Recently I have started seeing many people diversifying the services that they offer in business, but into areas that are not their core specialism.

Take it from me... I've been there.

You can't be all things to all people and my firm belief is that you should focus on what you are a specialist in, and niche niche niche.

One of the core problems that many businesses struggle with, who start to diversify, is that of identity.

If you offer one type of product and service, then offer something else, then something else, then introduce something else... people wont remember everything that you do.

When talking to someone about your business, product do you choose to talk about? Everything or just one?

Most people who try and be all things to all men (and women) will try and cram everything that they do into one conversation. What will the person who they are talking to take way from that? If you focus on one thing and give them one nugget to keep hold of, when they hear someone else talking about the thing you mentioned, they will probably remember.

John Adams (2nd president of the USA) was once quoted saying: "It's simply a matter of doing what you do best and not worrying about what the other fellow is going to do" - even though this was almost 200 years ago I so believe in this.

A jack of all trade becomes a master of none! A lesson that I learned in my last business.

I was also told by a business coach once, that one of the behaviours of a failing business was they they try and put hand to anything that they think that they can do in a desperate attempt to try and stay afloat. I think that this is one of the things that my previous business did.

My plea to you... if you can diversify your product offering because you have identified a new niche... resource this well and maybe try to separate this as a new brand or a new business. It can be a great way to grow your income or a business portfolio, but not resourced, financed or marketed in the right way could result in failure.

If you want to chat on this some more and find out what my experience of this was... just get in touch.

I will be honest and also say this... I'm still learning this all too, I'm far from perfect!

Filed under  //   Branding   Business Advice   Marketing  

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On the way through the snow this morning, which took 20 mins longer than the 10 it normally takes - because of the 20mph speed we had to travel at, I heard on the radio that here in the UK things are really picking up.

John Lewis said "sales surpassed the totemic £100m-a-week" over the Christmas period [Link - Telegraph] and today comes news that it is the "fifth consecutive month of higher staff appointments, and the fastest rate of growth since July 2007" [Link - Telegraph] - even salaries are on the up too.

Does this mean that we can now see some of the big boys starting to spend freely again? If they are investing in staff, there must be work to be done, money to be made and then money to be invested into marketing, design and advertising again... or will we see the rate of increase in spend in our industries grow at a slow rate?

Whatever the markets do, I know and wise Uncle once told me "Position yourself at the foot of growth, that way when growth happens your ready to grow with it" - Digital marketing, websites, email marketing (and video - coming soon with a great new partner), together with being on the decks of these social networking cruise-liners... I'm positioned for the new spend coming. Are you?

Filed under  //   Business Advice   Employment   Money   Recession  

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This morning was like no different from any other morning. Up, shower, dressed, breakfast… 4 year old daughter doing homework… hang on a minute!

My eldest daughter Hannah started school just over a week ago. She loves it. It leaves her feeling absolutely knackered though. She was up and at it before my wife and I were even awake, excited about another day at school.

After she had finished her breakfast I heard her shout, “Can I do my homework now?” - I did not expect to hear that! Should a 4 year old not be wanting to watch TV, play in the garden, do some colouring or something? Clearnly not. Let’s hope this novelty doesn’t wear off.

How can Hannah teach us something about how we could do our business better?

The phrase “The early bird catches the worm” springs to mind. This means “One who arrives first has the best chance for success” (http://www.answers.com/topic/early-bird).

Hannah got up early… was excited about the day and got on with getting ready for school, even getting some homework done too.

In your business, are you that eager to get on? Do you get out of bed early looking forward to another great day with your team or your clients?  Are you excited about getting on with your work and projects that are on the books at the moment?

Try today to look forward to some of the challenges that lay ahead - thinking how much you are going to learn from walking through them.

The other thing that we could take from this is that Hannah is getting a head start on her peers. There may be one or two others that might be up for getting in with homework in the same way, but I am certain that the whole of her class wont be the same.

How can you get ahead of the game in your industry? Do all you competitors conform to the same way of doing business, marketing or the way that they build relationships with others?

Have a think about your competitors. See how they are advertising and promoting their business. Are they all in the yellow pages because that is the way that you have always done it in your industry? Try something new today (and no I am not sponsored by a well know supermarket chain). Try work out how your competitors are delivering their products and services. Is there a different way that they are not active in delivering in? Try it, test it, measure it, review it and repeat it if it worked.

Granted there may be good reasons for your competitors not doing something different. They may have tried it and it may just not work. Before stepping out, research and make your own decision. There is no harm in trying something new... who knows, you may just strike oil!

Filed under  //   Business Advice   Business Tips   Marketing  

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