. That one degree difference may be the absolute thing your business needs to be just the right more successful, have more profit in your pocketbook or purse, and really to help you to help more people. So, this is where I want to give you some ideas on maybe what that one degree difference may be for you today. Number one is likely that you need to invest in your sales and marketing. I don’t just mean posting on Instagram and praying that it meets more people. I don’t mean utilizing whatever the algorithm tells you is most important right now. I don’t even mean boosting posts on social media or just putting things out there that don’t seem authentic.
I actually mean true revenue-improving return on investment. And oftentimes that does take investment in resource. I think maybe that is the difference between the top 10% and the bottom 90%, is that the top 10% is completely dialed into the concept of investing in the business financially and with resources, but they also have the means in which to do so. So, I understand that’s going to take some financial discipline. It’s going to take some hits or misses to figure out who is the best fit to help you. How do you execute on this and how do you measure and track it? But it is likely the one degree difference that your business needs in order to go boom. Number two is to find areas to improve and add to the business. Again, it takes investment in resource, but this is different. This is about adding services or needs right now that your client have that you’re not meeting, but that they’re so attached to your business, as sticky, as I call it, that is a huge area of opportunity.
Think about scale and expansion differently
So, I actually recommend that you think about expansion quite differently. It’s not about different locations. It’s not even about online versus offline. It’s about providing exactly what the client that you have access to needs that you aren’t currently providing. So, you may find that can 10x your bottom line simply because you have the client already. You’ve spent the money. You’ve acquired and retained them. And now you’re simply just adding to the services and the products that you offer them, which then also allows them to have an even better client experience. And finally, this is a tough one, but it may be to right size how you’re investing in staff versus utilizing technology. Managing staff is not for the faint at heart. You probably realize this by now. But it’s also essential to look at what the big market leaders are doing in all aspects and industries.
Use your tech to maximize your success
And what we’re finding is they’re utilizing technology as much as possible. They’re using robots and artificial intelligence and tech software to do what we used to have six full-time employees doing. And I don’t think there’s anything wrong with that when it’s done ethically. I think sometimes we have so much staff in our industry, but then we’re still not utilizing them in a way that we can actually deepen client connection and community. So, something has to change. And this is an area that you can actually do and improve in without taking away from your bottom line like adding staff does. So, I recommend you think that through.
Which aspects of your team are needed and essential, and which are a nice to have? There’s some difficult conversations that likely are going to be had there and difficult decisions, but I encourage you that the business that you can have for the long term, it not only suits you, it also helps your community. It gives your staff, the right staff, a place to grow and thrive in. And frankly, it is the big business best practice that I recommend for you as a boutique business owner.
So, I’d love to talk more about this and help you determine what are those shifts that you’ve made that help you to get to that one degree extra and scale your business into boom-mode💥